020 CHRC Airport Business Plan Draft V1.1 26 September 2019

Airport Services
Strategic Business Plan
2019 to 2022
Draft
V1.1
26 September 2019
Central Highlands Regional Council 1 2019 to 2022 Airport Business Plan

Table of Contents
1 The Airport’s “Plan on a Page” ................................................................................................. 5

2 Glossary of Terms.................................................................................................................... 8
3 Purpose and Background....................................................................................................... 10
3.1 Purpose of this Plan ........................................................................................................ 10
3.2 Process for Developing the Plan ..................................................................................... 11
3.3 Assessment Framework (the Value Model) ..................................................................... 11
4 Overview of the Airport .......................................................................................................... 13

4.1 CHRC Region ................................................................................................................. 13
4.2 Airport operations background ........................................................................................ 14
4.3 Site and planning ............................................................................................................ 16
4.4 Commercial .................................................................................................................... 16
4.5 Stakeholder engagement ................................................................................................ 17
4.6 Airport Operational Trends .............................................................................................. 17
4.7 SWOT Analysis............................................................................................................... 19
5 Purpose of the Airport ............................................................................................................ 21

5.1 Overview......................................................................................................................... 21
5.2 Council’s Strategic Framework ....................................................................................... 22
5.3 Linkages with Council’s Strategic Priorities ..................................................................... 23
5.4 Airport’s Vision and Objectives ....................................................................................... 26
6 The Business Model .............................................................................................................. 28

6.1 Overview......................................................................................................................... 28
6.2 Product ........................................................................................................................... 30
6.3 Price ............................................................................................................................... 32
6.4 Place and Accessibility ................................................................................................... 33
6.5 Promotion & Channels to Market .................................................................................... 36
7 The Operating Model ............................................................................................................. 37

7.1 Overview......................................................................................................................... 37
7.2 Airport Risk Assessment ................................................................................................. 38
7.3 Service Planning ............................................................................................................. 38
7.4 Asset Management ......................................................................................................... 40
7.5 Financial Management.................................................................................................... 41
7.6 Year End Reporting ........................................................................................................ 46
7.7 Capability & People Management ................................................................................... 47
7.8 Management Systems and Compliance .......................................................................... 50
7.9 Stakeholder Engagement ............................................................................................... 50
8 Performance Measurement .................................................................................................... 52

9 3-Year Program of Initiatives .................................................................................................. 54
10 Governance and Oversight ................................................................................................. 57
11 Appendix A – Documents Reviewed................................................................................... 58
12 Appendix B - Price List 2019/20 ......................................................................................... 59
13 Appendix C - Legislative Obligations .................................................................................. 60
14 Appendix D – Long Term Financial Plan Outputs ............................................................... 61

Schedule of Changes & Amendments
Version Date Changes/Amendments Author Accepted By
Inxure Strategy
V0.1 June 2019 Draft Strategic Business Plan
Group
CHRC -
V0.2 July 2019 Initial review by Manager Airport Salomon
Kloppers
Review by Commercial Analyst –

CHRC –
V0.3 July 2019 minor updates to financial
Andrew Gissel
information
CHRC –
Review by General Manager
V0.4 July 2019 Michelle
Customer and Commercial Services
Webster
CHRC – Kerry
August Inclusion of QTC long-term financial
V0.5 Dobinson
2019 modelling
/Andrew Gissel
Review by General Manager CHRC –

September
V0.6 Customer and Commercial Services Michelle
2019
– minor updates to formatting Webster
September Prepared for endorsement – CHRC – Kelly

V1.0 Gray
2019 template, schedule of changes
September CDHR –
V1.1 Update to column layout of risk table Andrew Gissel
2019
Endorsement Table
Name Title Endorsed & Signature Date
General Manager Customer and

Michelle Webster
Commercial Services
Salomon Kloppers Manager Airport

1 The Airport’s “Plan on a Page”
This business plan is for Central Highlands Regional Council’s Airport operations. This Business
Plan has a 3-year duration and has been developed to enable the Business Unit to:
• Deliver upon the relevant elements of Council’s Corporate and Operational Plans;
• Gain agreement on the long-term aspirations and desired outcomes for the Airport;
• Ensure a line of sight from the overall Airport objectives to its day to day operations; and
• Provide a basis for decision making to continuously improve the Airport’s operations and as
such, inform long term capital and operational expenditure plans.
Figure 1 is the Airport’s “Plan on a Page”, which is a diagrammatic representation of the overall
Business Plan. This Figure also shows the key initiatives that are to be pursued over the life of this
plan. An explanation of this vision and the associated objectives and outcomes is provided below:
• The vision and objectives reflect the fact that the Airport is more than a profit-making business
activity – it is important contributor to economic development in the Central Highlands region;
• The Airport also needs to balance providing competitively priced and valued services, with
ensuring it remains financially sustainable into the long-term;
• Furthermore, the airport must operate profitably. These are the principles upon which the
airport’s operations has been set up. It is intended that the airport operates financially
independently of all levels of government;
• A key aspect of the Airport is both its compliance with the various legislative requirements
involved in running an Airport. This requirement features in the vision and objectives; and
• It is also important that the Airport is financially sustainable into the longer term. To this end,
there is an objective focusing on maintaining investment in the facility to ensure the desired
levels of service are maintained. Safety is paramount in the operation of an airport. As such
it is a highly regulated business. These high levels of regulation, in turn lead to high costs of
operation. For example, asset renewal requirements at the airport are likely to be more
demanding than for similar asset categories in other Council settings.
Table 2 outlines the performance measures for each of the objectives within this plan. This suite of
measures forms a “balanced scorecard” for the business’s performance.

Vision Objectives 3 Year Outcomes Key Initiatives
Provide valued Airport

Ensure valued products and services &
services across the • Review Advisory Committee arrangements to ensure
evolve service offerings that meets
Central Highlands they remain valid
customer’s needs
Region
Be a contributor to
Continue to develop and implement
economic development
long term Master Plans for the airport’s • Finalise Airport Master Planning
in the Central Highlands
Emerald Airport operations
region
will, in operating a
valued, safe and
secure facility, be Maintain service levels through
a leader and Provide fit for purpose, appropriate levels of investment • Develop a 20-year Renewals Program and Airport
partner in the safe and compliant AMP
development of Airport facilities Maintain appropriate levels of • Develop a Succession Plan for the Airport BU
the Central compliance with all requirements
Highlands
Run the airport profitably • Restructure financial reports

• Develop EOY Reports for the business unit
Ensure long term
Ensure the long-term investment • Develop a dynamic long-term financial plan
financial sustainability
requirements for the Airport are
• Optimise the Depreciation charge
identified and supported by sustainable
financial plans • Review application of Commercial Policies
Figure 1 - Emerald Airport 2019 - 2022 "Plan on a Page"

Performance
Vision Objectives Targets Explanation
Measures
Provide valued
Airport services
• Throughput • >200,000 Pax • A measure of the annual throughput at the Emerald Airport
across the Central
Highlands Region
• Direct local
Support economic economic impact • 5% increase
development in the (developed as over baseline • A measure of the impact of the airport on the local economy. This is
Central Highlands part of the 5 (once measured as part of the 5 yearly master planning process
region yearly Master determined)
Plan)
Emerald Airport will,
in operating a
competitive, safe and
secure facility, be a • The Asset Sustainability Ratio reflects the service and financial
leader and partner in • Asset sustainability of the business unit. Specially this measures the actual
Sustainability renewal spend, plus reserves set aside for depreciation, divided by
the development of Provide fit for • 90%
the Central Highlands Ratio the depreciation allowance
purpose, safe and
• Zero
compliant Airport • Critical audit non- • Being compliant with its many obligations is critical for the business
facilities compliance • Zero activity and this target is focused on ensuring there are no critical
audit non-compliances
• Lost Time Injuries
• Council has an aspiration for zero harm for all of its activities
• (Current assets / current liabilities) reflects the liquidity or solvency of

• Current assets /
Ensure long term • >1.5 the business unit
financial current liabilities
sustainability • 5 to 15% • NPAT/Equity reflects the profitability of the business unit as a
• NPAT/Equity
proportion of Equity
Figure 2 - Emerald Airport 2019 - 2022 Performance Measures

2 Glossary of Terms
Terms within this report have the following definitions:
Business Activities Council’s Competition and Water Reform Policy defines business
activities as those which trade in goods and services to clients and could
potentially be delivered by a private sector firm for the purposes of
earning profits in the absence of Council’s involvement. This definition
implies that there is a charge for and thus direct revenue from the goods
and services traded by those Business Units.
Business Units Those groups within Council with the lead carriage for each of the
business activities identified above.
Commercial Service The provision of services in a highly transparent and efficient and
Provision effective manner. Such transparency should be achieved through clear
directives from Council and robust financial and non-financial reporting.
A commercial Business Unit can be run either “for profit”, or “not for
profit”. Such outcomes should be defined by Council on a case by case
basis.
Community Service A Community Service Obligation (CSO) arises when Council wants a
Obligation Business Unit to carry out activities that they would not do on a
commercial basis. A CSO should be based on a directive by Council and
provide broader social benefit or community value to the region.
Community Value The broader value a Business Unit might provide to the region that is
beyond any direct commercial benefit that Council may receive from the
Business Units.
Business Model How a business creates value for its customers through its service
offerings, marketing strategies and tactics, pricing, and value proposition

Operating Model How a business delivers value as defined by its Business Model by
having the right capability and capacity which consists of people,
processes, systems and structures
Market Scan The gathering of intelligence in relation to a business’s current and

prospective markets, competitors and business collaborators

3 Purpose and Background
3.1 Purpose of this Plan
This plan is for CHRC’s Emerald Airport operations. This Business Plan has been developed to
enable the Business Unit to:
• Deliver upon the relevant elements of Council’s Corporate and Operational Plans;
• Ensure that there is an understanding across Council on the long-term aspirations and desired
outcomes for the Airport;
• Set the service requirements to help inform other key initiatives such as asset management,
financial management, people management and governance;
• Ensure a line of sight from the overall Airport objectives to its day to day operations; and
• Provide a basis for decision making to continuously improve Airport’s operations and as such,
inform long term capital and operational expenditure plans.
Inxure Strategy Group was engaged by Council to develop Strategic Business Plans for three
commercial business units of Council being the Airport, Saleyard and Quarry Operations. The
requirement for the plans was that they:
• Be for a period of 3 years;

• Include Business Development Plans including business growth opportunities and key
customer relationships and business networks;
• Involve an assessment of the Long-Term Financial Sustainability of the business units;
• Include a consideration of strategic risks;
• Recommend commercial and financial policies that would support more effective operation of
the business units;
• Define performance measures; and
• Consider structural options to increase the commercial focus.

3.2 Process for Developing the Plan
Consistent with the brief for this assignment, the plan was developed in the following manner:
• A review of documentation was undertaken. During the review it was evident that a number
of studies have been undertaken over time regarding the performance and future of the airport
operations. A list of documents reviewed is provided in Appendix A;
• An inspection of the airport was conducted on 16 May 2019;
• Four days of interviews with various CHRC staff and external stakeholders were conducted;
• A workshop was conducted on 17 May 2019 with CHRC staff and representatives of the three
business units; and
• The plan was developed from the above actions.
This Business Plan has been developed using a generic 3-step process, which is typical for most
strategic planning exercises. That approach is represented by the following diagram:
Future
•Assess the current state of the
business and its service
Aspirations •Develop a work program to
bridge the gap between current
outcomes •Set goals & objectives the state and future aspirations for
•Base this on input from staff and Airport the Airport
a range of reports undertaken •Base this on Council plans and •Prioritise the program based on
over the last 5 years input from various Council risk
stakeholders
Current State Work Program
Figure 3 - Business Planning Process
3.3 Assessment Framework (the Value Model)

The analysis of the Airport services has been based around what Inxure refers to as the ‘Value
Model’. The model is represented in the following diagram. The purpose of the model is to enable
a structured and coherent consideration of the important facets which must align and culminate to
allow the airport services to provide value to CHRC and the central highlands region. If there is any
misalignment across the elements of the Value Model, it is highly unlikely the optimum level of value

will be delivered. Ideally to achieve this alignment, the Business Model and then Operating Model
should cascade from one to the other and be developed from the overall vision and strategy for the
business unit. This avoids an outcome of “the tail wagging the dog”, which can lead to perverse
outcomes for the business unit.
Components
• Overall Strategic Direction

• Strategy and tactics
• Brand
• Risk Appetite
Vision &
Strategy
(Purpose)
• Product offerings
• Market strategies and tactics
Business Model • Pricing plans
(How value is created) • Customer value propositions
• Financial management
• Resourcing talent management
Operating Model • Business Systems (Project/Risk/Quality
(How value is delivered) Management)
• Systems
• Governance (Board, Committees, Programs)
• Performance (Value) Measurement
Core Operations & Projects
(Delivery)
Figure 4 - The Value Model
For CHRC, its overarching vision is realised through a combination of plans including the
Community Plan and Corporate Plan. CHRC’s vision is “to be a progressive region creating
opportunities for all”. Hence the value the Airport delivers must align with that vision. Once the
value is determined (which is a combination of markets, products, services and price), the Operating
Model shapes how the value is delivered upon.
It is important that the Value Model be worked through iteratively – testing the alignment of each of
the facets. If for example CHRC sets goals that are not feasible – then the Airport may be set up to
fail. Therefore, it may be necessary to reconsider the vision and strategy for Airport, based on a
robust analysis of the Business Model and the Operating Model.
This report is structured around the facets of this “Value Model”. The CHRC’s vision and strategy
for the Airport is discussed in section 5 of this report. The Business Model is then addressed in
section 6 and the Operating Model in section 7.

4 Overview of the Airport
4.1 CHRC Region
The Central Highlands Regional Council was established in March 2008 based on the amalgamation
of four previous local governments (the Shires of Bauhinia, Duaringa, Emerald, and Peak Downs).
The region encompasses an area of 59,968 square kilometres and is bounded by the Rockhampton
region and Banana Shire to the east, Isaac Shire to the north, the Blackall Tambo region to the west
and the Roma region and Murweh Shire to the south. It is home to around 30,000 people, most of
whom live in the thirteen communities of Arcadia Valley, Bauhinia, Blackwater, Bluff, Capella, Comet,
Dingo, Duaringa, Emerald, Rolleston, Sapphire Gemfields, Springsure and Tieri.
The region is rich in minerals and forms part of the Bowen Basin supporting a globally competitive
coal industry. The region also has the largest sapphire-producing fields in the Southern Hemisphere.
The Central Highlands region has a number of economic advantages which constitute the central
drivers of economic development in the region, including:
▪ Climate and soils highly suited to primary production, particularly beef, grain, cotton, grape
and citrus production;
▪ A major water resource in Fairbairn Dam which permits irrigated crop production and
industrial usage;
▪ Extensive coal reserves in the Bowen Basin;
▪ Significant current levels of development applications (DAs), indicating increased
construction activity in the region in the short to medium term;
▪ A growing tourism market, supported by major natural attractions such as Carnarvon Gorge
and the Sapphire Gemfields; and
▪ A concentration of government facilities, including administration centres, health and
education services; and a sound infrastructure base, including campuses for Central
Queensland University and Central Queensland TAFE, private and government schools,
general and mining related rail networks, a major regional airport and four hospitals.

The Queensland Government’s Regional Plan for Central Queensland identifies the Emerald Airport
as one of central Queensland’s three strategic airports (along with Rockhampton and Gladstone)
and is seen to be ‘of regional significance’1. In addition, the Central Highlands Economic Master Plan
identifies the airport as an ‘infrastructure enabler’ that is critical to economic growth in the region.
4.2 Airport operations background

Emerald Airport is located on the Gregory Highway, approximately 6 kilometres south of Emerald.
This facility is the only public use commercial and general aviation airport in the Central Highlands
Regional local government area (LGA). The primary catchment for the Airport includes the whole of
the Central Highlands region from Rolleston to the south, Clermont to the north, Alpha to the west
and Duaringa to the east.
Central Highland Regional Council (previously Emerald Sire Council) has owned an airport since
1930. The first airport was the old polo ground, with a succession of relocations moving in 1932 to
a site surrounding the High School, moving again in 1948 to a larger site just out of town, to its
current site where it was relocated in 1957. A series of upgrades has seen the lengthening of the
runway in 1998, and the construction of an extended terminal in 2000. A further expansion of the
terminal and associated security baggage handling facilities and apron in was undertaken in 2010,
security screening operations commenced in 2012, and the construction of a new car parking area
was completed in 2013.
The airport supports Regular Public Transport (RPT) services with both QantasLink (DHC-8 400
aircraft) and Virgin (ATR-72 aircraft) providing regular services. Virgin commenced flights in January
2012, which has increased the number and choice of flights for both the business and non-business
sectors. There are also regular air charter services operated by Alliance Airlines to service the
resources sector, General Aviation (GA) privately owned small aircraft, Emergency Response
Services (including Air Ambulance) and the Royal Flying Doctor Service (RFDS).
Currently the airport has two runways; the primary 06/24 runway is sealed and classified as a Code
3C instrument non-precision approach runway. It is 1,900m long and 30m wide and can handle
propeller and small jet-engine aircraft up to Fokker F100 (107 seat capacity). The main 06/24 runway
1https://planning.dsdmip.qld.gov.au/planning/better-planning/state-planning/regional-plans/central-
queensland

is linked to an RPT Apron containing five primary parking positions by one sealed connecting
taxiway.
Aircraft refuelling for GA and RPT aircraft is provided by Shell from compounds located near the
carpark. GA fuel is dispensed using a smartcard system from a 32kl underground tank facility and
RPT aircraft re-fuelling is provided by 10kl mobile tankers from a 116kl underground tank in the Shell
compound. Catering for RPT services is supplied from Brisbane.
Most airfreight is transported using the RPT services with Toll operating a daily service for mail and
small freight. In addition, freight flights in and out of Emerald Airport are operated each weekday by
General Aviation Maintenance (GAM) using a Dornier DO-228-202 aircraft operating from Brisbane
via Biloela/Thangool and back to Brisbane, sometimes via Rockhampton. Freight from Longreach
and Barcaldine is flown to Emerald Airport by a GAM Aero Commander 500-S which is based at
Emerald Airport.
The Boarding lounge has a capacity for 300 passengers and includes:
• 173 seats at the departure gate

• 40 seats for the kiosk
• 47 seats in the arrival hall, and
• 15 seats in the check-in area.
There are six check-in counters, with three leased to Qantas and three leased on behalf of Virgin Australia and
Air Alliance, and commonly used facilities for baggage handling. Facilities include bathrooms, kiosk, seating
areas and commercial (car rental retail). There is provision for long term parking (245 spaces), short term
parking (260 spaces) and rental parking (106 spaces).

4.3 Site and planning
The airport is located on Lot 5 on RP 607371 which is part of the easternmost section of the main
runway (8.928ha) and Lot 1 on SP 232340 which makes up the remainder (109.1ha). Lot 3 RP
856060 (32.59 ha) is situated immediately to the southwest of the Airport was purchased by CHRC
in 2013 for future use.
The site is located within the Community Facilities – Air Services Zoning as per the Central Highlands
Regional Council Planning Scheme 2016 and is intended to provide for community related activities
and facilities under public or private ownership. Development in the zone caters primarily for
specified uses, facilities and works which include:
• Land used, owned or operated by Federal, State or local government, or Government owned
corporations for purposes such as air services, cemeteries, community uses, educational
establishments, emergency services, public hospitals, utility installations, substations and
transport networks;
• Uses, facilities and works which by virtue of their location, intensity, combination of uses,
operations or site characteristics are best managed in a use-specific land use allocation; or
• Private community services and facilities including educational establishments, places of
worship, private hospitals and community uses.
The surrounding land is zoned rural, with the exception of land that is zoned rural residential to the
north-west.
CHRC also manages a series of Aeroplane Landing Areas (ALAs) that are suitable for light aircraft
landings. These are located at Capella, Dingo, Duaringa, Rolleston and Springsure. These areas
are not considered to be part of the commercial airport business unit and it receives a Community
Service Obligation transfer to fund their operations.
4.4 Commercial
The Emerald Airport is wholly owned by Central Highlands Regional Council, with Council delegating
the financial and day-to-day responsibility for operation of the Airport to the Department of Customer
and Commercial Services. The airport operates 7 days a week, 52 weeks per year.
Central Highlands Regional Council and the former Emerald Shire Council has held an Aerodrome
License continually since 1930. In 1958, the Commonwealth Government introduced provisions that
recognized airports that served local needs, allowing Emerald Airport to be admitted to the ALOP
(Airport Local Ownership Plan) as a “Reimbursed Aerodrome”. Emerald Shire Council withdrew

from the ALOP in 1992 and the operation of the Aerodrome since then is funded solely by Council,
which has implemented a user-pays system of cost recovery.
4.5 Stakeholder engagement

Council has established an Airport Advisory Committee that is chaired by a Council representative
and provides advice and recommendations for developing and creating effective networks and
partnerships between Central Highlands Regional Council, airport users, community and business.
The Committee has a focus on ensuring the Emerald Airport effectively meet future aviation
demands, identifies economic development and tourism opportunities that support growth and
sustainability of regional airport assets.
The objectives of the Airport Advisory Committee include:
• Providing a forum for engagement, consultation and communication with airport users
including the local business sector and the community;
• Developing an understanding of the legislative framework airports operate under and
incorporate into all matters considered;
• Contributing to future planning considerations; and
• Contributing recommendations for airport sustainability through economic development,
tourism and other commercial activities including surrounding airport land and airside areas.
The airport also has a Safety Committee, Security Committee and other user committees.
4.6 Airport Operational Trends

Unlike major capital city airports that typically experience some level of linear growth in passenger
movements over successive years, regional airports such as Emerald are subject to a range of
influences that lead to greater fluctuations in usage over time. Passenger numbers at Emerald are
influenced by changes in local population, regional workforce development, tourism development,
local events, resource trends and construction cycles and the availability of government services
such as health and access to professional services. A further factor that will impact on future revenue
passenger numbers includes the ongoing provision of scheduled airlines services with appropriate
levels of service including price and frequency to attract prospective users.

As shown in Figure 5 - Passenger Movement Trend (from BITRE), passenger movements at
Emerald peaked in 2012/2013 at around 300,000 passengers. The key driver of increased demand
was the significant growth in mining and energy resources projects in the Emerald airport catchment
area and increasing use of fly in fly out (FIFO) workers, whereby peak usage coincides with the peak
of the resources boom. The short-term future is marked by mining companies increasingly
scrutinising their investment programs and discretionary spending, while low consumer sentiment
and reduced household spending has adversely impacted on the non-business segment of the air
travel market (Source: Aurecon Draft Masterplan). Without the 2012/13 peak, the airport has seen
steady growth since 2006/07 and some studies suggest that passenger number have more recently
‘normalised’2. This means that future demand may be influenced by opportunistic growth associated
with new mining construction activities in the region.
EMD PAX Movement Trend (from BITRE)

350000
300000
250000
200000
150000
100000
50000
0
2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Figure 5 - Passenger Movement Trend (from BITRE)
2 Airbiz Master Plan Visioning Workshop (2017) p.17

The figures above align more closely with previous projections by AEC who predicted that the
maximum number of construction workers for new projects in the mining sector peaking and then
declining with all major construction works then expected to be completed by 2016. Those
projections saw only moderate growth in operational workers with these peaking in 2020, before a
decline in operational workers into the short to mid-term.
Master planning studies for the airport indicates a passenger mix of 75% business passengers (with
45% being FIFO) and the remaining 25% being discretionary passengers (of which 2% is travel
associated with holidays).
Should the annual passenger movement at the airport reach a threshold of 350,000 annual
passenger movements, a resident firefighting service may be required. At this threshold point, Air
Services Australia will also conduct an evaluation into traffic control capacity.
4.7 SWOT Analysis

A high level, strategic level assessment of the strengths, weaknesses, opportunities and threats for
the Airport has been developed as follows. This SWOT analysis has been considered in the
development of the Business and Operating Models for the business plan.

Strengths Weaknesses
• The airport is a key community asset • Current terminal layout is sub-optimal with
providing wider economic benefit to Emerald basic upgrades required to address
and the CHRC region passenger movement
• The airport is located within key agricultural, • Planning for the future is difficult with
mining and tourism assets fluctuations in overall Pax based on broader
• Strong use by FIFOs in the resource sector regional factors and the decisions of
• Strategic location with a broad catchment commercial airlines
including developing mines • Pricing structures & underpinning financial
• The airport currently delivers an operational performance, are not always based on
surplus commercial principles
• There is a heavy reliance on contractors
• Work arrangements for Council staff do not
have sufficient flexibility to cover the airport’s
“356 days per year” operations
• Airports are capital intensive assets,
whereby compliance with regulatory
determinations is non-negotiable
Opportunities Threats
• Potential for additional revenues from • Impact of Council budget cuts on essential
product and service growth (a focus of airport services
current Master Planning) • Decline in FIFO demand
• Stricter CASA regulations triggering major
investments
• Loss of revenue streams to new or existing
airports
• Retail and commercial developments near
the airport (competing with development
opportunities at the airport)
• The potential loss of key staff

5 Purpose of the Airport
5.1 Overview
As outlined in Section 3 of this report, Inxure has used the “Value Model” as the framework for
guiding this overall assessment (see diagram below). As this model depicts, a key starting point for
any business is having a clear purpose via a well-defined vision and strategy.
Components

• Brand
• Risk Appetite
Vision &
Strategy
(Purpose)
• Systems
(Delivery)
Figure 6 - Value Model - Focus on Purpose
The Value Model sees the purpose (or vision and strategy) being made up of:
• A clear overall strategic direction or vision for the Airport;

• An understanding of how it links to Council’s overall Strategic Framework and then into
tangible and implementable actions and targets; and
• A clear risk appetite and tolerance (i.e. what strategic risks will the organisation take and not
take in respect of the Airport).

5.2 Council’s Strategic Framework
Council’s Strategic Planning Framework provides a corporate context for the Airport Business Plan.
This framework is shown below and is taken from the 2017 to 2022 Corporate Plan.
Figure 7 - CHRC Strategic Planning Framework
The Central Highlands 2022 Community Plan is a region-wide plan with outcomes and goals
forming the basis of a long term ‘road map’ setting out the steps for the community to achieve its
vision. The Community Plan involved extensive community consultation and sets out the priorities
for each of the region’s 13 individual communities.

Council’s Corporate Plan sets the strategic direction for Council and provides a number of actions
and strategies to ensure the region is socially, economically and environmentally sustainable. It is
the principal planning tool to guide decision making and balance the delivery of services with
available resources and other variables in Operational Plans. Council has six strategic priorities as
set out in the Corporate Plan. These are:
• Strong vibrant communities

• Building and maintaining quality infrastructure
• Supporting our local economy
• Protecting our people and our environment
• Leadership and governance
• Our organisation
This Business Plan fits within the “Management Plan” and “Annual Operating Plan” levels of
Council’s overall Strategic Planning Framework (as shown in Section 5.2). That is, the Airport
Business Plan is guided by the Community Plan, the Corporate Plan and Council’s Management
Plans. The Business Plan in turn informs the Annual Operational Plan, Budgets and Staff
Performance Plans.
5.3 Linkages with Council’s Strategic Priorities

Emerald Airport is a critical piece of transport infrastructure providing access to and from the region
for the public and industry. It generates a significant multiplier effect in the region and is an important
contributor to economic growth in the Central Highlands community. By supporting and
facilitating expansion of marketplace growth, including export trade and tourism, the Airport has
a role as a proactive vehicle for economic development. Direct airport activities also support the
local economy, with direct and indirect economic impact on the local economy estimated in 2011 at
between $116 million and $162 million (this is the most contemporary source of such economic
data).3 The 2013 Emerald Airport Master Plan identifies the important role that the airport plays
in supporting other industries and providing broader community through:
• Being an enabler for agriculture and mining;
3 Emerald Airport & Business Precinct Strategic Plan 2011

• Contributing to broader community programs such as medical evacuations and firefighting
services;
• Recreational flying;
• Providing public transport service in remote areas;
• The re-structuring the way health services is delivered by the State Government; and
• Providing a support role for the wider aviation industry through the training of commercial
pilots and engineers.
The value provided by the Emerald airport can be aligned to Council’s Strategic Priorities as follows:
Council Strategic Airport’s Alignment with Council’s Strategic Priorities

Priorities
Strong vibrant • The airport enables a connected community by providing local
communities residents with access to a range of services (health, education,
economic) that may not be available locally;
• enhancing social connections and minimizing isolation;
• hosting a recreational aviation community including access to training
and development opportunities.
Building and • Emerald airport forms an essential part of Central Highland’s
maintaining quality transport network ensuring efficient options for the movement of
infrastructure people and products;
• During flood events, Emerald Airport acts as a strategic transport link
when both road and rail access is cut off.
Supporting our • The Emerald Airport is the primary entry and departure facility for the
local economy non-resident workforce and a central hub to access business
opportunities in Central and Western Qld;
• Supporting regional economic development where key industry
sectors rely on transport accessibility for customers and movement
of products;
• Maximising the productivity of FIFO workers by travelling to work sites
as efficiently as possible;
• Enabling emerging sectors such as tourism.
Protecting our • The airport is a vital link in emergency services through medical
people and our evacuations (including RFDS), enabling firefighting and ensuring law
environment enforcement;
• Daily operations ensure that there are plans to mitigate, prevent and
prepare for, respond to and recover from hazards;
• Operations are managed in an environmentally responsible way.

Council Strategic Airport’s Alignment with Council’s Strategic Priorities
Priorities
Leadership and • Airport management works with the Advisory Committee in order to
governance balance community and economic outcomes;
• Provide strong management and leadership in the operation and
future development of the Airport;
• The business is professionally and transparently managed for the
benefit of the community.
Our organisation • Provides a workplace of excellence where staff are supported by
systems and processes that develop their potential;
• Working in a positive and future focused culture and demonstrates
the Council’s values;
• Provides consistent high levels of customer service in accordance
with CHRC’s Customer Service Charter.
Table 1 - Airport's Alignment with Council’s Strategic Priorities

5.4 Airport’s Vision and Objectives
The 2015 Business Plan for the Airport identified its vision as “Emerald Airport will, in operating an
efficient, safe and secure facility, be a leader and partner in the development of the Central
Highlands.” This was to be delivered through the following objectives:
• To provide the finest airport experience for members of the Central Highlands community;
• To provide a modern terminal building with a commitment to quality customer service;
• To provide a safe, competitive, low-cost airport for the Central Highlands community;
• To effectively market and promote the region and airport to attract passengers;
• To be a contributor to economic development for the Central Highlands community;
• To maximise landside development opportunities;
• To continually review passenger demand projections, with reference to forecast resources
sector activity cycles;
• To make sound investment decisions reflecting the anticipated long-term utilisation of the
Airport;
• To ensure that strategies are developed and implemented to continually improve the efficiency
of the Airport; and
• To review the charging structure annually to ensure that the Airport has sufficient financial
capacity to meet customer needs and remain financially sustainable through the long term.
The vision and objectives for the current business plan are set out in Figure 8 - The 2019 - 2022
Airport Vision and Objectives”. These have been based on the analysis of the Airport’s links to
Council’s Corporate Plan, the public value it offers, and consideration of the objectives outlined in
the Airport’s 2015 Business Plan.

Links to Council’s Strategic
Vision Objectives 3 Year Outcomes
Priorities
Provide valued Airport services

Ensure valued products and services & evolve
across the Central Highlands
service offerings that meets customer’s needs
Region
• Strong vibrant communities
• Supporting our local economy
Be a contributor to
Continue to develop and implement long term
economic development in
Master Plans for the airport’s operations
the Central Highlands
region
Emerald Airport will, in
operating a valued, safe Maintain service levels through appropriate
• Building and maintaining
and secure facility, be a levels of investment
Provide fit for purpose, safe and quality infrastructure
leader and partner in the
development of the compliant Airport facilities • Protecting our people and
Maintain appropriate levels of compliance with
Central Highlands environment
all requirements
Run the airport profitably
Ensure long term financial • Our organisation

sustainability Ensure the long-term investment requirements • Leadership and governance
for the Airport are identified and supported by
sustainable financial plans
Figure 8 - The 2019 - 2022 Airport Vision and Objectives

6 The Business Model
6.1 Overview
This section of the report focuses on the Business Model for the Airport - or how value is created
(as depicted in the diagram below). Specifically, it examines:
• The value proposition to customers and the region;

• The products and services offered by the Airport;
• Marketing strategy and tactics; and
• The pricing strategies.
Components

• Brand
• Risk Appetite
Vision &
Strategy
(Purpose)
• Systems
(Delivery)
Figure 9 - The Value Model focusing on The Business Model
An understanding of the basis of value creation for the airport may inform both the marketing mix
and performance measures attributable to the group.

The business model is best represented by the “4Ps of the marketing mix”. The following table
summarises the 4Ps model. The following sections analyse each of these elements in further
detail for the Airport.
Category Definition Typical Marketing Decisions

Product Refers to an item that satisfies the
• Product quality
consumer's needs or wants.
• Product assortment – product range,
Products may be tangible (goods)
or intangible (services, ideas or product mix, product lines
experiences). • Branding
• Associated services (complementary
service, after-sales service, service
level)
Price Price refers to the amount a

• Price strategy & tactics
customer pays for a product. Price
• Payment terms – credit, payment
may also refer to the sacrifice
consumers are prepared to make to methods
acquire a product (e.g. time or
effort). Price should also include
considerations of perceived
customer value
Place Refers to providing customer
• Market coverage
access and considers providing
• Transport, and logistics
convenience for the consumer
Promotion Promotion refers to marketing
• Promotional mix - appropriate balance of
communications and the
advertising, PR, direct marketing and
associated channels to market
sales promotion
• Message strategy - what is to be
communicated
• Channel/ media strategy - how to reach
the target audience & frequency
Figure 10 - 4Ps Marketing Mix*
* Adapted from Needham, Dave (1996). “Business for Higher Awards”. Oxford, England: Heinemann

6.2 Product
6.2.1 Overview
As with other airports, Emerald Airport’s assets may be identified within three categories:
• Air side - runways, taxiways, sealed and unsealed aprons, markings, lighting, hangars,
fences, sheds and workshops;
• Terminal side - the terminal building, baggage handling systems, communications and
telephony, furniture and fittings and other equipment; and
• Land side - carparks, roads, power supply, fleet and plant.
Overall, air freight comprises only 0.01% market share of all domestic freight4. As such it is seen
as a small, niche market, but often carrying high value products. Target customers cover a large
spectrum of potential users including:
• Local residents.
• Tourists and visitors.
• FIFO workforces (varies, but around 45% of current passengers).
• Business representatives, contractors, etc.
• Freight companies.
• Recreational aviation enthusiasts.
• Light industry.
Airbiz (2017) assessed the apportionment of users as follows:
4 Airbiz Emerald Airport Master Plan Visioning Workshop (Nov, 2017)

6.2.2 Air Side
Airside products are based on the two runways connected by taxiways, aprons and other
supporting infrastructure. The larger 06/24 runway has capacity to accommodate up to Code 3C
(ATR-72, F1) and Code 3D (DHC-8 400) aircraft. (As of 2017) there are 39 departures per week
comprising 27 Qantas departures and 12 Virgin departures (including one overnighting aircraft for
Tuesday/ Wednesday. Departures are timed for even distribution throughout the day.
The Bureau of Infrastructure, Transport and Regional Economics (BITRE) provides economic
analysis, research and statistics on infrastructure, transport and regional development issues to
inform Australian Government policy development and wider community understanding. Their
statistics show that for the 17/18 financial year, there were some 3,712 inbound and outbound
aircraft movements from Emerald.
6.2.3 Terminal Side
The terminal building was originally constructed in 1981, upgraded in 2000 and again in 2011 to
cater for increased demand. It has a total floor area of approximately 1,500m2 and includes airline
check-in counters, checked-bag screening, baggage make-up areas, baggage reclaim areas, the
Flight Path Kiosk, Qantas lounge, vending machines and car hire service desks.

6.2.4 Land side
There are 260 short term and 245 long term carparks together with 106 parks for rental cars.
Other landside products include a rented office, billboards and advertising rights.
6.2.5 Growth Opportunities
Several opportunities for product growth have been identified across airport operations. These
include:
• Potential changes to scheduling by RPTs;

• New routes;
• Increases to FIFO throughput (linked to expansion of the Galilee Basin); and
• General aviation (GA) opportunities (e.g. aircraft maintenance).
As of 2019, an airport master planning exercise is being advanced to provide a blueprint for future
opportunities in further enhancing and developing airside, terminal and landside assets. This is
the appropriate planning instrument for assessing the viability of and advancing these
opportunities.
6.3 Price
CHRC’s Register of Commercial and cost Recovery Fees, as updated and approved by Council
each year, sets out the fees and charges applicable to airport activities. Fees are categorized as:
• Passenger head tax - paid per passenger for embarking and disembarking on both
passenger and charter flights Landing fees for register operators;
• Security charges including passenger screening;
• Aircraft parking;
• Use of aircraft hangars- both itinerant and long term;
• Annual landing fees;
• Ground space rentals;
• Parking- short and long term, rental cars; and
• Miscellaneous charges (refuse and cleaning, advertising, events, airside escorts).
In 2019, the airport had operating revenue of around $7.7m. Of this around 80% of revenue is
from RPT carriers, with the remaining revenue is attributable to car parking, rents and other aero
and non-aero sources.
Key principles in the setting of pricing include:

• Overall fees and charges must ensure the Airport remains profitable and financially
sustainable into the long-term (covering the costs of maintaining the service potential of
assets);
• In accordance with Council’s Competition and Water Reform Policy (which applies to the
airport), the principles of full cost pricing are to be applied;
• That should be balanced with ensuring value for money outcomes for the local community
and take account of local preferences and priorities.
6.4 Place and Accessibility

6.4.1 Overview
A key strategic competitive advantage is its strategic location as the only publicly accessible high
capacity airport in the Central Highlands region with a significant catchment area with forecast
future developments. Located centrally within the Bowen coal basin, mining activity is a key driver
of airport usage. Further development of resource projects in both the Bowen and Galilee basins
may provide opportunity for the airport to service additional sites. The Queensland Government
has identified a number of ‘coordinated projects’ near Emerald that are projects of economic,
social or environmental significance to Queensland that are approved or under review5. Projects
include:
• Baralaba South project;

• Central Queensland Coal Project (Styx Coal Project);
• Saint Elmo Vanadium project;
• Saraji East Mining Lease project; and
• Walton Coal project.
Growth (or decline) in customers will be significantly impacted by the presence of these resource
sector projects.
The CHRC region has some 1.37 million head of cattle (or 5.5% of the national herd), making it
the third largest cattle producing area in Australia. The region also has the highest density
stocking rate in Australia and agribusinesses are a key value and employment driver in the region.
Forty per cent of registered firms in the region are agribusinesses. Taking account of the strong
5 http://www.statedevelopment.qld.gov.au/assessments-and-approvals/

supply chain links between the agribusiness, farming and grazing sectors on the Central
Highlands and the Downs, agribusinesses have expressed ongoing interest in a regular flight
between Emerald and Toowoomba. Central Highlands Development Corporation (CHDC) is
seeking to advance a potential flight connection between Emerald and Toowoomba.
CHDC also identify the following emerging industries in the region:
• Solar and green energy industry with two solar farms under development and a further
eight proposed across the region;
• A growing tourism market worth more than $230 million, featuring pristine natural
attractions of sandstone wilderness across 749,000ha of world-class natural parks and the
largest Gemfields in the Southern Hemisphere; and
• Major health and education services including both private and public primary and
secondary schooling, hospitals, Emerald Medical Village and a CQ University campus.
6.4.2 Competitors
The nearest airport with commercial services is Moranbah, 224km to the north, which is operated
by BHP Billiton Mitsubishi Alliance (BMA). Moranbah predominantly services the BMA coal mines
in the area. BMA also operated an airport at Blackwater (77km to the east), until it ceased
operations in 2010.
Clermont, Dysart, and Middlemount airports are all within two hours’ drive of Emerald but do not
have commercial flights operating. Larger airports are located in the larger coastal centres of
Rockhampton (270k), Gladstone (370km), and Mackay (392km), however the driving distance
from these centres is seen to limit their use by FIFO workers in the Central Highlands region.

Emerald Rockhampton Roma Gladstone
(3 hrs drive away) (4.5 hrs drive away) (4hrs drive away)
▪ 5.7 daily ▪ 12.4 daily ▪ 2.9 daily ▪ 8.0 daily

departures departures departures departures
▪ Two airlines ▪ Three airlines ▪ One airline ▪ Two airlines
▪ 1900m runway ▪ 2,568m runway ▪ 1,504 m runway ▪ 1,920m runway
▪ One destination ▪ Four destinations ▪ Two destinations ▪ One destination
(Brisbane) (Brisbane, (Brisbane and (Brisbane)
▪ 2018 Pax: 195k Mackay, Charleville) ▪ 2018 pax: 253
Townsville and ▪ 2018 pax: 78k pax
Gold Coast)
▪ 2018 Pax: 551k
Table 2 - Airport's Key Competitors
Note: Rockhampton also services the defence industry and transport of military goods
Note: Pax figures excludes Charters
It is also noted that, in terms of operating numbers, Mt Isa is closest to Emerald with a pax of 193k
in 2018. More recently, Proserpine airport has been identified as a potential competitor as it has
direct flights to southern capitals and mine workers that would normally fall within the Emerald
airport catchment are being shuttled workers to and from the airport. It is understood that the
attraction of Proserpine is the availability of low-cost flights (including Tiger Air), and the ability to
access major southern capital cities more directly.
The construction of airstrips by any new mines may represent a threat to the growth trend at
Emerald, as the transport costs and the additional time for travel at the beginning and end of a
shift impacts on productivity at the mines.

6.5 Promotion & Channels to Market
The airport has an informative website hosted by Central Highlands Regional Council, providing
links to information on RPT flights, parking options and general aviation. Over time, a number of
bespoke brochures and briefing documents have been developed to support submissions or
proposals around building the airport’s service offering. The Central Highlands Development
Corporation (CHDC) has acted as an effective partner and advocate for airport activities and
maintains communications with key industries as part of on-going promotion of airport services.
Customer management at the Airport is maintained through the following measures:
• Positive people skills, training, attitude and work ethic of Airport staff;
• High quality administrative systems in place that provide efficient and timely service to all
customers;
• Airport facilities are provided and maintained to a standard that delivers optimal and safe
aeronautical services; and
• Effective pricing strategy that focuses on adequate funding for the facility.

7 The Operating Model
7.1 Overview
This section of the report focusses on the Operating Model for the Airport and examines how
value is delivered. This section specifically considers the people capability, processes and
systems necessary to deliver upon the desired vision and objectives for the Airport, and to support
its business model (discussed in the previous section).
Components

• Brand
• Risk Appetite
Vision &
Strategy
(Purpose)
• Systems
(Delivery)
Figure 11 - The Value Model focusing on The Operating Model
When considering the operating model, it is important to note that the Airport is grouped with other
commercial business units within the Customer and Commercial Services division of Council
(including the Airport, Saleyard and Quarry operations). This allows Council to achieve synergies
in the operation of these business units. As a result, a number of initiatives identified in this
section of the Plan can be progressed co-operatively with the other business units.
Furthermore, the 3 business units receive a range of corporate services from other divisions of
council including, Council wide financial management, asset management, HR services, IT
services and capital delivery services.

7.2 Airport Risk Assessment
Council’s “Enterprise Risk Management Framework” has been used in this plan to assess the key
risks for the Airport. This helps inform the prioritisation of key initiatives within the plan. As noted
in the Risk Management Framework, “risk is inherent in all of council’s business activities,
programs, services, projects, processes and decisions. As such, council is committed to
consistent, efficient and effective risk management.” Council’s risk framework is summarised in
Appendix C of this Plan.
The following table summarises the Airport’s key risks, along with their respective mitigations.
This risk assessment has been adapted from the 2015 Business Plan and it remains relevant.
These risks are also considered in the following analysis of the Operating Model.
Risk Description Mitigated Risk Mitigation Unmitigated

Risk Rating Risk Rating
Loss of key personnel High Develop a Succession Plan Extreme
Poor commercial & contract Medium Robust contract management High

management processes
Inadequate stakeholder Medium Periodic reviews of stakeholder High
engagement engagement arrangements
Poor future service planning Medium Master Planning project High
Poor compliance management High Robust compliance management Extreme
systems & resourcing
Operating at a financial loss Medium Grow markets / revenue & manage Extreme
costs / robust financial management
Poor site safety Medium Safety management system Extreme
Inadequate emergency High Emergency management program High

management procedures and periodic testing exercises
IT systems failure Medium Corporate Services SLA High
Table 3 - Airport Risks
7.3 Service Planning

7.3.1 Overview
Service planning is about ensuring the Airport can continue to achieve the desired levels of
service expected of it – along with planning for any improvements in such service. For the Airport,
significant Master Planning has been undertaken, which is focussed at maximising the economic
value of the airport and its associated land assets.

7.3.2 Airport Master Planning
Although the terminal has been recently upgraded, the design is not optimal, requiring arriving
passengers to check in and then walk outside the terminal and back in for security screening. A
key issue is the introduction of Australian government requirements that full body scanning
machines be installed into regional airports by December 2020. This will require architectural
modifications, as well as requiring extra staff and additional training. Currently airport
management are focussing on how the terminal infrastructure can be redesigned to implement
this requirement. Other issues raised in relation to the current layout include:
• Congestion in the terminal building at peak times:

• Queuing at check-in counters;
• Congestion at the front of the building when security screening queues form;
• Insufficient seating in the screened security waiting area;
• Insufficient toilets when passengers are disembarking leading to queues outside the toilets;
• The current location of the rental cars in an unsurfaced area which is a considerable
walking distance from the terminal;
• Resistance to the introduction of car parking fees;
• Kerb congestion during drop off and pick up;
• Congestion at the Gregory Highway and Airport Drive Intersection at morning and
afternoon peaks; and
• Insufficient GA, parking spaces, and GA taxiway issues.
The airport infrastructure has some limitations imposed upon it due to runway, taxiway and apron
capacity, as well as terminal size and baggage carousel and conveyer limitations. Also, the
current traffic directions require all refuelling tankers for commercial aircraft to drive immediately
adjacent to the terminal up to 20 times per day which is considered a risk. Even so, there is
currently adequate infrastructure in place to handle and support additional aircraft.

In order to address the matters raised above, Council has initiated a review of the airport
masterplan. This is currently being advanced to provide a blueprint for future opportunities to
enhance and develop airside, terminal and landside assets. Several opportunities for product
growth have also been identified across the airport’s operations and these include:
• Potential changes to scheduling by RPTs;

• New routes; and
• Increases to FIFO throughput (linked to expansion of the Galilee Basin).
7.4 Asset Management

For asset intensive businesses such as the Airport, asset management is an important input to
the service planning. It is critical the assets are capable of achieving the outcomes sought by
Council.
It will be important to both further optimize the Airport AMP and develop an appropriate long-term
renewals plan. Depreciation makes up a large proportion of the Airport’s cost base. Management
needs to be satisfied that this figure is as robust as possible and is thus informing sound
management decisions. One of the concerns is that the assumed asset lives in the AMPs do not
match the regulatory requirements in terms of asset renewal and replacement. It has been
identified by the Manager Airport that more work is required in this regard.
Linked to the optimization of depreciation, is the need to have in place a robust renewals plan for
the facility. The goal of this plan is to maintain the service potential of the facility and it ideally
should have a 20-year outlook. If both the depreciation figure and the renewals plan are robust,
then there should be a broad matching between the two.
To this end, the Queensland Government legislates for Councils to measure the renewals capital
expenditure as a percentage of the depreciation expense (referred to as the Asset Sustainability
Ratio). This is an approximation of the extent to which infrastructure assets are being renewed
to maintain their intended service potential. The Queensland Audit Office (QAO) then reports
annually on this metric for all Councils. They will report a red for fail if the renewals expenditure
is well short of the depreciation figure (the target is 90%). This highlights the importance of both
figures being as robust as possible, otherwise:
• If the renewal expenditure is below what it should be (due to the absence of a renewals
plan), then it indicates that the service potential of the asset is being run down. It may also

be possible that the Council’s long-term financial sustainability is being compromised as it
is not setting aside the funds to renew or replace these assets; and
• If the depreciation figure is incorrect due to a lack of optimisation, then it will incorrectly
show an under or over-expenditure on asset renewals. It will also artificially erode the
financial performance of the business unit.
The Manager Airport advises that this is incompatible with the operations of an airport.
Optimising the AMPs and developing a long-term renewals plan for the facility are important
actions for this business plan. Specific considerations for optimizing the depreciation allowance
are addressed in section 7.5 below.
7.5 Financial Management

7.5.1 General Financial Performance
The following table shows the 18/19 financial year operating budget for the Airport and the revised
forecast for the year, based on the performance to date. Net earnings are expected to be
$445,412 less than originally budgeted. There is a projected reduction in car parking revenue
and costs have increased by around $160,000, including an additional $22,000 for compliance
costs.
Item 18/19 Forecast 18/19 Budget
Total Operating Revenue 7,534,523 7,747,960
Total Operating Expenses 3,951,079 3,719,104
EBITDA 3,583,444 4,028,856
Total Non-Operating Expenses 1,900,053 1,900,053
NET EARNINGS 1,683,391 2,128,803

Table 4 - 18/19 Airport Operating Budget & Projected Result

7.5.2 Optimising the Financial Statements
Quite detailed and informative “Operating and Expense Statements” are produced quarterly for
the Airport. However, it is noted that not all “full cost pricing elements” of Council’s Competition
and Water Reform Policy are applied within these statements. At present there is no inclusion of
a tax equivalent payment. Furthermore, as the airport should be run at a profit, then there should
be a return on equity that should in part flow back to the Council as a dividend. Hence, to allow
a full view of the commercial performance and position of the Airport, it is recommended that the
statements be restructured to incorporate the following:
Earnings before interest, tax and depreciation (EBITDA) Operating revenue, less operating
expense
Earnings before interest and tax (EBIT) EBITDA less depreciation
Earnings before tax (EBT) EBIT less finance costs
Net profit after tax (NPAT) EBT less tax equivalent
Also, to make more informed commercial decisions there should be a balance sheet and cash
flow statement for the Airport. The balance sheet would provide important information in relation
to the capital structure (debt and equity) and enable linkages to be made to the income statement
(i.e. depreciation and finance costs), as well as to retained earnings and reserves. The cash flow
statement provides critical information regarding the inflows and outflows of cash, along with and
understanding of the business unit’s solvency.
7.5.3 Optimising Depreciation

As flagged earlier, there is a risk that the assumed asset lives within the AMP do not match the
regulatory requirements for renewal and replacement of assets. It would be prudent for the
business unit to review the current approach to the accounting depreciation to better understand
how it has been determined and identify if any of these factors could or should be reviewed.
Considerations should include:
• Initial accounting recognition;

• Valuation or re-valuation of the site improvement asset class. It is recommended that
the business unit consider adopting a 5-yearly full revaluation cycle for this asset class.
This would reduce costs to undertake the revaluations as well as providing greater stability
in both asset values and subsequent depreciation expense year by year. The business
unit should also re-consider the decision to undertake an annual desktop valuation

(between full revaluations). The approach should align with the Council policy concerning
‘materiality’, which does not support annual indexation of the valuations;
• Useful life/remaining useful life estimates. Better aligning asset lives with regulatory
requirements imposed on certain airport assets. Also, for the remaining assets (such as
the land side assets), consider undertaking a benchmarking exercise on the useful lives of
assets of a similar nature and revising the policy accordingly. Also check the approach for
remaining useful life assessment, taking into consideration renewal, improvement and
upgrade expenditure; and
• Capitalisation threshold. Review the “site improvements” financial asset class and
identify those assets that may be included that are now below the current threshold.
7.5.4 Long Term Financial Planning

The 2015 Business Plan includes 20-year financial plans. Such plans play an important role in
helping the business unit understand its financial sustainability and put in place strategies for
maintaining that sustainability. This can include growing revenue as well as controlling costs.
Currently however, such plans are static, and it is recommended that Council develop dynamic
long-term financial plans for the business units so they can be readily updated and kept current
in the face of any material changes in business dynamics or assumptions. This enables the
business unit managers and Council to be making real time decisions relating to commercial
performance.
Such plans should:
• Be structured around the recommendations above relating to the financial statements;

• Be based on robust projections of costs and capital programs;
• For the Airport, be for a minimum of 20 years;
• Model a range of scenarios, including a worst-case revenue option, a “break even” option
and a revenue stretch option; and
• The modelling can be used for investment planning on new revenue earning opportunities
for the Airport.
The actual plans are held and maintained by the Commercial Analyst. Outputs from these plans
are provided in Appendix D of this document. It should be noted that the plans are living
documents and the inputs are to be refined over the life of this Business Plan.

7.5.5 Council’s Commercial Policies
Council has three policies relating to the commercial performance of the Airport. These are
summarised in the following table:
Policy Description
Competition and Water
• Identifies the commercial business units within Council to
Reform Policy
which this policy applies;
• This includes the Airport; and
• Identifies the full cost pricing elements that must be applied to
these business units, which includes tax equivalents.
Reserves Policy
• Relates to the creation and maintenance of reserves to enable
sound and prudent financial management of Council and its
various business activities;
• Reserves can cover untied infrastructure contributions not
used in a given year and the accumulation of depreciation
funding for infrastructure assets.
Asset Accounting Policy

• The purpose of this policy is to provide guidance, clarity and
consistency regarding the treatment of capital expenditure,
depreciation, revaluations, disposals and acquisitions which
will provide greater understanding and accuracy of Council’s
capital requirements.
Table 5 - Council's Commercial Policies

From the Airport’s perspective, it is important that these policies enable it to be financially
sustainable by:
• Clearly defining the commercial expectations Council has of the business unit;
• Clearly defining what costs the business unit should be accounting for and ensuring there
is a robust basis those costs (e.g. corporate overheads);
• Ensuring the business is able to properly account for the cost of maintaining the service
potential of its assets (depreciation);
• Ensuring there is financial capacity for the business to maintain the service potential of its
assets (either through retained earnings or the capacity to borrow the necessary funds);
and
• Clearly defining what funds can be taken by Council at year-end without compromising the
business unit’s financial sustainability (e.g. a tax equivalent payment and a sustainable
dividend policy).
When reviewing the current suite of commercial policies against these requirements:
• Council has not clearly defined its commercial expectations for the Airport. This is
addressed in this Business Plan;
• Council does clearly define in its Competition Policy the costs the business units should be
accounting for. However, this is not being fully applied, particularly with respect to tax
equivalent payments and a return on capital;
• Council does not have a robust method for determining corporate overheads;
• Council does clearly define how to account for the cost of maintaining the service potential
of its assets, but this policy is not correctly applied. This is discussed in further detail in
section 7.5.3 above;
• Council’s Reserves Policy does allow for retained earnings to fund depreciation at the
Airport, but this is not applied. It is noted that the current Policy gives the GM of Corporate
Services the discretion whether or not to set aside reserves for depreciation; and
• No existing policy defines what funds can be taken from the business units at the year-end.
It is recommended therefore, that:
• Council reviews the application of its Commercial Policies to enable its various business
units to be financially sustainable, by addressing the issues listed above; and
• The Competition and Water Reform Policy be amended to define what funds can be taken
from the business units at the year-end.

7.6 Year End Reporting
At present, there is informal year-end financial reporting by the Airport (and other business units)
to the Council and externally. Any financial reports are rolled up into Council’s overall year-end
reports, which compromises the transparency of the Airport’s annual financial and non-financial
performance for a given year.
It is recommended that the Airport, along with the other business units within the Customer and
Commercial Services division, provide separate year-end reports to Council on their financial and
non-financial performance for that year. As part of that year-end reporting, the business units
should recommend to Council (in accordance with relevant policies), what funds should be
retained to cover depreciation and what funds can be taken from the business unit without
compromising its financial sustainability.
Should Council elect to adopt a different position to that recommended, their reasoning would
then be clearly and transparently spelt out. This should then help inform a different course of
action for the business unit to help maintain its financial sustainability.

7.7 Capability & People Management
7.7.1 Airport Resourcing
The Manager Airport is responsible for the Airport operations and management of the site. This
position is responsible for Airport operations. The organisation structure for the airport is provided
below.
General Manager
Customer Service
and Commercial
Manager Airport
Supervisor
Administration
Operations
Assistant Airport
Airport
Assets and
Airport Reporting Airport Reporting Airport Reporting Security and
Airport Cleaner Maintenance
Officer Officer Officer Servicing Contract
Officer
Figure 12 - Airport Structure
Contractors are engaged to operate and maintain plant and equipment as required. One of the
most significant staffing requirements is that of airport security and screening, which is supplied
on a contract basis.

7.7.2 Provision of Corporate Services
The Airport receives a range of Corporate Services from Council to support its operations,
including corporate finance, corporate Asset Management, IT services, HR and safety services,
and capital delivery services via the newly established PMO with the Infrastructure and Utilities
division of Council. The need to improve the transparency of both the costs and standard of
corporate services has been identified during the development of this Business Plan. This could
be done by putting in place simple Service Level Agreements, or other mechanisms as seen fit.
An option used successfully in other jurisdictions, is the “business partner” model where personnel
from the Corporate Service providers embed themselves within the business units and develop
an intimate understanding of their requirements. It is also recommended that corporate
overheads be reviewed as they are a material input to the Airport’s cost base.
7.7.3 Business Unit Support Services
It is noted that this Business Plan is being developed in conjunction with similar plans for the
Quarry and Saleyard. Council has requested a review into the structure of Council’s commercial
businesses. A separate report and body of work has been undertaken to provide
recommendations to Council to ensure commercial businesses are operated and managed in an
efficient and effective structure. Outcomes from this review have not been considered by Council
at the time of preparation of the business plans and therefore not included in this business
plan. However, it is noted that the review has indicated that a more concerted focus also on
service and asset planning and compliance and management systems would provide benefit to
the business. The table below expands on this holistic approach to the businesses and the
relationship between the roles within Commercial Services and the Corporate Service providers.

Function Corporate Services Responsibilities Support Services Responsibilities
Management • Council wide budgeting, financial management and • Prepare Business Unit budgets
Accounting long-term financial planning – including consolidation • Prepare quarterly financial reports
of outputs from the business units • Prepare and maintain dynamic long-term financial
• Develop commercial policies for the BU’s plans
• Oversight the commercial performance of the BU’s • Prepare and maintain dynamic price plans
• Identify operational efficiencies across BU’s
• Identify market opportunities for BU’s
Service and • Preparation of AMPs on behalf of the BU’s • Develop and implement BU Master Plans
Asset Planning • Asset valuations & depreciation charges • Develop and implement BU Business Plans
• Coordination of condition assessments • Own the AMPs
• Integration of AMP financial outputs to Council’s overall • Validate key AMP inputs
budgets and long-term financial plans • Prepare renewals and maintenance management
• PMO to deliver capex programs plans
• Develop and maintain BU capex programs &
coordinate their delivery with the PMO
• Undertake investment planning and prepare related
business cases
Compliance • Setting Council wide governance frameworks and • Deliver upon Council’s safety management system
and policies (e.g. delegations, reporting, auditing) requirements (including assessing and managing BU
Management • Setting Council wide requirements relating to safety risks)
Systems policies and management systems • Maintain and deliver on BU specific compliance and
management systems
• Coordinate compliance and management system
auditing across BU’s
• Report compliance to Council
• Coordinate with regulators on BU specific matters
(including reporting)

7.7.4 Succession Planning
Loss of key personnel is identified as a key risk for the Quarry. It is proposed that a Talent
Management Plan be developed for the Commercial Services business units (including the
Quarry), which could include:
• Identifying key roles for the business units and ensuring there are successors for those
roles;
• Seeking external mentors for key personnel to help build commercial acumen;
• Planning the exit of employees reaching retirement age. This could include using them to
actively coach and mentor younger staff members; and
• Organising secondments across Council and with other organisations to broaden the
experience of key staff members.
7.8 Management Systems and Compliance

The Airport has a wide range of legislative and other obligations it must adhere to in maintaining
a modern and compliant facility. Regulatory requirements apply to the ongoing management and
maintenance of runways and taxiways, as well as airport lighting and navigation aids to ensure
safe navigation. These are listed in Appendix D of this plan. It maintains a variety of compliance
and management systems to ensure it meets these obligations. Ensuring these obligations are
met is also a key performance measure for the Airport business unit.
The Emerald Airport is a Certified Airport under CASA regulations and there is conduct of security
protection scanning by the Office of Transport Security. The CASA requirements, among others,
include:
• The need for an aerodrome manual;

• Establishing a Safety Management System;
• Provision for regular Aerodrome Technical Inspections;
• Having a Trained Reporting Officer in place; and
• A requirement to monitor obstacles.
Standards are defined by a Manual of Standards (MOS) with specifications (standards) prescribed
by CASA, for uniform application, determined to be necessary for the safety of air navigation.
7.9 Stakeholder Engagement

One of the features of the Airport’s operations is that it has a structured engagement mechanism
via the Airport Advisory Committee. The Committee provides advice and recommendations for

developing and creating effective networks and partnerships between Central Highlands Regional
Council, airport users, community and business. The objectives of the Airport Advisory
Committee are to:
• Provide a forum for engagement, consultation and communication with airport users
including the local business sector and the community;
• Develop an understanding of the legislative framework airports operate under and
incorporate into all matters considered;
• Contribute to future planning considerations;
• Contribute recommendations for airport sustainability through economic development,
tourism and other commercial activities including surrounding airport land and airside areas
In addition to the Advisory Committee, the Airport has a range of other stakeholder committees
including:
• A User’s Committee;
• A Security Committee;
• An Emergency Committee and
• A Safety Committee.
It will be important for Council to ensure that these arrangements are serving it well into the future.
To this end, it is recommended that Council biannually review the effectiveness of these
stakeholder engagement arrangements.

8 Performance Measurement
The following table sets out the proposed performance measures for the Airport. These are
mapped back against the objectives for the Airport. They represent a succinct list of measures
that appropriately reflect the financial and non-financial performance of the Airport over the 3-year
life of this plan. It is important not to overwhelm the business unit with measures.
The measures reflect the outcomes the business unit is working to. These measures are to be
cascaded through to individual performance plans and would pick up the important inputs to
achieving these outcomes (for example, carrying out safety training or conducting periodic safety
audits of the facilities). Collectively the measures will provide a basis for a “balanced scorecard”
on performance across the three objectives for the Airport.

Performance
Vision Objectives Targets Explanation
Measures
Provide valued
Airport services
• Throughput • >200,000 Pax • A measure of the annual throughput at the Emerald Airport
across the Central
Highlands Region
• Direct local
Be a contributor to
economic impact • 5% increase
economic • A measure of the impact of the airport on the local economy.
(developed as over baseline
development in the This is measured as part of the 5 yearly master planning
part of the 5 (once
Central Highlands process
yearly Master determined)
region
Plan)
Emerald Airport will,
in operating a
competitive, safe and • The Asset Sustainability Ratio reflects the service and financial
secure facility, be a • Asset sustainability of the business unit. Specially this measures the
leader and partner in Sustainability actual renewal spend, plus reserves set aside for depreciation,
the development of Provide fit for • 90%
Ratio divided by the depreciation allowance
the Central purpose, safe and
• Zero
Highlands compliant Airport • Material audit • Being compliant with its many obligations is critical for the
facilities non-compliance • Zero business activity and this target is focused on ensuring there are
no material audit non-compliances
• Lost Time Injuries
• Council has an aspiration for zero harm for all of its activities
• (Current assets / current liabilities) reflects the liquidity or

• Current assets /
Ensure long term • >1.5 solvency of the business unit
financial current liabilities
sustainability • 5 to 15% • NPAT/Equity reflects the profitability of the business unit as a
• NPAT/Equity
proportion of Equity
Figure 13 - Airport 2019 – 2022 Performance Measures

9 3-Year Program of Initiatives
The following table provides a summary of the program of initiatives to progressed as part of this
Business Plan – along with the recommended timeframe within which the initiatives should be
progressed. Progressing these initiatives will help the Airport achieve its 3-year outcomes and
realise the performance targets set within the plan. This Program is to be read in conjunction with
subsequent table, which provides the detail for each key initiative along with the outcome being
sought from that initiative. Each key initiative is uniquely numbered to allow cross-referencing
between the two tables.
Key Initiative Task Timeline

Y1 Y2 Y3
Objective: Provide competitively priced high-quality products
A1 Products &
Services Review Advisory Committee arrangements
Objective: Provide a fit for purpose, safe and compliant airport facilities
B1 Service
Planning Finalise Airport Master Planning
B2 Asset
Management Develop a 20-year renewals program
Update the Airport AMP
B3 Governance
Approve Airport Business Plan
Develop a revised Council reporting regime
Review the Business Plan
B4 Support
Services Establish a Corporate Services SLA
B5 People Develop a Succession Plan for the Airport BU
Management Resource the support service functions
Objective: Ensure on-going profitability
C1 Financial
Management Restructure the financial reports
Develop EOY reports
Develop a dynamic long-term financial plan
Maintain the LTFP
C2 Commercial
Performance Review application of Commercial Policies
Optimise the Depreciation charge
Figure 14 - Summary of 2019-22 Key Initiatives

Key Initiative Description Outcome
Objective: Provide competitively priced high-quality products

A2 Products and Services ▪ Biannually review the effectiveness of the stakeholder engagement Provide valued services
arrangements for the Airport.
Objective: Provide a fit for purpose, safe and compliant airport facilities
B1 Service Planning • Finalise the current Master Planning exercise Ensure robust planning keeps
• Associated with this master planning, assess airline operations and abreast of regional development
identify emerging opportunities around routes and schedules opportunities
B2 Asset Management • Develop a 20-year renewals program for the facility that will help Ensure the Airport has proactive
inform the optimization of the depreciation charge and inform the long- planning in place to maintain the
term financial planning for the facility. This plan is to focus on meeting service potential of the facility and
the regulatory obligations of the airport and maintaining the service ensure the business unit’s financial
potential of the facility sustainability
• Develop an Airport AMP in 2019/20 based on the optimization of key
inputs such as valuations, depreciation and the renewals plan

Objective: Provide a fit for purpose, safe and compliant airport facilities (cont.)
B4 Governance • Ensure the Business Plan is approved and progress against the Ensure Council is aligned with and
performance measures and initiatives are reported upon effectively overseeing the delivery
• Revise the Business Plan in 3 years at the end of its life of this Business Plan
B5 Support Services • Establish an SLA with Corporate Services for the provision of these Ensure the efficient and effective
services to the Airport. This SLA should contemplate the embedding delivery of corporate and support
of key Corporate Services staff within the business unit to deepen their services to enable the Airport to
understanding of the business fully deliver upon this business
• Resource the support services identified in this plan to enable to plan
efficient operation of the business unit. These services should be
shared among the Commercial Services business units
B6 People Management • Develop a succession plan for the airport BU as set out in section Ensure there is the on-going
7.7.3 capability to run the airport
business unit in a sustainable
manner
Objective: Ensure on-going profitability
C1 Financial Management • Restructure the financial reports for budgeting purposes and financial Effectively manage the financial
management, as recommended in this plan performance of the Airport to
• Also develop end of year reporting and engage Council in decisions ensure its long-term commercial
relating to retained earnings and returns to Council sustainability
• Develop a live and dynamic long-term financial plan for the Airport as
described in this plan and based on the key inputs described above
• Use the LTFP for day to day decision making within the Airport
C2 Commercial Performance • Review the commercial polices applicable to the Airport based on the Effectively manage the financial
recommendations within this plan performance of the Airport to
• Optimise the depreciation charge based on the recommendations ensure its long-term commercial
outlined in this plan sustainability

10 Governance and Oversight
The following table reflects the responsibilities for preparing, approving and overseeing the delivery
of this Business Plan.
Title Requirement
Council Accountable:
• Approve the Business Plan

• Oversee the implementation of the Business Plan
General Manager of Manage:

Customer and
• Endorse this document for Council approval
Commercial
• Oversee implementation of the Plan and associated key initiatives
Services
• Allocation of resources to deliver upon the Plan
Manager Airport Responsible:
• Preparing the Business Plan

• Reporting on the Plan’s implementation
Airport Team Deliver:
• Understand and deliver on the Business Plan
To execute this Business Plan, the Manager Airport will prepare annual budgets which shall be
derived from information within this Plan, along with any emerging issues that may arise over the life
of the Plan. Furthermore, the Manager Airport will report on their progress against the key initiatives
in the Business Plan.
This Business Plan has a 3-year outlook and will be reviewed at least every 3 years or when there
is a major change in the assumptions underpinning this Plan.

11 Appendix A – Documents Reviewed
The following documents were reviewed to inform the development of this business plan.
• Emerald Master Plan Visioning Workshop by Airbiz (2017) Powerpoint Presentation;

• Emerald Airport & Business Precinct Strategic Plan by Lawrence Consulting (2011);
• Edge Business Options Report – 27 June 2013;
• Air Freight Feasibility Report;
• Development Concepts Landside Areas;
• Research & Data Analysis: Emerald Airport by CHRC and CHDC (July 2017);
• Asset Management Plan- Airports 2014/14- 2024/25 by CHRC;
• 2015 Business Plan by CHRC; and
• Quarterly Airport Management Reports.

12 Appendix B - Price List 2019/20

13 Appendix C - Legislative Obligations
Council has a wide range of legislative obligations that it must comply with in relation to the Airport.
Relevant legislation applicable to Council and thus the Airport, includes:
• Queensland Local Government Act 2009

• Queensland Local Government Regulation 2012
• Queensland Industrial Relations Act 1999
• Queensland Environmental Protection Act 1994
• Queensland Work Health and Safety Act 2011
Legislation and guidelines applicable directly to Airport, include:
• Aviation Transport Security Act 2004

• Aviation Transport Security Regulations 2005
• Civil Aviation Act 1988
• Civil Aviation Regulations 1988
• Civil Aviation Safety Regulations 1998
• Civil Aviation Orders
• Air Services Act 1995
• Manual of Standards Part 139 – Aerodromes
• Buildings Code of Australia (BCA) and Standards
• Disability Services Act 2006
• Health Act 1937

14 Appendix D – Long Term Financial Plan Outputs

QTC Local Government Forecasting Model—CHRC
Dashboard Summary
3  2 All outputs are in thousands ($'000) unless otherwise indicated
8 errors identified—Airport business unit active
Control Panel
Select Scenario Whole of Council or Business Units? Select Business Units Normalise Results Print
1. 2. 3. 4. 5.
Whole of Council General Saleyards Use median cash balance for ratios
Print Summary
Selected Business Units Airport [Inactive BU] 5 Normalise for selected grant program
Quarry [Inactive BU] 6
Operating Performance Liquidity

Operating surplus ratio (%) Cash expense cover ratio (months)
30% 70.0
25% 60.0
50.0
20%
40.0
15%
30.0
10%
20.0
5%
10.0
-% -
Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Operating surplus ratio DILGP—lower bound DILGP—upper bound Cash expense cover ratio QTC—lower bound
Fiscal Flexibility Asset Sustainability
Net financial liability (%) Asset sustainability ratio (%)

140% 1,000%
900%
120%
800%
100% 700%
80% 600%
500%
60%
400%
40% 300%
200%
20%
100%
-% -%
Net financial liabilities ratio DILGP—upper bound Asset sustainability ratio QTC—lower bound
Council controlled revenue ratio (%) Average useful life of depreciable assets (years)
100% 35.0
90%
30.0
80%
70% 25.0
60% 20.0
50%
15.0
40%
30% 10.0
20%
5.0
10%
-% -
Council controlled revenue ratio QTC—lower bound Average useful life of depreciable assets
Total debt service cover ratio (times) Capital expenditure ratio (times)
5.0x 1,000%
4.5x 900%
4.0x 800%
3.5x 700%
3.0x 600%
2.5x 500%
2.0x 400%
1.5x 300%
1.0x 200%
0.5x 100%
- -%
Total debt service cover ratio QTC—lower bound Capital expenditure ratio
Actual Budget Forecast

Key financial sustainability metrics Target Jun-15A Jun-16A Jun-17A Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Operating surplus ratio 0% to 10% na na na na 22.3% 27.4% 9.9% 7.3% 8.8% 9.5% 11.3% 12.0% 13.8% 14.5% 16.3%
na na na na 1.0 1.0 2.0 3.0 3.0 2.0 1.0 1.0 1.0 1.0 1.0
Cash expense cover ratio > 3 months na na na na 29.2 59.8 41.4 35.6 30.3 25.3 20.4 15.6 10.9 6.5 2.0
na na na na 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 1.0
Asset sustainability ratio > 90% na na na na -% 923.7% 110.9% 7.7% 7.6% 7.4% 7.4% 7.2% 7.2% 6.9% 6.9%
na na na na 1.0 3.0 3.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Average useful life of depreciable assets na na na na 29.8 26.4 16.8 14.4 13.7 12.4 11.8 10.5 9.8 8.6 7.9
na na na na na na na na na na na na na na na
Net financial liabilities ratio <= 60% na na na na 65.2% 92.0% 130.1% 128.9% 124.4% 118.6% 112.5% 105.3% 97.8% 89.1% 80.0%
na na na na 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Council controlled revenue ratio > 60% na na na na 99.7% 97.2% 94.9% 96.3% 96.8% 97.2% 97.6% 98.0% 98.4% 98.8% 99.1%
na na na na 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
Total debt service cover ratio > 2 times na na na na 4.5x 2.2x 1.8x 1.8x 1.8x 1.8x 1.9x 1.9x 1.9x 2.0x 2.0x
na na na na 3.0 2.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Capital expenditure ratio na na na na na 9.5x 1.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
na na na na na na na na na na na na na na na
CHRC Business Units 10June LGFM v3.0.1

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Dashboard 3  2 All outputs are in thousands ($'000) unless otherwise indicated
Control Panel
1. 2. 3. 4. 5.
Whole of Council General Saleyards Use median cash balance for ratios Print All
Use alt. min. liquidity for cash chart Operating Performance

Selected Business Units Airport [Inactive BU] 5
Fiscal Flexibility
Normalise for selected grant program
Quarry [Inactive BU] 6 Asset Sustainability
Liquidity
Operating Performance Page 1 of 2
Operating result ($'000) Operating efficiency ratio (%) Sales, contracts and recoverable works margin (%)
12,000 160% 100%
140% 90%
10,000
80%
120%
8,000 70%
100%
60%
6,000
80% 50%
4,000 60% 40%
30%
2,000 40%
20%
20%
- 10%
Jun-18AJun-19AJun-20BJun-21FJun-22F Jun-23FJun-24F Jun-25FJun-26F Jun-27FJun-28FJun-29F -% -%
Operating result Operating revenue Operating expenses Operating efficiency ratio (%) Sales, contracts and recoverable works margin (%)
Operating surplus ratio (%) Debtor and creditor days Interest to debt and interest to cash balance ratios (%)
30% 80 7%
70 6%
25%
60 5%
20%
50
4%
15% 40
3%
30
10%
2%
20
5% 1%
10
-% - -%
Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Gross interest expense as a portion of average term debt (%)
Operating surplus ratio (%) Creditor days Debtor days Interest revenue as a portion of average cash (%)
Actual Budget Forecast Annual average

Actual Forecast Forecast
Operating performance indicators Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
(FY15-19) (FY20-24) (FY20-29)
Operating performance metrics

Operating surplus ratio (%) -% 22.3% 27.4% 9.9% 7.3% 8.8% 9.5% 11.3% 12.0% 13.8% 14.5% 16.3% 22.3% 12.6% 13.1%
Operating efficiency ratio (%) -% 128.8% 137.7% 110.9% 107.9% 109.7% 110.6% 112.7% 113.7% 116.0% 116.9% 119.5% 128.8% 115.3% 115.6%
Sales, contracts and recoverable works margin (%) -% -% -% -% -% -% -% -% -% -% -% -% -% -% -%
Creditor days - 68.5 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 68.5 30.0 30.0
Debtor days - 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Gross interest expense as a portion of average term debt (%) -% -% 3.9% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.8% 5.8% -% 5.3% 5.5%
Interest revenue as a portion of average cash (%) -% -% 1.6% 2.9% 2.7% 2.7% 2.8% 2.9% 3.0% 3.2% 3.5% 4.8% -% 2.5% 3.0%
Operating result ($'000)

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Fiscal Flexibility
Liquidity
Operating revenue - 7,535 8,642 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310 na 4.6% 3.2%
Operating expenses - 5,851 6,278 8,161 8,448 8,454 8,533 8,516 8,595 8,572 8,662 8,628 na 7.8% 4.0%
Operating result - 1,683 2,364 892 667 816 901 1,085 1,177 1,375 1,464 1,682 na -11.8% -0.0%

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Operating Performance Page 2 of 2
Rateable properties vs. general rates per rateable property ($) Council FTEs vs. average wages & salaries per FTE ($) LGA population vs. rateable properties
18,000 1 600 2,500 35,000 2.14
16,000 1 2.12
500 30,000
2,000
14,000 1
Average salary ($)

2.10
400 25,000
1 1,500
12,000 2.08
FTEs
1 300 20,000
10,000 2.06
1 1,000 15,000
8,000 200 2.04
0
500 10,000
6,000 100 2.02
0
4,000 5,000 2.00
0 - -
2,000 0 Jun-19AJun-20BJun-21FJun-22FJun-23FJun-24FJun-25FJun-26FJun-27FJun-28FJun-29F - 1.98
- -
Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Elected officials (LHS) Staff FTEs (LHS)
Rateable properties (LHS) Average general rates per rateable property ($) (RHS) Contractor FTEs (LHS) Average wages & salaries (RHS) Residents per rateable property (RHS) Population (LHS) Rateable properties (LHS)

Operating performance indicators Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
(FY15-19) (FY20-24) (FY20-29)
Key general rates drivers

Population 30,093 30,093 30,394 30,968 31,005 31,315 31,628 31,944 32,264 32,586 32,912 33,241 -1.2% 1.0% 1.0%
Rateable properties 14,804 14,804 14,878 14,900 14,952 15,100 15,300 15,375 15,450 15,530 15,600 15,670 -1.1% 0.7% 0.6%
Residents per rateable property 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 -0.1% 0.3% 0.4%
Average general rates per rateable property ($) na na na na na na na na na na na na na na na
Average operating cost per rateable property ($) na na na na na na na na na na na na na na na
Council FTEs
Elected officials - 9 9 9 9 9 9 9 9 9 9 9 na -% -%
Staff FTEs (excluding contractors) - 502 503 505 505 508 508 511 511 511 513 513 na 0.3% 0.2%
Contractor FTEs - - - - - - - - - - - - na na na
Total FTEs 481 511 512 514 514 517 517 520 520 520 522 522 3.5% 0.3% 0.2%
Average council wages & salaries ($)

Staff FTEs na 1,878 1,976 2,008 2,048 2,077 2,118 2,148 2,191 2,235 2,271 2,316 na 2.4% 2.1%
Contractor FTEs na na na na na na na na na na na na na na na
All FTEs excluding elected officials na 1,878 1,976 2,008 2,048 2,077 2,118 2,148 2,191 2,235 2,271 2,316 na 2.4% 2.1%

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Fiscal Flexibility Page 1 of 3
Net financial liabilities ratio (%) Council controlled revenue ratio (%) Self generated revenue ratio (%)
140% 120% 160%
120% 140%
100%
100% 120%
80%
100%
80%
60% 80%
60%
60%
40%
40%
40%
20% 20%
20%
-% -% -%
Net financial liabilities ratio (%) Council controlled revenue ratio (%) Self generated revenue ratio (%)
Total debt service cover ratio (times) Interest cover ratio (times) Net operating cash flow as a percentage of net capital expenditure (%)
5.0x 12.0x 1,800%
4.5x 1,600%
4.0x 10.0x
1,400%
3.5x 1,200%
8.0x
3.0x 1,000%
2.5x 6.0x 800%
2.0x 600%
1.5x 4.0x
400%
1.0x 200%
2.0x
0.5x -%
- - -200%
Total debt service cover ratio (times) Interest cover ratio (times) Net operating cash flow as a percentage of net capital expenditure (%)

Fiscal flexibility indicators Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
(FY15-19) (FY20-24) (FY20-29)
Key metrics
Net financial liabilities ratio (%) -% 65.2% 92.0% 130.1% 128.9% 124.4% 118.6% 112.5% 105.3% 97.8% 89.1% 80.0% 65.2% 118.8% 107.9%
Council controlled revenue ratio (%) -% 99.7% 97.2% 94.9% 96.3% 96.8% 97.2% 97.6% 98.0% 98.4% 98.8% 99.1% 99.7% 96.5% 97.4%
Self generated revenue ratio (%) -% 128.8% 137.7% 110.9% 107.9% 109.7% 110.6% 112.7% 113.7% 116.0% 116.9% 119.5% 128.8% 115.3% 115.6%
Total debt service cover ratio (times) - 4.5x 2.2x 1.8x 1.8x 1.8x 1.8x 1.9x 1.9x 1.9x 2.0x 2.0x 4.5 1.9 1.9
Interest cover ratio (times) - 4.5x 6.3x 3.6x 3.9x 4.2x 4.6x 5.1x 5.8x 6.7x 7.9x 9.7x 4.5 4.5 5.8
Net operating cash flow as a percentage of net capital expenditure (%) -% -% -4.1% 75.1% 1,095.0% 1,374.0% 1,420.4% 1,438.3% 1,489.2% 1,509.2% 1,568.7% 1,593.0% -% 792.1% 1,155.9%

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Fiscal Flexibility
Liquidity
Operating revenues—by category ($'000) Operating revenues—percentage of total operating revenue (%) Operating revenues—annual growth rates (%)
12,000 100% 120%
90% 100%
10,000
80% 80%
70% 60%
8,000
60%
40%
6,000 50%
20%
40%
4,000 -%
30%
-20%
20%
2,000
-40%
10%
-% -60%
-
Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Total Net rates, levies and charges Fees and charges
Net rates, levies and charges Fees and charges Operating grants and subsidies Net rates, levies and charges Fees and charges Operating grants and subsidies Operating grants and subsidies Sales revenue Interest received
Sales revenue Interest received Other operating income Sales revenue Interest received Other operating income Other operating income

(FY15-19) (FY20-24) (FY20-29)
Operating revenues—by category ($'000)

Net rates, levies and charges - - - - - - - - - - - - na na na
Fees and charges - 7,515 8,404 8,589 8,778 8,971 9,168 9,370 9,576 9,787 10,002 10,222 na 4.1% 3.1%
Operating grants and subsidies - - - - - - - - - - - - na na na
Sales revenue - - - - - - - - - - - - na na na
Interest received - - 226 453 324 287 252 218 182 147 110 73 na na na
Other operating income - 19 12 12 12 13 13 13 13 14 14 14 na -7.7% -2.9%
Total - 7,535 8,642 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310 na 4.6% 3.2%
Operating revenues—annual growth rates (%)

Net rates, levies and charges na na na na na na na na na na na na -% -% -%
Fees and charges na na 11.8% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% -% -% -%
Operating grants and subsidies na na na na na na na na na na na na -% -% -%
Sales revenue na na na na na na na na na na na na -% -% -%
Interest received na na na 100.0% -28.3% -11.6% -12.2% -13.6% -16.4% -19.4% -25.2% -33.1% -% -% -%
Other operating income na na -38.5% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% -% -% -%
Total na na 14.7% 4.8% 0.7% 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% -% -% -%
Operating revenues—percentage of total operating revenue (%)

Net rates, levies and charges na -% -% -% -% -% -% -% -% -% -% -% -% -% -%
Fees and charges na 99.7% 97.2% 94.9% 96.3% 96.8% 97.2% 97.6% 98.0% 98.4% 98.8% 99.1% 99.7% 96.5% 97.4%
Operating grants and subsidies na -% -% -% -% -% -% -% -% -% -% -% -% -% -%
Sales revenue na -% -% -% -% -% -% -% -% -% -% -% -% -% -%

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Liquidity
Interest received na -% 2.6% 5.0% 3.6% 3.1% 2.7% 2.3% 1.9% 1.5% 1.1% 0.7% -% 3.4% 2.4%
Other operating income na 0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% 0.1%
Total na 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

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Fiscal Flexibility
Liquidity
Operating expenses—by category ($'000) Operating expenses—percentage of total operating revenue (%) Operating expenses—annual growth rates (%)
10,000 100% 100%
9,000 90%
80%
8,000 80%
7,000 70% 60%
6,000 60%
40%
5,000 50%
20%
4,000 40%
3,000 30% -%
2,000 20%
-20%
1,000 10%
- -% -40%
Employee benefits Materials and services Depreciation and amortisation Employee benefits Materials and services Depreciation and amortisation Total Employee benefits Materials and services
Finance costs Other operating expenses Finance costs Other operating expenses Depreciation and amortisation Finance costs Other operating expenses

(FY15-19) (FY20-24) (FY20-29)
Operating expenses—by category ($'000)

Employee benefits - 942 1,000 1,020 1,040 1,061 1,082 1,104 1,126 1,148 1,171 1,194 na 2.8% 2.4%
Materials and services - 2,946 2,583 2,640 2,698 2,757 2,818 2,880 2,943 3,008 3,074 3,142 na -0.9% 0.6%
Depreciation and amortisation - 1,109 1,835 2,972 3,265 3,283 3,372 3,376 3,478 3,482 3,602 3,606 na 24.9% 12.5%
Finance costs - 791 793 1,462 1,375 1,283 1,188 1,082 972 857 736 605 na 8.5% -2.7%
Other operating expenses - 63 66 68 69 71 72 74 76 77 79 81 na 2.8% 2.5%
Total - 5,851 6,278 8,161 8,448 8,454 8,533 8,516 8,595 8,572 8,662 8,628 na 7.8% 4.0%
Operating expenses—annual growth rates (%)

Employee benefits na na 6.2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% -% -% -%
Materials and services na na -12.3% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% -% -% -%
Depreciation and amortisation na na 65.5% 61.9% 9.9% 0.5% 2.7% 0.1% 3.0% 0.1% 3.4% 0.1% -% -% -%
Finance costs na na 0.2% 84.3% -6.0% -6.7% -7.4% -9.0% -10.1% -11.9% -14.1% -17.9% -% -% -%
Other operating expenses na na 5.3% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% -% -% -%
Total na na 7.3% 30.0% 3.5% 0.1% 0.9% -0.2% 0.9% -0.3% 1.1% -0.4% -% -% -%
Operating expenses—percentage of total operating revenue (%)

Employee benefits na 16.1% 15.9% 12.5% 12.3% 12.5% 12.7% 13.0% 13.1% 13.4% 13.5% 13.8% 16.1% 13.2% 13.3%
Materials and services na 50.4% 41.1% 32.3% 31.9% 32.6% 33.0% 33.8% 34.2% 35.1% 35.5% 36.4% 50.4% 34.2% 34.6%
Depreciation and amortisation na 18.9% 29.2% 36.4% 38.7% 38.8% 39.5% 39.6% 40.5% 40.6% 41.6% 41.8% 18.9% 36.5% 38.7%
Finance costs na 13.5% 12.6% 17.9% 16.3% 15.2% 13.9% 12.7% 11.3% 10.0% 8.5% 7.0% 13.5% 15.2% 12.5%
Other operating expenses na 1.1% 1.1% 0.8% 0.8% 0.8% 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% 1.1% 0.9% 0.9%

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Fiscal Flexibility
Liquidity
Total na 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

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Fiscal Flexibility
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Asset Sustainability Page 1 of 4
Asset sustainability ratio (%) Asset renewal funding ratio (%) Depreciation as a percentage of closing written down value of property,
1,000% 100% plant & equipment (%)
900% 90% 14%
800% 80%
12%
700% 70%
600% 60% 10%
500% 50% 8%
400% 40% 6%
300% 30%
4%
200% 20%
100% 10% 2%
-% -% -%
Asset sustainability ratio (%) Asset renewal funding ratio (%) Depreciation as a percentage of closing written down value of property, plant & equipment (%)
Capital expenditure ratio (times) Average useful life by asset class Community equity ($'000)
10.0x 30 80,000
9.0x 25 70,000
8.0x 20 60,000
7.0x
15 50,000
6.0x
5.0x 10 40,000
4.0x 5 30,000
3.0x - 20,000
2.0x Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
10,000
1.0x Average useful life of depreciable assets Land improvements
Buildings Plant & equipment -
-
Furniture & fittings Roads, drainage & bridge network Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Water Sewerage
Capital expenditure ratio (times) Miscellaneous Community equity Total assets Total liabilities

Asset sustainability indicators Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
(FY15-19) (FY20-24) (FY20-29)
Key metrics
Asset sustainability ratio (%) -% -% 923.7% 110.9% 7.7% 7.6% 7.4% 7.4% 7.2% 7.2% 6.9% 6.9% -% 211.5% 109.3%
Asset renewal funding ratio (%) -% -% -% -% -% -% -% -% -% -% -% -% -% -% -%
Depreciation as a percentage of closing written down value of property, plant & equipment
-% (%) 3.4% 3.8% 5.9% 6.9% 7.3% 8.0% 8.5% 9.5% 10.2% 11.7% 12.7% 3.4% 6.4% 8.4%
Capital expenditure ratio (times) - - 9.5x 1.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x - 2.2 1.1
Average useful life by asset class (years)

Land improvements na na 25.2 24.3 23.2 22.3 21.2 20.3 19.2 18.3 17.2 16.3 na 23.2 20.7
Buildings na na 25.4 24.8 23.3 23.5 22.6 22.5 21.6 21.5 20.6 20.5 na 23.9 22.6
Plant & equipment na na 20.0 19.0 18.0 17.0 16.0 15.0 14.0 13.0 12.0 11.0 na 18.0 15.5
Furniture & fittings na na na na na na na na na na na na na na na
Roads, drainage & bridge network na 16.2 27.0 14.9 12.4 11.7 10.3 9.6 8.3 7.6 6.3 5.5 16.2 15.3 11.4
Water na na na na na na na na na na na na na na na

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Fiscal Flexibility
Liquidity
Sewerage na na na na na na na na na na na na na na na
Miscellaneous na na na na na na na na na na na na na na na
Average useful life of depreciable assets na 29.8 26.4 16.8 14.4 13.7 12.4 11.8 10.5 9.8 8.6 7.9 29.8 16.8 13.2

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Fiscal Flexibility
Liquidity
Capital expenditure—by asset class ($'000) Capital expenditure—by asset type ($'000) Closing book value of PP&E—by asset class ($'000)
20,000 20,000 60,000
18,000
50,000
16,000
15,000
14,000 40,000
12,000
10,000 10,000 30,000
8,000
20,000
6,000
5,000
4,000 10,000
2,000
- - -
Land Land improvements Buildings Land Land improvements Buildings
Plant & equipment Furniture & fittings Roads, drainage & bridge network Plant & equipment Furniture & fittings Roads, drainage & bridge network
New Renewal Upgrade Water Sewerage Miscellaneous
Water Sewerage Miscellaneous
Intangible Intangible

(FY15-19) (FY20-24) (FY20-29)
Capital expenditure—by asset class ($'000)

Land - - - - - - - - - - - - na na na
Land improvements - - - - - - - - - - - - na na na
Buildings - - 393 165 50 250 250 250 250 250 250 250 na na na
Plant & equipment - - - - - - - - - - - - na na na
Furniture & fittings - - - - - - - - - - - - na na na
Roads, drainage & bridge network - 1,835 16,950 3,295 250 - - - - - - - na -100.0% -100.0%
Water - - - - - - - - - - - - na na na
Sewerage - - - - - - - - - - - - na na na
Miscellaneous - - - - - - - - - - - - na na na
Intangible - - - - - - - - - - - - na na na
Total capital expenditure - 1,835 17,343 3,460 300 250 250 250 250 250 250 250 na -32.9% -18.1%
Capital expenditure—by asset type ($'000)

New - - 393 165 50 - - - - - - - na na na
Renewal - - 16,950 3,295 250 250 250 250 250 250 250 250 na na na
Upgrade - - - - - - - - - - - - na na na
Total capital expenditure - - 17,343 3,460 300 250 250 250 250 250 250 250 na na na
Closing book value of PP&E—by asset class ($'000)

Land - 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 na -% -%
Land improvements - 8,139 7,828 7,567 7,254 6,991 6,676 6,410 6,092 5,825 5,504 5,234 na -3.9% -4.3%
Buildings - 6,865 6,983 6,975 6,736 6,808 6,759 6,825 6,762 6,821 6,743 6,794 na -0.3% -0.1%
Plant & equipment - 21 20 19 18 17 16 15 14 13 12 11 na -5.3% -6.3%
Furniture & fittings - - - - - - - - - - - - na na na
Roads, drainage & bridge network - 17,996 33,698 35,461 33,048 31,244 28,487 26,544 23,698 21,602 18,649 16,378 na 9.6% -0.9%
Water - - - - - - - - - - - - na na na
Sewerage - - - - - - - - - - - - na na na

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Miscellaneous - - - - - - - - - - - - na na na
Intangible - - - - - - - - - - - - na na na
Total closing book value - 37,366 52,874 54,367 51,402 49,405 46,283 44,140 40,912 38,605 35,253 32,762 na 4.4% -1.3%

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Fiscal Flexibility
Liquidity
Capital expenditure—by funding source ($'000) Term debt ($'000)

30,000.00
20,000.00 Net debt position
14,000
18,000.00 25,000.00
12,000
16,000.00
14,000.00 20,000.00 10,000
12,000.00 8,000
15,000.00
10,000.00
6,000
8,000.00 10,000.00
6,000.00 4,000
5,000.00
4,000.00 2,000
2,000.00 -
-
- Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Net debt position
New borrowings Grants Subsidies Contributions Donations Working capital Long-term portion of term debt Current portion of term debt

(FY15-19) (FY20-24) (FY20-29)
Capital expenditure—by funding source ($'000)

New borrowings - - 13,000 - - - - - - - - - na na na
Grants - - - - - - - - - - - - na na na
Subsidies - - 3,056 - - - - - - - - - na na na
Contributions - - - - - - - - - - - - na na na
Donations - - - - - - - - - - - - na na na
Working capital - - 1,287 3,460 300 250 250 250 250 250 250 250 na na na
Total - - 17,343 3,460 300 250 250 250 250 250 250 250 na na na
Term debt ($'000)

Long-term portion of term debt - 12,776 24,894 23,304 21,623 19,846 17,964 15,972 13,864 11,636 9,277 6,780 na 7.1% -6.1%
Current portion of term debt - 1,500 1,506 1,589 1,682 1,776 1,883 1,992 2,108 2,228 2,360 2,497 na 4.6% 5.2%
Total term debt - 14,276 26,399 24,894 23,304 21,623 19,846 17,964 15,972 13,864 11,636 9,277 na 6.8% -4.2%
Net debt position - 4,664 8,211 12,041 12,020 11,799 11,463 11,081 10,572 10,014 9,306 8,538 na 19.7% 6.2%

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Fiscal Flexibility
Liquidity
Forecasted debt repayments ($'000) Total debt to operating revenue & community equity (times) Total debt per capita & rateable property ($)
3.5x 900
3,500
3.0x 800
3,000
700
2,500 2.5x
600
2,000 2.0x
500
1,500 1.5x 400
300
1,000 1.0x
200
500 0.5x
100
- - -
Scheduled principal repayments Additional principal repayments Interest repayments Total debt to operating revenue (times) Total debt to community equity (times) Total debt per capita ($) Total debt per rateable property ($)

(FY15-19) (FY20-24) (FY20-29)
Forecasted debt repayments ($'000)

Scheduled principal repayments - - 877 1,506 1,589 1,682 1,776 1,883 1,992 2,108 2,228 2,360 na na na
Additional principal repayments na na - - - - - - - - - - na na na
Interest repayments - - 793 1,462 1,375 1,283 1,188 1,082 972 857 736 605 na na na
Total payments - - 1,670 2,968 2,964 2,964 2,964 2,964 2,964 2,964 2,964 2,964 na na na
Key debt measures

Total debt to operating revenue (times) na 1.9x 3.1x 2.7x 2.6x 2.3x 2.1x 1.9x 1.6x 1.4x 1.1x 0.9x 1.9x 2.6x 2.0x
Total debt to community equity (times) na 0.4x 0.8x 0.7x 0.7x 0.6x 0.6x 0.5x 0.4x 0.4x 0.3x 0.2x 0.4x 0.7x 0.5x
Total debt per capita ($) na na 669 828 777 717 656 592 526 458 387 315 na 729 592
Total debt per rateable property ($) na na na na na na na na na na na na na na na

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Liquidity
Liquidity Position Page 1 of 2
Time period for the chart from the start of the forecast 10 years
70.0
Cash expense cover (months)
60.0
Cash cycle by cash segments ($'000)
25,000
50.0
40.0
30.0
20,000
20.0
10.0
15,000 -
Cash expense cover (months) QTC—lower bound QTC—upper bound
10,000
Working capital ratio (times)

12.0x
5,000 10.0x
8.0x
- 6.0x
4.0x
2.0x
(5,000)
Jul-19B
Jan-20B
May-20B
Jul-20F
Sep-20F
Nov-20F
Jan-21F
Mar-21F
May-21F
Jul-21F
Sep-21F
Nov-21F
Jan-22F
Mar-22F
May-22F
Jul-22F
Sep-22F
Nov-22F
Jan-23F
Mar-23F
May-23F
Jul-23F
Sep-23F
Nov-23F
Jan-24F
Mar-24F
May-24F
Jul-24F
Sep-24F
Nov-24F
Jan-25F
Mar-25F
May-25F
Jul-25F
Sep-25F
Nov-25F
Jan-26F
Mar-26F
May-26F
Jul-26F
Sep-26F
Nov-26F
Jan-27F
Mar-27F
May-27F
Jul-27F
Sep-27F
Nov-27F
Jan-28F
Mar-28F
May-28F
Jul-28F
Sep-28F
Nov-28F
Jan-29F
Mar-29F
May-29F
Sep-19B
Nov-19B
Mar-20B
-
Cash cover Externally restricted Internally restricted Long-term surplus Short-term surplus
Working capital ratio (times) QTC—lower bound QTC—upper bound
Overdraft Cash cover (unfunded) Cash balance Net cash balance Approved working capital facility limit
Closing balance of cash and cash equivalents ($'000) Annual unrestricted cash balance range (high, median, low) Closing cash balance and median annual cash balance
20,000 25,000 20,000
18,000
18,000
16,000 20,000 16,000
14,000 14,000
12,000 15,000 12,000
10,000 10,000
8,000 10,000 8,000
6,000 6,000
4,000 5,000 4,000
2,000 2,000
- - -
Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F

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Fiscal Flexibility
Liquidity
Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Externally restricted Internally restricted Unrestricted Cash and cash equivalents—closing balance Cash and cash equivalents—median balance

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Fiscal Flexibility
Liquidity
Liquidity Position Page 2 of 2
Actual Budget Forecast Average annual rates

Liquidity position indicators Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
(FY15-19) (FY20-24) (FY20-29)
Liquidity metrics
Cash and cash equivalents—closing balance - 9,612 18,188 12,853 11,284 9,823 8,384 6,883 5,400 3,851 2,330 739 na -2.7% -22.6%
Cash and cash equivalents—median balance - - 10,597 18,274 13,001 11,502 10,113 8,762 7,326 5,902 4,415 2,955 na na na
Cash expense cover (months) - 29.2 59.8 41.4 35.6 30.3 25.3 20.4 15.6 10.9 6.5 2.0 29.2 38.5 24.8
Working capital ratio (times) - 4.3x 9.9x 6.8x 5.7x 4.8x 3.9x 3.1x 2.4x 1.7x 1.1x 0.5x 4.3x 6.2x 4.0x
Closing balance of cash and cash equivalents ($'000)

Externally restricted - - - - - - - - - - - - na na na
Internally restricted - 5,000 5,000 5,000 5,000 5,000 5,000 5,000 - - - - na -% -100.0%
Unrestricted - 4,612 13,188 7,853 6,284 4,823 3,384 1,883 5,400 3,851 2,330 739 na -6.0% -16.7%
Total cash - 9,612 18,188 12,853 11,284 9,823 8,384 6,883 5,400 3,851 2,330 739 na -2.7% -22.6%

30/07/19 10:37 AM 'Dash' Page 17 of 17
Statement of Comprehensive Income 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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1. 2. 3. 4. 5.
Print Summary
Line item Annual result

Jun-15A Jun-16A Jun-17A Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
Income
Revenue
Operating revenue
General rates - - - - - - - - - - - - - - -
Separate rates - - - - - - - - - - - - - - -
Levies - - - - - - - - - - - - - - -
Water - - - - - - - - - - - - - - -
Water consumption, rental and sundries - - - - - - - - - - - - - - -
Sewerage - - - - - - - - - - - - - - -
Sewerage trade waste - - - - - - - - - - - - - - -
Waste management - - - - - - - - - - - - - - -
Garbage charges - - - - - - - - - - - - - - -
Other rates, levies and charges - - - - - - - - - - - - - - -
Less: discounts - - - - - - - - - - - - - - -
Less: pensioner remissions - - - - - - - - - - - - - - -
Net rates, levies and charges - - - - - - - - - - - - - - -
Building and development fees - - - - - - - - - - - - - - -

Infringements - - - - - - - - - - - - - - -
Licences and registrations - - - - - - - - - - - - - - -
Other fees and charges - - - - 7,515 8,404 8,589 8,778 8,971 9,168 9,370 9,576 9,787 10,002 10,222
Fees and charges - - - - 7,515 8,404 8,589 8,778 8,971 9,168 9,370 9,576 9,787 10,002 10,222
Other rental income - - - - - - - - - - - - - - -

Rental income - - - - - - - - - - - - - - -
Interest from overdue rates, levies and charges - - - - - - - - - - - - - - -

Interest received from investments - - - - - 226 453 324 287 252 218 182 147 110 73
Other interest received - - - - - - - - - - - - - - -
Interest received - - - - - 226 453 324 287 252 218 182 147 110 73
Contract and recoverable works - - - - - - - - - - - - - - -

Gain/(loss) on sale of land held as inventory - - - - - - - - - - - - - - -
Gain/(loss) on sale of inventory held for sale - - - - - - - - - - - - - - -
Gain/(loss) on sale of non-current assets held as inventory - - - - - - - - - - - - - - -
Other sales revenue - - - - - - - - - - - - - - -
Sales revenue - - - - - - - - - - - - - - -
Profit (loss) from joint ventures & associates - - - - - - - - - - - - - - -

Profit (loss) from controlled entities - - - - - - - - - - - - - - -

30/07/19 10:40 AM 'CompInc' Page 1 of 5
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1. 2. 3. 4. 5.
Print Summary

Profit (loss) from other investments - - - - - - - - - - - - - - -

Profit from investments - - - - - - - - - - - - - - -
External dividends received - - - - - - - - - - - - - - -

Internal charges received - - - - - - - - - - - - - - -
Other income - - - - 19 12 12 12 13 13 13 13 14 14 14
Other income - - - - 19 12 12 12 13 13 13 13 14 14 14
General purpose grants - - - - - - - - - - - - - - -

State subsidies and grants—operating - - - - - - - - - - - - - - -
Commonwealth subsidies and grants—operating - - - - - - - - - - - - - - -
Other non-government subsidies and grants - - - - - - - - - - - - - - -
Donations—operating - - - - - - - - - - - - - - -
Contributions—operating - - - - - - - - - - - - - - -
Grants, subsidies, contributions and donations - - - - - - - - - - - - - - -
Total operating revenue - - - - 7,535 8,642 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310
Capital revenue
Government subsidies and grants—capital - - - - - 3,056 - - - - - - - - -
Donations—capital - - - - - - - - - - - - - - -
Contributions—capital - - - - - - - - - - - - - - -
Other capital contributions - - - - - - - - - - - - - - -
Grants, subsidies, contributions and donations - - - - - 3,056 - - - - - - - - -
Total revenue - - - - 7,535 11,698 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310
Capital income
Profit/(loss) on disposal of property, plant & equipment - - - - - - - - - - - - - - -
Profit/(loss) on sale of joint ventures & associates - - - - - - - - - - - - - - -
Profit/(loss) on sale of controlled entities - - - - - - - - - - - - - - -
Profit/(loss) on sale of other investments - - - - - - - - - - - - - - -
Profit/(loss) on sale of investment property - - - - - - - - - - - - - - -
Revaluation up of property, plant & equipment reversing previous revaluation down - - - - - - - - - - - - - - -
Revaluation of investment property - - - - - - - - - - - - - - -
Revaluation up of joint ventures & associates - - - - - - - - - - - - - - -
Revaluation up of controlled entities - - - - - - - - - - - - - - -
Other capital income - - - - - - - - - - - - - - -
Total capital income - - - - - - - - - - - - - - -
Total income - - - - 7,535 11,698 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310

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1. 2. 3. 4. 5.
Print Summary

Expenses
Operating expenses
Total staff wages and salaries - - - - 942 994 1,014 1,034 1,055 1,076 1,098 1,120 1,142 1,165 1,188
Councillors' remuneration - - - - - - - - - - - - - - -
Employee provision expense - - - - - 6 6 6 6 6 6 6 6 6 6
Other employee related expenses - - - - - - - - - - - - - - -
Less: capitalised employee expenses - - - - - - - - - - - - - - -
Employee benefits - - - - 942 1,000 1,020 1,040 1,061 1,082 1,104 1,126 1,148 1,171 1,194
M&S—sales contract & recoverable works - - - - 244 234 239 244 250 255 261 267 272 278 285
M&S—administration supplies - - - - - - - - - - - - - - -
M&S—audit services - - - - - - - - - - - - - - -
M&S—communication & IT - - - - - - - - - - - - - - -
M&S—consultants - - - - 211 86 88 90 91 94 96 98 100 102 104
M&S—contractors - - - - 2,179 2,004 2,048 2,093 2,139 2,186 2,234 2,283 2,333 2,385 2,437
M&S—electricity - - - - - - - - - - - - - - -
M&S—council maintenance - - - - 312 260 266 271 277 283 290 296 303 309 316
M&S—travel - - - - - - - - - - - - - - -
M&S—other - - - - - - - - - - - - - - -
Materials and services - - - - 2,946 2,583 2,640 2,698 2,757 2,818 2,880 2,943 3,008 3,074 3,142
Finance costs charged by QTC and General - - - - 791 793 1,462 1,375 1,283 1,188 1,082 972 857 736 605
Interest paid on overdraft - - - - - - - - - - - - - - -
Bank charges - - - - - - - - - - - - - - -
Interest on finance leases - - - - - - - - - - - - - - -
Other finance costs - - - - - - - - - - - - - - -
Finance costs - - - - 791 793 1,462 1,375 1,283 1,188 1,082 972 857 736 605
Land improvements - - - - - 311 311 313 313 315 315 318 318 321 321
Buildings - - - - - 275 282 289 290 299 303 313 317 328 332
Plant & equipment - - - - - 1 1 1 1 1 1 1 1 1 1
Furniture & fittings - - - - - - - - - - - - - - -
Roads, drainage & bridge network - - - - 1,109 1,248 2,378 2,662 2,679 2,757 2,757 2,846 2,846 2,953 2,953
Water - - - - - - - - - - - - - - -
Sewerage - - - - - - - - - - - - - - -
Miscellaneous - - - - - - - - - - - - - - -
Amortisation of intangible assets - - - - - - - - - - - - - - -
Depreciation and amortisation - - - - 1,109 1,835 2,972 3,265 3,283 3,372 3,376 3,478 3,482 3,602 3,606

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1. 2. 3. 4. 5.
Print Summary

Bad and doubtful debts - - - - - - - - - - - - - - -

Rentals & operating leases - - - - - - - - - - - - - - -
Payments - - - - - - - - - - - - - - -
Restructuring provision expense - - - - - - - - - - - - - - -
Other provision expense - - - - - - - - - - - - - - -
Other expenses - - - - 63 66 68 69 71 72 74 76 77 79 81
Other expenses - - - - 63 66 68 69 71 72 74 76 77 79 81
Total operating expenses - - - - 5,851 6,278 8,161 8,448 8,454 8,533 8,516 8,595 8,572 8,662 8,628
Capital expenses
Loss on impairment - - - - - - - - - - - - - - -
Restoration & rehabilitation provision expense - - - - - - - - - - - - - - -
Revaluation decrement - - - - - - - - - - - - - - -
Other capital expenses - - - - - - - - - - - - - - -
Total capital expenses - - - - - - - - - - - - - - -
Total expenses - - - - 5,851 6,278 8,161 8,448 8,454 8,533 8,516 8,595 8,572 8,662 8,628
Net result - - - - 1,683 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
Tax equivalents
Net result before tax equivalents - - - - 1,683 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
Tax equivalents payable - - - - - 1,626 268 200 245 270 326 353 413 439 505
Net result after tax equivalents - - - - 1,683 3,794 625 467 571 630 760 824 963 1,025 1,178
Other comprehensive income
Items that will not be reclassified to net result

Increase (decrease) in asset revaluation surplus - - - - - - - - - - - - - - -
Miscellaneous comprehensive income - - - - - - - - - - - - - - -
Total other comprehensive income for the year - - - - - - - - - - - - - - -
Total comprehensive income for the year - - - - 1,683 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
Operating result
Operating revenue - - - - 7,535 8,642 9,054 9,115 9,271 9,433 9,601 9,772 9,947 10,126 10,310

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1. 2. 3. 4. 5.
Print Summary

Operating expenses - - - - 5,851 6,278 8,161 8,448 8,454 8,533 8,516 8,595 8,572 8,662 8,628
Operating result - - - - 1,683 2,364 892 667 816 901 1,085 1,177 1,375 1,464 1,682

Statement of Financial Position 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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Assets
Current assets
Internally restricted component - - - - 5,000 5,000 5,000 5,000 5,000 5,000 5,000 - - - -
Externally restricted component - - - - - - - - - - - - - - -
Unrestricted component - - - - 4,612 13,188 7,853 6,284 4,823 3,384 1,883 5,400 3,851 2,330 739
Cash and cash equivalents - - - - 9,612 18,188 12,853 11,284 9,823 8,384 6,883 5,400 3,851 2,330 739
General trade and other receivables - - - - 619 690 707 722 738 753 771 788 806 821 841
Internal loans outstanding - - - - - - - - - - - - - - -
Trade and other receivables - - - - 619 690 707 722 738 753 771 788 806 821 841
Inventories held for sale - - - - - - - - - - - - - - -

Inventories held for distribution - - - - - - - - - - - - - - -
Land held for development or sale - - - - - - - - - - - - - - -
Inventories - - - - - - - - - - - - - - -
Tax equivalent assets - - - - - - - - - - - - - - -

Prepayments - - - - - - - - - - - - - - -
Other current assets - - - - - - - - - - - - - - -
Other current assets - - - - - - - - - - - - - - -
Non-current assets held for sale - - - - - - - - - - - - - - -
Total current assets - - - - 10,231 18,878 13,560 12,007 10,562 9,136 7,654 6,188 4,656 3,151 1,580
Non-current assets
Land held for development for sale - - - - - - - - - - - - - - -
Inventories - - - - - - - - - - - - - - -
General trade and other receivables - - - - - - - - - - - - - - -

Internal loans outstanding - - - - - - - - - - - - - - -
Trade and other receivables - - - - - - - - - - - - - - -
Joint ventures & associates - - - - - - - - - - - - - - -

Controlled entities - - - - - - - - - - - - - - -
Other investments - - - - - - - - - - - - - - -
Investment property - - - - - - - - - - - - - - -
Investments - - - - - - - - - - - - - - -
Land - - - - 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345

30/07/19 10:40 AM 'FinPos' Page 1 of 3
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Print Summary

Land improvements - - - - 8,139 7,828 7,567 7,254 6,991 6,676 6,410 6,092 5,825 5,504 5,234
Buildings - - - - 6,865 6,983 6,975 6,736 6,808 6,759 6,825 6,762 6,821 6,743 6,794
Plant & equipment - - - - 21 20 19 18 17 16 15 14 13 12 11
Furniture & fittings - - - - - - - - - - - - - - -
Roads, drainage & bridge network - - - - 17,996 33,698 35,461 33,048 31,244 28,487 26,544 23,698 21,602 18,649 16,378
Water - - - - - - - - - - - - - - -
Sewerage - - - - - - - - - - - - - - -
Miscellaneous - - - - - - - - - - - - - - -
Work in progress - - - - - - - - - - - - - - -
Property, plant & equipment - - - - 37,366 52,874 54,367 51,402 49,405 46,283 44,140 40,912 38,605 35,253 32,762
Intangible assets - - - - - - - - - - - - - - -
Other non-current assets - - - - - - - - - - - - - - -
Other non-current assets - - - - - - - - - - - - - - -
Total non-current assets - - - - 37,366 52,874 54,367 51,402 49,405 46,283 44,140 40,912 38,605 35,253 32,762
Total assets - - - - 47,597 71,752 67,927 63,408 59,967 55,420 51,794 47,100 43,262 38,404 34,342
Liabilities
Current liabilities
Overdraft - - - - - - - - - - - - - - -
Employee payables - - - - 77 81 83 85 87 88 90 92 94 95 98
Other payables - - - - 664 217 223 227 232 237 243 248 254 258 265
Trade and other payables - - - - 741 299 306 312 319 325 333 340 347 354 363
Loans - - - - 1,500 1,506 1,589 1,682 1,776 1,883 1,992 2,108 2,228 2,360 2,497
Finance leases - - - - - - - - - - - - - - -
Borrowings - - - - 1,500 1,506 1,589 1,682 1,776 1,883 1,992 2,108 2,228 2,360 2,497
Employee - - - - 112 112 112 112 112 112 112 112 112 112 112
Restoration & rehabilitation - - - - - - - - - - - - - - -
Restructuring - - - - - - - - - - - - - - -
Other - - - - - - - - - - - - - - -
Provisions - - - - 112 112 112 112 112 112 112 112 112 112 112
Tax equivalent liabilities - - - - - - - - - - - - - - -

Other - - - - - - - - - - - - - - -

30/07/19 10:40 AM 'FinPos' Page 2 of 3
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Other current liabilities - - - - - - - - - - - - - - -
Total current liabilities - - - - 2,353 1,916 2,007 2,106 2,207 2,320 2,437 2,560 2,688 2,825 2,971
Non-current liabilities
Trade and other payables - - - - - - - - - - - - - - -
Loans - - - - 12,776 24,894 23,304 21,623 19,846 17,964 15,972 13,864 11,636 9,277 6,780
Finance leases - - - - - - - - - - - - - - -
Borrowings - - - - 12,776 24,894 23,304 21,623 19,846 17,964 15,972 13,864 11,636 9,277 6,780
Employee - - - - 13 19 25 31 37 43 49 55 61 67 73
Restoration & rehabilitation - - - - - - - - - - - - - - -
Restructuring - - - - - - - - - - - - - - -
Other - - - - - - - - - - - - - - -
Provisions - - - - 13 19 25 31 37 43 49 55 61 67 73
Other non-current liabilities - - - - - - - - - - - - - - -
Total non-current liabilities - - - - 12,789 24,913 23,329 21,654 19,883 18,007 16,021 13,919 11,697 9,344 6,853
Total liabilities - - - - 15,142 26,829 25,337 23,760 22,091 20,327 18,458 16,479 14,385 12,169 9,824
Net community assets - - - - 32,455 44,923 42,590 39,649 37,876 35,093 33,336 30,620 28,877 26,235 24,517
Community equity
Asset revaluation surplus - - - - 3,249 3,249 4,253 4,253 5,290 5,290 6,272 6,272 7,198 7,198 8,063
Retained surplus - - - - 29,206 30,344 29,975 29,998 30,153 30,334 30,558 30,808 31,103 31,425 31,807
Total community equity - - - - 32,455 33,593 34,228 34,251 35,443 35,624 36,831 37,080 38,300 38,623 39,870
Reconciliation
Net community assets to community equity - - - - - 11,329.82 8,361.99 5,397.71 2,433.44 (530.84) (3,495.12) (6,459.40) (9,423.67) (12,387.95) (15,352.23)

30/07/19 10:40 AM 'FinPos' Page 3 of 3
Statement of Cash Flows 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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Print Summary

Cash flows from operating activities
Receipts from customers - - - - 20,000 8,345 8,584 8,775 8,968 9,167 9,365 9,573 9,783 10,001 10,216
Payments to suppliers and employees - - - - (10,388) (4,086) (3,714) (3,795) (3,876) (3,960) (4,044) (4,131) (4,220) (4,311) (4,402)
Payments for land held as inventory - - - - - - - - - - - - - - -
Proceeds from sale of land held as inventory - - - - - - - - - - - - - - -
Dividend received - - - - - - - - - - - - - - -
Interest received - - - - - 226 453 324 287 252 218 182 147 110 73
Rental income - - - - - - - - - - - - - - -
Non-capital grants and contributions - - - - - - - - - - - - - - -
Borrowing costs - - - - - (793) (1,462) (1,375) (1,283) (1,188) (1,082) (972) (857) (736) (605)
Tax equivalents paid to General - - - - - (1,626) (268) (200) (245) (270) (326) (353) (413) (439) (505)
Dividend paid to General - - - - - (2,656) (994) (444) (416) (449) (536) (575) (668) (702) (796)
Payment of provision - - - - - - - - - - - - - - -
Other cash flows from operating activities - - - - - - - - - - - - - - -
Net cash inflow from operating activities - - - - 9,612 (590) 2,598 3,285 3,435 3,551 3,596 3,723 3,773 3,922 3,982
Cash flows from investing activities
Payments for property, plant and equipment - - - - - (17,343) (3,460) (300) (250) (250) (250) (250) (250) (250) (250)
Payments for intangible assets - - - - - - - - - - - - - - -
Net movement in loans and advances - - - - - - - - - - - - - - -
Proceeds from sale of property, plant and equipment - - - - - - - - - - - - - - -
Grants, subsidies, contributions and donations - - - - - 3,056 - - - - - - - - -
Other cash flows from investing activities - - - - - - - - - - - - - - -
Net cash inflow from investing activities - - - - - (14,287) (3,460) (300) (250) (250) (250) (250) (250) (250) (250)
Cash flows from financing activities
Proceeds from borrowings - - - - - 13,000 - - - - - - - - -

Repayment of borrowings - - - - - (877) (1,506) (1,589) (1,682) (1,776) (1,883) (1,992) (2,108) (2,228) (2,360)
Repayments made on finance leases - - - - - - - - - - - - - - -
Net cash inflow from financing activities - - - - - 12,123 (1,506) (1,589) (1,682) (1,776) (1,883) (1,992) (2,108) (2,228) (2,360)
Total cash flows

30/07/19 10:41 AM 'CashFlow' Page 1 of 2
Statement of Cash Flows 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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Print Summary

Net increase in cash and cash equivalent held - - - - 9,612 (2,754) (2,367) 1,396 1,503 1,525 1,463 1,481 1,415 1,444 1,373
Opening cash and cash equivalents - - - - - 9,612 6,858 4,491 5,887 7,390 8,915 10,378 11,859 13,274 14,718
Closing cash and cash equivalents - - - - 9,612 6,858 4,491 5,887 7,390 8,915 10,378 11,859 13,274 14,718 16,091
Reconciliation
Closing cash balance to Statement of Financial Position - - - - - 11,330 8,362 5,398 2,433 (531) (3,495) (6,459) (9,424) (12,388) (15,352)

30/07/19 10:41 AM 'CashFlow' Page 2 of 2
Statement of Changes in Equity 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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Print Summary

Asset revaluation surplus
Opening balance 3,249 3,249 4,253 4,253 5,290 5,290 6,272 6,272 7,198 7,198
Net result na na na na na na na na na na
Increase in asset revaluation surplus - 1,004 - 1,036 - 983 - 925 - 865
Internal payments made na na na na na na na na na na
Closing balance 3,249 3,249 4,253 4,253 5,290 5,290 6,272 6,272 7,198 7,198 8,063
Retained surplus
Opening balance 29,206 30,344 29,975 29,998 30,153 30,334 30,558 30,808 31,103 31,425
Net result 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
Increase in asset revaluation surplus na na na na na na na na na na
Internal payments made (4,282) (1,262) (644) (661) (719) (861) (928) (1,080) (1,141) (1,300)
Closing balance 29,206 30,344 29,975 29,998 30,153 30,334 30,558 30,808 31,103 31,425 31,807
Total
Opening balance 32,455 33,593 34,228 34,251 35,443 35,624 36,831 37,080 38,300 38,623
Net result 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
Increase in asset revaluation surplus - 1,004 - 1,036 - 983 - 925 - 865
Internal payments made (4,282) (1,262) (644) (661) (719) (861) (928) (1,080) (1,141) (1,300)
Closing balance 32,455 33,593 34,228 34,251 35,443 35,624 36,831 37,080 38,300 38,623 39,870

30/07/19 10:41 AM 'ChgEquity' Page 1 of 1
Metrics 3  2 All outputs are in thousands ($'000) unless otherwise indicated
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Selected Metrics

All Metrics
User selected ratios Annual metric

ID Name Jun-15A Jun-16A Jun-17A Jun-18A Jun-19A Jun-20B Jun-21F Jun-22F Jun-23F Jun-24F Jun-25F Jun-26F Jun-27F Jun-28F Jun-29F
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Selected metric charts
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[—] DILGP / QTC—upper bound DILGP / QTC—lower bound DILGP / QTC—upper bound DILGP / QTC—lower bound [—] DILGP / QTC—upper bound DILGP / QTC—lower bound

30/07/19 10:48 AM 'Metrics' Page 1 of 8
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Selected Metrics

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1 na na na na na na na na na na na na na na na

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DILGP financial sustainability measures
R1.1 Operating surplus ratio na na na na 22.3% 27.4% 9.9% 7.3% 8.8% 9.5% 11.3% 12.0% 13.8% 14.5% 16.3%
= Operating result / total operating revenue
R1.2 Net financial liabilities ratio na na na na 65.2% 92.0% 130.1% 128.9% 124.4% 118.6% 112.5% 105.3% 97.8% 89.1% 80.0%
R1.3 Asset sustainability ratio na na na na -% 923.7% 110.9% 7.7% 7.6% 7.4% 7.4% 7.2% 7.2% 6.9% 6.9%
QTC credit metrics
R2.1 Council controlled revenue ratio na na na na 99.7% 97.2% 94.9% 96.3% 96.8% 97.2% 97.6% 98.0% 98.4% 98.8% 99.1%
R2.2 Cash expense cover ratio na na na na 29.19 59.80 41.38 35.56 30.31 25.33 20.36 15.63 10.92 6.47 2.01
R2.3 Total debt service cover ratio na na na na 4.5x 2.2x 1.8x 1.8x 1.8x 1.8x 1.9x 1.9x 1.9x 2.0x 2.0x
R2.4 Capital expenditure ratio na na na na na 9.5x 1.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
R2.5 Average useful life of depreciable assets na na na na 29.79 26.45 16.83 14.41 13.73 12.44 11.79 10.51 9.84 8.58 7.88
Operating items statistics
R3.1 Growth in rateable properties na -5.0% -% 0.5% -% 0.5% 0.1% 0.3% 1.0% 1.3% 0.5% 0.5% 0.5% 0.5% 0.4%
R3.2 Growth in average general rates per property na na na na na na na na na na na na na na na
R3.3 Growth in FTE numbers na 6.3% 1.7% -% 6.1% 0.3% 0.4% -% 0.6% -% 0.6% -% -% 0.4% -%
R3.4 Growth in EBA agreements -% -% -% -% -% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
R3.5 Change in net rates, levies and charges na na na na na na na na na na na na na na na
R3.6 Change in sales - contract and recoverable works na na na na na na na na na na na na na na na
R3.7 Change in operating subsidies, grants, contributions and donations na na na na na na na na na na na na na na na

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R3.8 Change in other operating revenue na na na na na 14.7% 4.8% 0.7% 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
R3.9 Change in employee benefits na na na na na 6.2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Change in materials and services not used for sales and recoverable
R3.10 na na na na na -13.1% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
works
R3.11 Change in total materials and services na na na na na -12.3% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
R3.12 Change in depreciation & amortisation expenses na na na na na 65.5% 61.9% 9.9% 0.5% 2.7% 0.1% 3.0% 0.1% 3.4% 0.1%
R3.13 Change in other operating expenses na na na na na 0.6% 78.0% -5.6% -6.3% -6.9% -8.3% -9.3% -10.9% -12.7% -15.9%
R3.14 Change in total operating revenue na na na na na 14.7% 4.8% 0.7% 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
R3.15 Change in total operating expenses na na na na na 7.3% 30.0% 3.5% 0.1% 0.9% -0.2% 0.9% -0.3% 1.1% -0.4%
R3.16 Change in operating result na na na na na 40.5% -62.3% -25.2% 22.3% 10.3% 20.5% 8.4% 16.9% 6.4% 14.9%
R3.17 Change in selected cash closing balance na na na na na 89.2% -29.3% -12.2% -12.9% -14.7% -17.9% -21.5% -28.7% -39.5% -68.3%
R3.18 Cash expense cover ratio—excluding externally restricted na na na na 29.19 59.80 41.38 35.56 30.31 25.33 20.36 15.63 10.92 6.47 2.01
R3.19 Cash expense cover ratio—excluding externally & internally restricted na na na na 14.01 43.36 25.28 19.81 14.88 10.22 5.57 15.63 10.92 6.47 2.01
R3.20 Alternative minimum liquidity measure na na na na na 4,173 3,228 1,357 1,316 1,319 1,362 1,367 1,414 1,414 1,464
R3.21 Alternative minimum liquidity—months na na na na na 13.72 10.39 4.28 4.06 3.98 4.03 3.96 4.01 3.92 3.98
R3.22 Gross interest expense as a portion of average term debt na na na na na 3.9% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.8% 5.8%
R3.23 Interest revenue as a portion of average cash na na na na na 1.6% 2.9% 2.7% 2.7% 2.8% 2.9% 3.0% 3.2% 3.5% 4.8%
R3.24 Average general rate per property na na na na na na na na na na na na na na na
R3.25 Average operating cost per property na na na na na na na na na na na na na na na
R3.26 Average term debt per property na na na na na na na na na na na na na na na
R3.27 Calculated creditor days na na na na 68.45 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00
R3.28 Calculated debtor days na na na na 29.99 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00
Capital items statistics

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R4.1 Gross capital expenditure - - - - - 17,343 3,460 300 250 250 250 250 250 250 250
R4.2 Net capital expenditure - - - - - 14,287 3,460 300 250 250 250 250 250 250 250
R4.3 New borrowings - - - - - 13,000 - - - - - - - - -

Depreciation as a percentage of closing written down value of
R4.4 na na na na 3.4% 3.8% 5.9% 6.9% 7.3% 8.0% 8.5% 9.5% 10.2% 11.7% 12.7%
property, plant & equipment
R4.5 Average useful life—land improvements na na na na na 25.17 24.33 23.17 22.33 21.17 20.33 19.17 18.33 17.17 16.33
R4.6 Average useful life—buildings na na na na na 25.39 24.77 23.32 23.50 22.61 22.52 21.61 21.51 20.57 20.47
R4.7 Average useful life—plant & equipment na na na na na 20.00 19.00 18.00 17.00 16.00 15.00 14.00 13.00 12.00 11.00
R4.8 Average useful life—furniture & fittings na na na na na na na na na na na na na na na
R4.9 Average useful life—roads, drainage & bridge network na na na na 16.23 27.00 14.91 12.41 11.66 10.33 9.63 8.33 7.59 6.32 5.55
R4.10 Average useful life—water na na na na na na na na na na na na na na na
R4.11 Average useful life—sewerage na na na na na na na na na na na na na na na
R4.12 Average useful life—miscellaneous na na na na na na na na na na na na na na na

Cash capital grants, subsidies, contributions & donations as a
R4.14 na na na na na 17.6% -% -% -% -% -% -% -% -% -%
percentage of gross capital expenditure
Non-cash capital grants, subsidies, contributions & donations as a
R4.15 na na na na na -% -% -% -% -% -% -% -% -% -%
percentage of gross capital expenditure
R4.16 New borrowings as a percentage of gross capital expenditure na na na na na 75.0% -% -% -% -% -% -% -% -% -%
Closing revaluation balance as a percentage of opening written down
R4.17 na na na na na 8.7% 8.0% 7.8% 10.3% 10.7% 13.6% 14.2% 17.6% 18.6% 22.9%
value of property, plant & equipment
R4.18 Asset renewal funding ratio na na na na na na na na na na na na na na na
Operating position indicators
R5.1 Relative operating growth rate na na na na na 7.4% -25.2% -2.8% 1.6% 0.8% 2.0% 0.8% 2.1% 0.7% 2.2%
R5.2 Sales, contracts and recoverable works margin na na na na na na na na na na na na na na na
R5.3 Operating efficiency ratio na na na na 128.8% 137.7% 110.9% 107.9% 109.7% 110.6% 112.7% 113.7% 116.0% 116.9% 119.5%
Fiscal flexibility indicators

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R6.1 Interest cover ratio na na na na 4.5x 6.3x 3.6x 3.9x 4.2x 4.6x 5.1x 5.8x 6.7x 7.9x 9.7x
R6.2 Leverage ratio na na na na 61.9% 95.0% 133.0% 131.9% 127.3% 121.5% 115.4% 108.2% 100.7% 91.9% 82.8%
R6.3 Self generated revenue ratio na na na na 128.8% 137.7% 110.9% 107.9% 109.7% 110.6% 112.7% 113.7% 116.0% 116.9% 119.5%
Operating grants, subsidies, contributions & donations as a
R6.4 na na na na -% -% -% -% -% -% -% -% -% -% -%
percentage of total operating revenue
Contract and recoverable works as a percentage of total operating
R6.5 na na na na -% -% -% -% -% -% -% -% -% -% -%
revenue
R6.6 Other operating revenue as a percentage of total operating revenue na na na na 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R6.7 Total employee benefits as a percentage of total operating expenses na na na na 16.1% 15.9% 12.5% 12.3% 12.5% 12.7% 13.0% 13.1% 13.4% 13.5% 13.8%
Total materials and services as a percentage of total operating
R6.8 na na na na 50.4% 41.1% 32.3% 31.9% 32.6% 33.0% 33.8% 34.2% 35.1% 35.5% 36.4%
expenses
Total depreciation & amortisation as a percentage of total operating
R6.9 na na na na 18.9% 29.2% 36.4% 38.7% 38.8% 39.5% 39.6% 40.5% 40.6% 41.6% 41.8%
expenses
R6.10 Other operating expenses as a percentage of total operating expenses na na na na 14.6% 13.7% 18.7% 17.1% 16.0% 14.8% 13.6% 12.2% 10.9% 9.4% 7.9%
R6.11 Net operating cash flow as a percentage of net capital expenditure na na na na na -4.1% 75.1% 1,095.0% 1,374.0% 1,420.4% 1,438.3% 1,489.2% 1,509.2% 1,568.7% 1,593.0%
Liquidity indicators
R7.1 Working capital ratio na na na na 4.3x 9.9x 6.8x 5.7x 4.8x 3.9x 3.1x 2.4x 1.7x 1.1x 0.5x
R7.2 Total restricted cash as a percentage of total cash na na na na 52.0% 27.5% 38.9% 44.3% 50.9% 59.6% 72.6% -% -% -% -%
R7.3 Internally restricted cash as a percentage of total cash na na na na 52.0% 27.5% 38.9% 44.3% 50.9% 59.6% 72.6% -% -% -% -%
R7.4 Externally restricted cash as a percentage of total cash na na na na -% -% -% -% -% -% -% -% -% -% -%
Equity maintenance indicators
R8.1 Net results - - - - 1,683 5,420 892 667 816 901 1,085 1,177 1,375 1,464 1,682
R8.2 Net margin na na na na 22.3% 46.3% 9.9% 7.3% 8.8% 9.5% 11.3% 12.0% 13.8% 14.5% 16.3%
New capital expenditure as a percentage of opening written down
R8.3 na na na na na 1.1% 0.3% 0.1% -% -% -% -% -% -% -%
value of property, plant & equipment
R8.4 Change in community equity excluding asset revaluation surplus na na na na na 3.9% -1.2% 0.1% 0.5% 0.6% 0.7% 0.8% 1.0% 1.0% 1.2%

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020 CHRC Airport Business Plan Draft V1.1 26 September 2019

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020 CHRC Airport Business Plan Draft V1.1 26 September 2019

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Airport Services

Strategic Business Plan

Central Highlands Regional Council 1 2019 to 2022 Airport Business Plan

1 The Airport’s “Plan on a Page” ................................................................................................. 5

3.2 Process for Developing the Plan ..................................................................................... 11

3.3 Assessment Framework (the Value Model) ..................................................................... 11

4 Overview of the Airport .......................................................................................................... 13

4.2 Airport operations background ........................................................................................ 14

4.3 Site and planning ............................................................................................................ 16

4.4 Commercial .................................................................................................................... 16

4.5 Stakeholder engagement ................................................................................................ 17

4.6 Airport Operational Trends .............................................................................................. 17

4.7 SWOT Analysis............................................................................................................... 19

5 Purpose of the Airport ............................................................................................................ 21

5.2 Council’s Strategic Framework ....................................................................................... 22

5.3 Linkages with Council’s Strategic Priorities ..................................................................... 23

5.4 Airport’s Vision and Objectives ....................................................................................... 26

6 The Business Model .............................................................................................................. 28

6.2 Product ........................................................................................................................... 30

6.3 Price ............................................................................................................................... 32

6.4 Place and Accessibility ................................................................................................... 33

6.5 Promotion & Channels to Market .................................................................................... 36

7 The Operating Model ............................................................................................................. 37

Central Highlands Regional Council 2 2019 to 2022 Airport Business Plan

7.2 Airport Risk Assessment ................................................................................................. 38

7.3 Service Planning ............................................................................................................. 38

7.4 Asset Management ......................................................................................................... 40

7.5 Financial Management.................................................................................................... 41

7.6 Year End Reporting ........................................................................................................ 46

7.7 Capability & People Management ................................................................................... 47

7.8 Management Systems and Compliance .......................................................................... 50

7.9 Stakeholder Engagement ............................................................................................... 50

8 Performance Measurement .................................................................................................... 52

Central Highlands Regional Council 3 2019 to 2022 Airport Business Plan

Version Date Changes/Amendments Author Accepted By

Review by Commercial Analyst –

Review by General Manager CHRC –

September Prepared for endorsement – CHRC – Kelly

Name Title Endorsed & Signature Date

General Manager Customer and

Salomon Kloppers Manager Airport

Central Highlands Regional Council 4 2019 to 2022 Airport Business Plan

Central Highlands Regional Council 5 2019 to 2022 Airport Business Plan

Provide valued Airport

Run the airport profitably • Restructure financial reports

Figure 1 - Emerald Airport 2019 - 2022 "Plan on a Page"

Central Highlands Regional Council 6 2019 to 2022 Airport Business Plan

• (Current assets / current liabilities) reflects the liquidity or solvency of

Figure 2 - Emerald Airport 2019 - 2022 Performance Measures

Central Highlands Regional Council 7 2019 to 2022 Airport Business Plan

Central Highlands Regional Council 8 2019 to 2022 Airport Business Plan

Market Scan The gathering of intelligence in relation to a business’s current and

Central Highlands Regional Council 9 2019 to 2022 Airport Business Plan

• Be for a period of 3 years;

Central Highlands Regional Council 10 2019 to 2022 Airport Business Plan

Current State Work Program

Figure 3 - Business Planning Process