Statements show Council's financial position is 'satisfactory'

16 November 2018

Annual statements for 2017/18 were presented at last night's Council meeting

Financial statements for 2017/2018 show Council remains in a satisfactory financial position, according to Council's Executive Manager Finance and Information Technology, Michael Chorlton.

The statements were presented to the public at the Council meeting last night (15 November).

The operations from all activities for 2017/18 produced $238m in operating revenues and $186m in operating expenditures resulting in a surplus of $52m. After excluding capital grants and contributions, not used to fund operations, the operating result is a surplus of $16.4m.

“This surplus means Council has fully funded its operations for 2017/2018, including the consumption of assets, as represented by annual depreciation, of $44.7 million on Council's net carrying amount of $3.07 billion worth of assets.” Mr Chorlton said.

The Statement of Financial Position for 2017/18 details total assets of $3.43 billion and $216 million in total liabilities.

“This is a particularly pleasing result as not all costs from the flood recovery were covered by grants and insurance. Whilst there are still recovery works outstanding the majority of the works have now been completed,” Mr Chorlton said.

"The focus of the Long Term Financial Plan is to continue the funding of asset maintenance and renewal requirements for Transport, Drainage, Water and Sewer infrastructure."

"The key General Fund, Fit for The Future Operating Performance Ratio, Own Source Revenue, Unrestricted Current Ratio and Asset Maintenance Ratio were all above the benchmarks set down by the State Government, whilst the Infrastructure Renewal Ratio was close to benchmark.”

Council's Financial Statement for 2017/18 are available on Council's website

https://www.tweed.nsw.gov.au/ManagementPlan