Media Release - Financial Highlights of 2018/2019

 Media Release - Financial Highlights of 2018/2019

Posted on December 13, 2019

Media Release Financial Highlights of 2018/2019

Council formally received the 2018/2019 Annual Report at its Annual General Meeting of 9 December 2019. 2018/2019 has been another exciting and big year for our Northern Midlands community.

The financial highlights for this year have included the replacement, construction and purchase of $14.2 million of fixed assets for the Northern Midlands, representing 54% of the total annual cashflow during the year.

We have now recorded non-current infrastructure assets at a written down value of $263 million (gross value of $392 million).

Major construction works that took place during 2018/ 2019 included:

Replacement of the Campbell Town Recreation Ground Complex, with works still in progress ($3.3 million); Upgrade of the Longford Recreation Ground Clubrooms and Amenities ($2.9 million); Timber bridge replacements including Woolmers Lane Bridge ($3.7 million); Road works ($1.9 million); Upgrades to oval lighting at Recreation Grounds ($1.38 million); Stormwater infrastructure work including the diversion of stormwater from the Paton Street flood detention basin ($0.78 million); Replacement of plant and fleet items ($0.66 million).

Councils operating revenue increased 6.8% to $19 million, which includes capital income of $2.9 million. Included in our operating revenue is rate revenue totalling $10.9 million, fees and charges totalling $1.9 million, Commonwealth Assistance Grants totalling $3.48 million plus other external grants to fund projects totalling $3.1 million.

Our operating expenditure has increased 1.7% to $18 million. This includes Employee Costs totalling $4.7 million, materials and services totalling $4.5 million and depreciation totalling $5.7 million. This has resulted in an operating surplus of $3.9 million for 2018/2019.

Councils underlying operating surplus was $896,000 – which is a very pleasing overall result.

Council has a number of projects planned and is excited to see the commencement of those that are already funded. Council is continuously lobbying for and seeking funding for those long-term projects which are not yet funded. I look forward to the realisation of these projects as Council works towards improving its assets to the benefit of our strong, vibrant Northern Midlands community.

Yours sincerely,

Mary Knowles OAM

MAYOR