STRONG FINANCIAL RESULTS FOR 2022-2023

Published on 24 November 2023

The 2022-2023 Edward River Council Annual Report, outlining Council’s progress toward achieving commitments as set out in its Delivery Program is now available to the public.

The Annual Report and Financial statements are designed to give an overview of the work Council achieved in the 12 months to 30 June 2023, and was endorsed at November’s Ordinary Council Meeting.

The Report is the key point of accountability between Council and the community.

Chief Executive Officer Phil Stone said Council exercised strong financial management throughout the year, delivering a surplus of $10.5m inclusive of capital grants – compared to a surplus of $19m in 2022; a decrease related to increased expenditure due to the major floods that the region experienced in late 2022/early 2023.

“Our commitment to fiscal responsibility is reflected in our financial achievements. We have been able to maintain healthy cash levels between $45 million and $51 million.” said Mr Stone.

“Council invested a significant $17.4m into capital works including roads, footpaths, water and waste infrastructure and assets in the 2022-2023 financial year, delivering the key services that help to keep our town moving,” Mr Stone said.

Council continued to show a strong Balance Sheet, with net assets increasing by $33m from $506m in 2022 to $537m in 2023. The largest class of assets was Roads, which constituted 34% of total assets.

Council also maintained a strong liquidity position during the year. As at 30 June 2023 Council held $51m in cash and investments representing a modest increase of $1m over the previous year ($50m).

Mr Stone cautioned that though operational results for the past two fiscal years have exceeded budget expectations, constant vigilance is necessary.

“We are continuing to exceed Local Government benchmarks on financial sustainability in five out of six measures - however, Council is still conscious of an underlying structural deficit in our general fund, which may require difficult decisions in the future.”

Mr Stone concluded that Council’s achievements are due to the unwavering support and resilience of the community, Councillors and Council staff.

“It’s wonderful to be able to shine a spotlight on Council’s achievements via the Annual Report, as well as to provide transparency to the community around our performance against our financial and strategic goals.” said Mr Stone.

Media Enquiries:

Phone: Yvette Height 0439 314 408 Email: [email protected]