QTC affirms TRC credit rating as Sound

In April 2024, Queensland Treasury Corporation completed the Credit Review process for Toowoomba Regional Council (TRC). TRC’s credit rating has been affirmed as Sound with a Neutral outlook.

Toowoomba Region Mayor Cr Geoff McDonald said he welcomed the recent QTC Credit Review process and outcome.

“It is pleasing that Council’s consistent approach to financial management of balancing affordability for residents, while delivering essential services, has been acknowledged,” Mayor McDonald said.

“Council is well aware of the cost-of-living pressures which residents face every day, with the same inflationary pressure also impacting Council’s bottom line.

“We’ve seen large increases to the costs of materials during the past two years due to supply and demand pressures, with Council largely shouldering these cost increases on behalf of residents.

“Given these cost pressures, it is encouraging that TRC has maintained its QTC credit rating as Sound with a Neutral outlook.”

Mayor McDonald said Council would require financial discipline and community understanding to continue to balance the books, given the massive impost of the Cressbrook Dam Safety Improvement Project.

“There’s no doubt the coming Budget will be a tough one given the massive impost to Council of the $270 million Cressbrook Dam Safety Improvement Project, but I am confident we will be able to support the community in the best way we can while delivering this project,’ he said.

“TRC continues to advocate to Government for funding to support the project so that Toowoomba Region ratepayers are not burdened with the full cost of the safety improvement.”

To find out more about TRC’s financial management visit - https://www.tr.qld.gov.au/about-council/council-governance/plans-strategy-reports/15660-annual-budget-2023-24