Report on Annual Financial Statement
Published on 26 November 2014
The City of Botany Bay’s financial result for 2013-2014 reinforces Council’s sound financial and economic management. I am pleased to advise that we produced a surplus both before and after capital adjustments – the surplus including capital grants and contributions was $18,499,000. The surplus excluding capital grants and contributions was $307,000.
This means the City of Botany Bay has produced 19 straight surpluses.
We are living within our means and producing a surplus but more importantly providing the services our community expects and wants such as maintaining and improving our parks and open space as well as improving drainage infrastructure, footpaths, roads and parking.
We continue to provide great services for our seniors, families, youth, children and people with a disability. We are holding events, engaging with the community, supporting local community groups and organisations and building social capital.
We are doing all this - without going into deficit - without the need for loan borrowings - without seeking a special rate increase. We are making sure that every dollar we spend provides value for money but also adds value to our community.
Yet again our External Auditor concluded that our financial position is sound.
My colleagues would recall the TCorp assessments carried out across the local government industry in 2012. An initial assessment that said we were in a ‘weak’ financially sustainable position, with a neutral outlook– we knew this was wrong. TCorp was commissioned to do a further assessment in 2013, after last year’s financial reports were audited. This assessment concluded what we already knew – that Council is actually in a ‘moderate’ financially sustainable position.
Now that the financial reports for 2013-2014 have been completed, our officers will be commissioning a further TCorp assessment.
With three years of strong financial results and a long term financial plan that anticipates similar levels of financial performance – TCorp’s report should show our financial position as being sustained or even improved.
Anything less just wouldn’t be a true reflection of our financial position.
I move this minute be adopted.