Council finishes 2018/19 financial year in strong position
Published on 24 September 2019
Pyrenees Shire Council has finished the 2018/19 financial year in a positive, debt free position.
Council adopted the Annual Financial Statement and Performance Statement at its September meeting.
Council finished the year with a cumulative operating surplus of $554,000.
Council’s asset renewal rate was the highest it has been in ten years and Council completed the highest rate of capital works in six years.
“This increased rate of capital works was largely due to Council being able to attract substantial grant funding,” CEO Jim Nolan said.
“The cash balance was the best it has been in six years,” Mr Nolan said.
Mayor Robert Vance said the report shows Council is maintaining a responsible financial position.
“Council is always balancing the needs of the community versus capacity to pay through rates and to report a debt-free positive position is important to us,” he said.
“Council will look at the net operating surplus in the coming months to determine where this money would be best allocated to.”
The Annual Financial Statement and Performance Statement were audited by Crowe Horwath and reviewed at the Pyrenees Shire Council Audit and Risk Advisory Committee.
The statements will be included in the Annual Report which will be provided to the Minister for Local Government by September 30.