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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