- Thursday 10 December 2015
Sunshine Coast Council today received a clean audit report for the seventh consecutive year.
Council’s 2014/15 financial statements have been audited by the Queensland Audit Office (QAO) to ensure accounting and legislative compliance. The QAO has issued an unqualified audit report and confirmed an operating surplus of $33.188 million for the year.
Deputy Mayor Chris Thompson said it was an outstanding result and praised council’s accounting staff for their proficiency, adding that it was also the sixth consecutive year* that council had achieved operating surpluses.
“Council is committed to achieving a strong financial position over the long term,” Cr Thompson said.
“This is an ongoing process; we always seek to get the best out of our resources while continuing to deliver value-for money services to our communities.
“Prudent financial management is a major commitment as we shape a sustainable future for Sunshine Coast residents.”
The 2014/15 financial statements show the Sunshine Coast community’s net assets have increased by 8.9% over the previous year, to a total of $4.5 billion.
All three financial sustainability measures have improved compared to the previous year.
- The operating surplus ratio (the extent to which our operating revenue exceeds our expenditure) has increased from 3.5% in 2013/14 to 8.7% in 2014/15
- The asset sustainability ratio (that measures the extent to which our infrastructure assets are managed with an orderly renewal regime), has increased from 70.0% to 70.4%.
- The net liabilities ratio (that measures the extent to which the net liabilities of Council can be repaid from our operating revenue streams) has decreased to a low 11.8% compared to 14.8% in the previous year. For this ratio – lower is better as it means Council’s net liabilities as a percentage of operating revenue, have decreased since the prior year.
* At the time of amalgamation, Council’s 2008/09 statements represented 15 months rather than 12 months. As a result, Council had 12 months of revenue (rates) and 15 months of costs and did not record an operating surplus that year.