Key achievements

Financial performance snapshot

Council is in a sound financial position. The financial year operating result reflects a positive short-term performance, and the 2022-2023 budget and long-term forecast indicates that council expects to maintain this favourable position over the medium term.

Council achieved an operating surplus of $2.5 million. A net surplus of $11.3 million was recorded after adding capital revenue and deducting capital expenses from the operating surplus.

Where does the money come from?

Rates, sales and recoverable works, and fees and charges account for 85% of council’s $166 million operating revenue. Rates, sales and recoverable works, and fees and charges account for 77% of combined operating and capital revenue of $184 million.

Where is the money spent?

$164 million was spent on day-to-day operations during the year.

What we own

Cash holdings increased from $78 million to $93 million, including term deposit investments of $3 million.

Inventory held and money owed by ratepayers and other customers of council totalled $37 million.

The value of community infrastructure assets, including assets under construction, increased by $75 million to a total of $1.6 billion.

What we owe

Total borrowings at the end of the year were $72 million.

Amounts owed to suppliers and other creditors were $47 million.

Community worth

Community equity has increased from $1.54 billion to $1.62 billion which is equal to what we own less what we owe.

Operating surplus ratio

The operating surplus ratio is 1.5%, which reflects the operating surplus recorded in the current year and indicates that revenue has exceeded expenses.

Asset sustainability

The asset sustainability ratio for this financial year is 76.95%, which is below the target of 90%. Over a longer 5-year period the average for this ratio is above the target reflecting efficient delivery of the capital works program and the continued investment in infrastructure replacement.

Net financial liabilities ratio

The net financial liabilities ratio is (6.8%); a negative result that indicates council continues to maintain a manageable level of debt.

For further information and detailed explanations refer to the Community Financial Report and Financial Statements on page 161.

$1,615 M $ M $1,734 M

$119 M

Assets (what we own)

Liabilities (what we owe) Equity (community net worth)