An Extraordinary Meeting of Council is being held this Thursday 7 December to present the Draft Financial Reports for the period from the date of amalgamation to 30 June 2017.

The draft Financial Reports are available on Council’s website and comply with the Local Government Act 1993, Local Government (General) Regulation 2005, Local Government (Council Amalgamations) Proclamation 2016, the Office of Local Government prescribed Code of Accounting Practice and Financial Reporting and relevant accounting standards.  The draft Financial Reports can be found under Council meeting at centralcoast.nsw.gov.au.

The draft Financial Reports for the 13.5 month statutory reporting period reflect a total income from Continuing Operations of $723.7 million, including $90.3 million of capital grants and contributions, operating expenses of $568.0 million and a net operating surplus of $65.4 million before grants and contributions provided for capital purposes and gain on local government amalgamation.  Council received a total of $11 million in one off operational grants being $10 million as part of the New Council Implementation Fund and $1 million from the Stronger Communities Fund for a community grant program.  Council also received in June 2017 $12.5 million in Financial Assistance Grants for the 2017-18 financial year.  Accounting standards require Council to recognise this income in the year received.  Council’s operating surplus before grants and contributions provided for capital purposes, gain on local government amalgamation and additional income received in the 2016-17 statutory reporting period is $41.9 million.

The $6.7 billion gain on local government amalgamation reflects the net value of assets and liabilities transferred from the former Councils to Central Coast Council at the date of amalgamation. As at 30 June 2017 Council has net assets of $6.9 billion which is largely attributed to the carrying value of infrastructure, property, plant and equipment.  The gross replacement cost of Council’s infrastructure, property, plant and equipment as at 30 June 2017 was $9.7 billion.  During the first statutory reporting period Council invested $194.5 million in capital works.

The meeting will be held in the Council Chambers at 2 Hely Street in Wyong, starting at 6.30pm. The meeting is open to the public and will be livestreamed.

Once Council adopts and refers the draft Financial Reports to audit by our external auditors, the NSW Auditor General, who will report back their findings to a subsequent Council meeting.