Council’s sound financial reports referred for external audit

The financial reports for Central Coast Council from amalgamation until 30 June 2017 have been referred to external audit following tonight’s Extraordinary Central Coast Council meeting.

Council’s total income for the 13.5 month statutory reporting period is $723.7 million, including $90.3 million of capital grants and contributions and operating expenses of $568.0 million. Council’s operating surplus before capital grants, contributions and gain on local government amalgamation is $65.4 million.

Council Mayor Jane Smith said Council has recorded a significant surplus and is committed to ensuring this is spent directly on the services and facilities the community need, want and value.

“Key priorities will be to deliver those essential services that our community expects and have told us they want including better roads, footpaths, drainage, recreational facilities and healthy waterways,” Mayor Smith said.

“Now our financial position is clear, I look forward to working with staff to better integrate essential service delivery and the growing infrastructure needs of the Coast, while protecting and enhancing our natural environment to create liveable communities.

“The community should feel confident that we have the funds in the bank and the financial systems in place to deliver.

“I particularly want to single out the excellent work of the Chief Financial Officer, Viv Louie, and her team in working through the complexity of the finances and presenting these historic first reports of Central Coast Council.

“The reports will now be referred for external audit to the NSW Auditor General and we will await her advice.”

Once the audit is complete, the NSW Auditor General via the Audit Office of New South Wales will issue Council with an audit report. The audited financial reports including the audit reports will be presented at a future Council meeting.