MidCoast Council's financial statements to go on public exhibition

Delivering MidCoast capital works projects. Picture supplied
Delivering MidCoast capital works projects. Picture supplied

MidCoast Council's draft financial statements for 2020-21 will be placed on public exhibition in December.

This follows the November 24 meeting of the elected council, which resolved to re-sign the statements as part of the NSW Audit Office process.

The NSW Audit office will now finalise the Audit process and prepare their Audit Closing Report. Following that the annual financial reports will be lodged with the Office of Local Government, and then placed on public exhibition.

The statements report a consolidated net operating result for the year of a $37.077 million surplus.

"Given the many challenges faced by council and the community over the 2020-21 financial year, particularly in relation to COVID-19 and a major flooding event, this is a solid result for council," said council's general manager, Adrian Panuccio.

"The statements indicate council is in a stable financial position and has a good base on which to build its long-term financial sustainability."

The statements also confirm that the challenges of managing a backlog of renewal works across our roads, bridges, footpaths and community assets remain, Mr Panuccio said.

"This is a long-term issue that existed prior to merger and council is working consistently to reduce this backlog through ongoing programs funded by rate revenue and grant funding through state and federal government programs."

MidCoast Council's financial statements have been through a detailed audit process. They will go on exhibition for comment from the community following submission to the Office of Local Government. It is expected this will occur in December, before the Auditor presents to the newly elected Council in February.

"Our financial position is scrutinised and audited externally to ensure transparency in our financial management."

The statements also revealed MidCoast Council delivered more than $94.8M million of capital works for the community during the financial year.

"This financial result is evidence of our commitment to delivering services for our community," Mr Panuccio said.

MidCoast Council is responsible for the management of $3.6 billion of property, plant and infrastructure assets.