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MEDIA RELEASE - Auditors Report another Good Year for Young Shire

At the November 2015 Ordinary Meeting of Young Shire Council the audit Firm of Crowe Horwath presented Council with its audit summary for the 2014-2015 Financial Year.

The auditors confirmed that Council that it was in a strong financial position and enjoyed some of the best performance ratio’s of any Council currently audited by the firm.

Of the 150 plus NSW Councils which are required to lodge audited annual financial reports with the Office of Local Government, Young Shire was in the first 20 Councils to complete the task, coming in at 18th.

Practice partner Clare Wagner commended Council for its performance over the past 5 years in steadily increasing internally restricted reserves to $6.964 million while still delivering an extensive Capital works program which between 2013and 2015 was valued at more than $21 million.

Mrs Wagner told Council that it “had performed well above the benchmarks set by the NSW Government in terms of its Operating Performance Ratio (5.55% - benchmark 0.00%), Own Source Operating Revenue percentage (76.315 – benchmark 60%), Unrestricted Current Ratio (2.78:1 – benchmark 1.5:1), Cash Expense Ratio (6.7months- benchmark months) and Rates & Annual Charges Outstanding Ratio (4.33% - benchmark 10%).”

Mrs Wagner confirmed the “Councils Total Income from Continuing Operations was $27.08 million and Total Expenses from Continuing Operations was $24.299 million returning anoperating result of $2.709 million including Grants and Contributions”. This result compared favourably with the $2.543 million surplus recorded for the previous year.

Council recorded a Net Operating Result excluding Grants and Contributions for Capital Purposes of $1.653 million across its General, Water and Sewerage Funds.

Council staff were congratulated on the management of finances and commended for the timely production of the financial statements.

Posted On Tuesday, November 24, 2015