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Summary of our financial position

This summary provides important information about our:

  • operating result
  • services we deliver to the community
  • cash and investments
  • Capital Works Program
  • financial sustainability. 

The following graphs show the 2021–22 forecast actual, which is marked with an F before the date.

The graphs also show the budget for 2022–23, 2023–24, 2024–25 and 2025–26. These are marked with a B before the date. 

Operating result

The operating result recognises all revenue and spending for Council to operate and includes non-cash items like depreciation.

We expect our operating result for the 2022–23 year to be a surplus of $6.61 million. This is a $10,000 increase from the forecast surplus result of $6.60 million for 2021–22. 

The operating result and future years can change depending on the number of priority projects planned. 

Our adjusted underlying result is a deficit of $310,000, which is an increase of $14.13 million over 2021–22. The adjusted underlying result doesn’t include items such as non-recurrent capital grants, non-cash contributions and cash capital contributions.

The forecast underlying result for the 2021–22 year is a deficit of $14.44 million. The 2021–22 adjusted underlying result is $21.04 million. This amount doesn’t include capital grants and contributions. 

When we talk about a surplus or deficit, this isn’t a measure of ‘profit’. It tells us about the capacity we have to fund future capital works.

A graph that shows council's operating result from the 2021-22 financial years to the 2025-26 financial years. In 2021-22, the forecast actual was $6.60 million. In 2022-23, the budget is $6.61 million. In 2023-24, the budget is $19.90 million. In 2024-25, the budget is $25.51 million. In 2025-25, the budget is $27.87 million.

Services we deliver to the community

The net cost of services we deliver to the community includes the net costs to run services after receiving income from them, as well as net spending on priority projects. For the 2022–23 year, we expect the net cost of services we deliver to be $151.36 million. This is a decrease of $16.93 million over 2021–22. 

A graph that shows council's net cost of services delivered to the community from 2021-22 financial years to 2025-26 financial years. In 2021-22 the forecast actual was $168.29 million. In 2022-23 the budget is $151.36 million. In 2023-23 the budget is $145.03 million. In 2024-25 the budget is $141.93 million. In 2025-26 the budget is $145.79 million.

Cash and investments

We use cash and investments to fund the Capital Works Program and repay existing borrowings.

In our budget, we have decreased cash and investments by $24.60 million to $87.12 million for the year ending 30 June 2023. 

We are also reviewing our loan portfolio and looking at the opportunity to refinance our 2012–13 loan over 10 years starting in 2022–23.

We expect to refinance loan borrowings of $19.70 million during the 2022–23 year. This will help to fund strategic capital works projects. 

A graph that shows council's cash and investments from 2021-22 financial years to 2025-26 financial years. In 2021-22 the forecast actual was $111.72 million. In 2022-23 the budget is $87.12 million. In 2023-23 the budget is $88.40 million. In 2024-25 the budget is $82.44 million. In 2025-26 the budget is $86.36 million.

Capital Works Program

Our commitment to capital works will reach $78.89 million for the 2022–23 financial year. Of this amount, $8.51 million is for commitments we carried over from the 2021–22 year. These commitments are fully funded from the 2021–22 Budget. 

To achieve our commitment to capital works:

  • We are reviewing our loan portfolio and looking at the opportunity to refinance our 2012–13 loan over 10 years, starting in 2022–23. 
  • We expect to refinance $19.70 million of loan borrowings during the 2022–23 year to fund strategic capital works projects.  
  • We will use $2.62 million of capital funding from successful grant applications. 
  • We have committed to spend $53.60 million for renewal projects. We have also committed to spend $25.29 million for new, upgrade and expansion projects. This includes commitments we have carried over.  

You can find out more on Our Capital Works Program 2022–23 page.

A graph that shows council's capital works program gross expenditure from 2021-22 financial years to 2025-26 financial years. In 2021-22 the forecast actual was $91.84 million. In 2022-23 the budget is $78.89 million. In 2023-24 the budget is $66.05 million. In 2024-25 the budget is $78.08 million. In 2025-26 the budget is $61.14 million.

How we spend money across services

We have broken down how we spend our money across the main services we deliver. For every $100 we spend:

  • $35.34 is for Capital Works and Priority Projects
  • $13.26 is for Environment and Waste Management
  • $10.17 is for Health, Aged Community and Family Services
  • $9.60 is for Parks, Gardens and Sportsgrounds
  • $6.22 is for Library, Arts and Cultural Services
  • $5.28 is for Planning and Building 
  • $5.28 is for Communications and Customer Service
  • $4.89 is for Local Laws Enforcement
  • $4.19 is for Roads, Footpaths, Safety and Drainage
  • $2.08 is for Engineering and Traffic
  • $1.58 is for Rates and Property Services
  • $1.29 is for Leisure and Recreation and Civic Centres
  • $0.82 is for Economic Development.