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Summary of our financial position

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. 

The following graphs show the 2022–23 forecast actual, which is marked with an F before the date.

The graphs also show the budget for 2023–24, 2024–25, 2025–26 and 2026–27. 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 2023–24 year to be a surplus of $14.37 million. This is a $1.41 million increase from the forecast surplus result of $12.96 million for 2022–23.

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

Our adjusted underlying result is a surplus of $6.72 million, which is an increase of $13.35 million over 2022–23. The adjusted underlying result doesn’t include items such as capital grants, non-cash contributions and cash capital contributions.

The forecast underlying result for the 2022–23 year is a deficit of $6.63 million. The 2023–24 adjusted underlying result doesn’t include capital grants and contributions totalling $7.64 million. 

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.

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A graph that shows council's operating result from the 2022-23 financial years to the 2026-27 financial years. In 2022-23, the forecast actual was $12.96 million. In 2023-24, the budget is $14.37 million. In 2024-25, the budget is $30.87 million. In 2025-26, the budget is $36.62 million. In 2026-27, the budget is $33.67 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 2023–24 year, we expect the net cost of services we deliver to be $159.24 million. This is a decrease of $750,000 over 2022–23. 

A graph that shows council's net cost of services delivered to the community from 2022-23 financial years to 2026-27 financial years. In 2022-23 the forecast actual was $159.99 million. In 2023-24 the budget is $159.24 million. In 2024-25 the budget is $140.26 million. In 2025-26 the budget is $145.54 million. In 2026-27 the budget is $153.64 million.

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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 $21.52 million to $106.65 million for the year ending 30 June 2024. 

Council refinanced loan borrowings of $19.70 million during the 2022–23 year to fund strategic capital works projects. We aren’t proposing any new borrowings during the 2023–24 financial year.

A graph that shows council's cash and investments from 2022-23 financial years to 2026-27 financial years. In 2022-23 the forecast actual was $128.17 million. In 2023-24 the budget is $106.65 million. In 2024-25 the budget is $112.09 million. In 2025-26 the budget is $113.98 million. In 2026-27 the budget is $118.25 million.

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Capital Works Program

Our commitment to capital works will reach $80.60 million for the 2023–24 financial year. Of this amount, $6.60 million is for commitments we carried over from the 2022–23 year. These commitments are fully funded from the 2022–23 Budget. 

To achieve our commitment to capital works:

  • we refinanced loan borrowings of $19.70 million during the 2022–23 year
  • we will use $3.24 million of capital funding from successful grant applications
  • we have committed to spend $54.46 million for renewal projects. We have also committed to spend $26.14 million for new, upgrade and expansion projects. This includes commitments we have carried over.  

You can find out more on our Capital Works Program 2023–24 page.

A graph that shows council's capital works program gross expenditure from 2022-23 financial years to 2026-27 financial years. In 2022-23 the forecast actual was $68.13 million. In 2023-24 the budget is $80.60 million. In 2024-25 the budget is $74.72 million. In 2025-26 the budget is $75.25 million. In 2026-27 the budget is $70.85 million.

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How we spend money across services

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

  • $35.41 is for Capital works and priority projects
  • $14.28 is for Environment and waste management
  • $9.65 is for Parks, gardens and sportsgrounds 
  • $8.48 is for Health, aged community and family services
  • $6.61 is for Library, arts and cultural services
  • $5.53 is for Planning and building 
  • $5.43 is for Local laws enforcement
  • $4.64 is for Roads, footpaths, safety and drainage
  • $3.96 is for Communications and customer service 
  • $2.34 is for Engineering and traffic
  • $1.67 is for Rates and property services
  • $1.06 is for Leisure and recreation and civic centres
  • $0.94 is for Economic development.
A pie chart providing a visual representation of how we spend our money