Rising rates income, workers compensation savings as well as reductions in street lighting costs and electricity expenditure have made a contribution to Camden Council’s budget surplus of $1.5 million in the 2015-16 financial year.
Mayor of Camden, Councillor Lara Symkowiak said she was proud of Camden Council’s strong and stable financial position.
The $1.5 million has been transferred to council’s Capital Works, Asset Renewal, Technology Improvements and Risk Management Reserves, according to a report on the budget presented to council last week.
[social_quote duplicate=”no” align=”default”]“This is a fantastic position for Camden Council to be in,’’ Cr Symkowiak said.[/social_quote]
PricewaterhouseCoopers, council’s external financial auditor, presented council’s financial statements and financial performance for the last financial year and complimented the council and its staff for their management of the organisation.
The financial statements show council has again improved its financial position, while still delivering high quality services, projects and infrastructure.
Council’s liquidity position remains very strong – if all sources of revenue ceased tomorrow, council could continue trading for 17 months, according to the auditor’s report.
“This is an outstanding result being 14 months more than the industry benchmark of just three months,’’ Cr Symkowiak said.
“Council is also in a strong position to meet its current commitments – for every dollar of liability, council has $2.50 to meet that liability.
“Council has also contained debt and is not overly geared despite enormous growth in our local government area.
“I am also pleased that council’s asset renewal ratio has improved significantly from 13.85 percent last year to 31.61 percent this year.
“This increase is predominately a result of council prioritising renewal works which included the construction of Nott Oval and refurbishment of Chellaston Reserve amenities.
“These are just two examples of replacing old facilities with new ones.’’
Cr Symkowiak said council’s financial position reinforces the decision of the Independent Pricing and Regulatory Tribunal (IPART) to name Camden Council as one of only nine Sydney metropolitan councils (out of 38) as Fit for the Future.
The Financial Statements are available on Camden Council’s website for the public to review.
