Council's annual audited financial statements for 2023/24 are available for public review, with feedback due by Sunday, 10 November, as per the timeframes in section 420 of the Local Government Act (LG Act).
Leeton Shire ended the 2023/24 financial year with cash reserves of $51.37M (83.3% externally restricted) and a net operating result before capital grants and contributions of $0.12M (2023: $1.55M). The decrease of $1.43M relative to the prior year is mainly attributable to a decrease in Financial Assistance Grant revenue and increased depreciation expenses caused by revaluations.
At the 29 October 2024 Ordinary Council meeting, departing ARIC Chair, Graham Bradley, who spoke at the meeting, noted that the general fund remains in decline and at risk; a sentiment echoed by Director Corporate/CFO, Avtar Singh, who said that the latest Regional Emergency Road Repair Fund (RERRF) funding of $2.2M had 'artificially inflated' the 2023/24 income, with the associated costs only being recognised in future years.
The audit of the financial statements for 2023/24 was conducted by RSD Audit on behalf of the NSW Audit Office. RSD Audit Principal, Josh Porker, addressed the Council at the meeting, and stated that the auditors appreciated the cooperation and help received from Council staff, in particular the finance team.
In regards to Council's general purpose financial statements, the Auditor General's (AG) opinion is that Council's accounting records have been kept in accordance with the requirements of the LG Act; the statements have been prepared in accordance with divisional requirements and are consistent with Council's accounting records; and they present fairly, in all material respects, the financial position of the Council as at 30 June 2024. Further no material deficiencies in the accounting records or financial statement were evident to the auditor.
In regards to the Water and Sewer (special purpose) funds, the AG's opinion is that the financial statements present fairly, in all material respects, the financial position of Council's declared Business Activities as at 30 June 2024.
In reflecting on the Performance Ratios in the Report on the Conduct of the Audit, the Councillors were generally content with Council's performance.
Council met the benchmarks for the debt service cover ratio, own source operating revenue ratio, rates and annual charges outstanding percentage ratio and cash expense cover ratio however failed to achieve the benchmarks for the operating performance ratio (which measures how well Council contained operating expenditure within operating revenue) due to depreciation and materials & services costs, and unrestricted current ratio (assessing the adequacy of working capital and its ability to satisfy obligations in the short-term for the unrestricted activities of Council) due to the timing of planned borrowings not being drawn during the financial year, and general fund covering some of the costs of major projects.
The 2023/24 Leeton Shire Council Audited Financial Statements and Auditor's Reports are available on the Council website.
Hard copies will also be available for viewing by the public at the Leeton Shire Council Administration Office, Leeton Shire Library, Yanco Shop and Whitton and Murrami Post Offices.
Anyone wanting to provide feedback to Council can do so by:
