Bega Valley Shire Council has released its Financial Statements and Audit Report for the financial year ending 30 June 2024, reaffirming its commitment to financial transparency and accountability.
The audited financial statements, presented to Councillors on 27 November 2024, show a strong financial position, with a surplus of $2.1 million before capital grants and contributions.
This marks an improvement on the original forecasted deficit of $1.8 million, primarily driven by increased investment income and operating grants.
Council received an unqualified audit report, which is the highest standard of assurance an auditor can provide.
This means the financial statements are free from material misstatements and comply fully with legislative requirements and professional accounting standards. The report was lodged with the Office of Local Government within the required timeframes.
"Transparency in financial reporting is one of the key pillars of trust between Council and our community," Director of Business and Governance, Iliada Bolton said.
"These documents provide residents with a clear view of how Council is performing and managing its financial responsibilities."
Key highlights from the FY2024 Financial Reports include:
Improved cash position: Total cash and investments increased to $139.8 million, with unrestricted cash of $3.1 million.
Better-than-budget results: The General Fund showed a $2.6 million improvement on the budgeted deficit, while the Sewer Fund exceeded expectations with a $7 million net result.
Strong financial ratios: Performance measures, including operating performance and cash expense cover, reflect Council's sound financial management practices.
In line with Council's commitment to community engagement, the Financial Statements are now available for review and comment.
Residents are encouraged to submit written feedback within seven days following the presentation of the audit report.
To enhance accessibility, a presentation by the auditors detailing the findings and observations was live streamed for the community on Wednesday 27 November.
A recording of the presentation can be found on Council's website. The session provided deeper insights from the independent auditors about Council's financial health based on the results at 30 June 2024.
The Financial Statements and Audit Report are available on Council's website and in hard copy at local libraries. Council encourages all residents to review the documents and engage in this important aspect of local governance.
