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Whitsunday Regional Council has welcomed the results of the Queensland Treasury Corporation’s (QTC) 2015 Credit Review, which has upgraded Council’s position to Moderate rating with a Neutral outlook.
Acting Chief Executive Officer Barry Omundson said the QTC Credit Review highlighted Council’s commitment to restoring its financial position.
“Between 2010 and 2014, Council’s position was categorised as either Weak or Very Weak, so it’s fantastic that we have been able to see our rating upgrade to Moderate,” Mr Omundson said.
“It certainly hasn’t been an easy task to restore Council’s financial position to what it is, but the QTC has noted in its report that we have strengthened our position through reducing debt and implementing better processes,” he said.
“Through making tough decisions and improving our processes, we’ve been able to fully repay our $10 million emergency loan ahead of time and finish the year with a cash balance and operating surplus.
“This is a tremendous achievement and a real credit to the efforts of Council’s staff, and of course, it couldn’t have been done without the support of our ratepayers and broader community.”