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Financial Statements for the year ended 30th June 2013, were presented to Whitsunday RegionalCouncil at yesterday’s Council meeting.
Mayor Jennifer Whitney said these financial statements were completed within the auditorsnegotiated timeframe of 28th October 2013.
“However, the Queensland Audit Office advised Council they were unable to issue their auditopinion at that time due to the investigation into the 2009 NDRRA Program which commenced the week prior to the 28th October 2013.
“Currently, all queries have been answered and Council is unaware of any outstanding issues with the report or responses provided for the 2009 NDRRA Program, allowing the 2012-13 financial statements to be certified by audit on 21 February 2014 and publicly released,” she said.
Mayor Jenny Whitney said highlights from the 2012-13 Financial Statement are as follows:
• The net result is a surplus of $28.95 million, however, this includes Capital Income of$35.52 million• Grants, subsidies, materials and services have decreased dramatically because theamounts received and spent on Flood Damage repairs has diminished dramatically• Investment properties of $2.8 million are a new disclosure on the Balance Sheet andrepresent the value of the assets and business of the two Council caravan parks.• Property, plant and equipment have increased by $112 million. $32 million is due toreassessing the condition of Council’s road assets and removing remaining impairmentswhile the remainder is due to the increase in Work in Progress including two new WaterTreatment Plants, two new Sewage Treatment Plants and the upgrade to Airlie Beach MainStreet.• Borrowings have increased due to Council applying for emergent funding of $10 millionfrom Queensland Treasury Corporation at the 30th June• The reserves have declined significantly due to unspent loans and subsidies being utilisedduring the 2012-13 year for capital works, mentioned above
The 2012-13 Financial Statements will be incorporated into the 2012-13 Annual Report.
For media enquiries, contact:Kate Lennox, Communications ManagerPhone: 07 4945 0614, 0427 458 369 or Email: firstname.lastname@example.org