DRAFT 2018-19 Annual Financial Statements reviewed by Council

31 Oct 2019 2:18 PM -

Prior to being formally referred to Council’s auditors, Leeton Shire Council endorsed the Draft Annual Financial Statements for the 2018/2019 Financial Year at it’s October Ordinary Council Meeting.

Manager Finance Jackie Hawkins stated in her report to Council that the cash and investment levels of Leeton Shire Council continue to remain very strong ($44.9M at 30 June 2019) compared to ($41.9M at 30 June 2018).

“A large amount of the cash and investments are held as either external restrictions ($30.4M or 68% of the total) or internal restrictions ($14.1M or 31.6% of the total). Only $331K or 0.4% of the total cash and investments is held as unrestricted.”

Referring to the relatively small amount of unrestricted cash, Mrs Hawkins cautioned Council that Council’s general fund was relying on revenue from interest earnings and the sale of water to stay in the black, both of which are unpredictable.

“To stay financially Fit for the Future and keep abreast with the asset renewal backlog, Council is going to have to find additional income from a more reliable source in the coming years”.