Council records another operating surplus

24 October 2016

AlburyCity has again recorded an operating surplus, this time for the 2015-16 Financial Year, reinforcing its ‘Fit for the Future’ status.

The positive result of $14.8M is largely due to a $11.3M operating surplus in the Water and Sewer Funds.

For the past two years AlburyCity has achieved a better than break even result in all three funds– its Water Fund, the Sewer Fund and General Fund.

AlburyCity’s financial result comprises total operating income of $117 million and capital works of $33 million.

AlburyCity Mayor Cr Kevin Mack and General Manager Frank Zaknich confirmed that positive cash returns generated by operations are used to fund infrastructure works.

“Council’s strong financial position had helped its compelling case to stand alone and be deemed to be Fit for the Future by the State Government,” Cr Mack said.

“Our Service and Efficiency Review program over the past four years has also contributed to this result, achieving annual operating savings of $2.5M and helping to make us financially sustainable.

Mr Zaknich says Council’s strong financial position was also a contributing factor in it being awarded the AR Bluett Award for excellence in local government.

“However, the job is not done. It’s important we continue to be proactive in managing our budget to meet the financial challenges ahead,” Cr Mack said.