Bundaberg Regional Council has received the highest possible score for its financial governance in a report released by the Queensland Audit Office.
The report provides a summary of the financial audit results of the 77 Queensland Councils for the financial year ending 30 June 2018.
The positive results come on the back of Council recently being awarded the top honour in the state for the LGM Liability Risk Management Excellence Awards.
Mayor Jack Dempsey said Bundaberg Regional Council was one of 13 Council’s assessed with the highest possible result from the Queensland Audit Office for financial governance.
“The current Council has worked to significantly reduce projected debt borrowings while securing the funds we needed to drive critical projects,” Mayor Dempsey said.
“Council will continue to invest significantly in projects that will assist the community’s future growth.
“These are projects we need to deliver to continue to drive confidence and positivity right across the region.”
He said some of the projects Council had recently invested in included:
- The Bundaberg Region Aviation and Aerospace Precinct which had attracted the Aeromedical Centre of Excellence
- Streetscape projects across the region in Burnett Heads, Elliott Heads and Gin Gin
- Rubyanna Wastewater Treatment Plant
- The Multiplex Sports and Convention Centre
- The Eggmolesse Street extension
“We still have many projects waiting for State and Federal funding including the Bundaberg CBD redevelopment which is one of Council’s shovel ready projects.
“Council looks forward to working collaboratively with the State and Federal Governments to deliver the recently announced Regional Deal projects of $172.9m.”
Financial audit highlights good management
In highlighting Bundaberg Regional Council’s debt position the audit report stated that its “net financial liabilities ratios are well within DLGRMA’s target range, meaning they have adequate capacity to manage their debt”.
Mayor Dempsey said he was proud of the dedication of staff for assisting in the push to improve Council’s debt position.
“As a new Council and preparing our first budget we were faced with a projected debt borrowings for 2019/20 of $139,572,730.
“We were able to rescope projects, saving tens of millions of dollars, and work vigorously to obtain State and Federal Government grant funding of which we are very thankful for.
“The combined efforts of this hard work has now resulted in the current debt balance being $73,290,607 as of 31 March 2019.
“All of this was achieved while substantially increasing capital projects to increase the liveability of the region.”
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