Audit confirms strong financial position
  • Thursday 23 February 2017
Finance

Sunshine Coast Council has received a clean audit report for the eighth consecutive year.

Council’s 2015/16 financial statements have been audited by the Queensland Audit Office (QAO) to ensure accounting and legislative compliance. 

The QAO has issued an unqualified audit report and confirmed an operating surplus of $26.1 million for the year.

Corporate Strategy and Finance Portfolio Cr Tim Dwyer said it was another outstanding result which showed the community could have great confidence in its council’s financial position.

He praised council’s accounting staff for their proficiency, adding that it was also the eighth consecutive year* that council had achieved an operating surplus.

“Council remains focussed on achieving a strong financial position that is long term,” Cr Dwyer said.

“Prudent financial management is very important as we shape a sustainable future for Sunshine Coast residents.

“Council’s overall financial sustainability has been assessed as ‘lower risk’ which is the highest achievable rating.

“In addition, council’s other financial sustainability indicators are better than the average for South-East Queensland councils.”

The 2015/16 financial statements show the Sunshine Coast community’s net assets had increased to a total of $4.63 billion.

* At the time of amalgamation, Council’s 2008/09 statements represented 15 months rather than 12 months.  As a result, council had 12 months of revenue (rates) and 15 months of costs and did not record an operating surplus that year.