Council approves Annual Financial Report

Council has
given ‘in principle’ approval to the City of Greater Geelong’s 2018-19
financial and performance statements.

The reports show the City recorded a surplus of $125.3 million in 2018-19. A
large portion of this figure was the $87 million in assets gifted by developers
such as new roads, drainage and other infrastructure.

This contributed to a $160 million rise in the total value of City of Greater
Geelong-owned and managed assets, which are now worth more than $2.5 billion.

These assets also include facilities such as sporting fields, child and family
centres and community hubs built by the City to support residents.

The City’s total spend of $485.9 million was made up of a record $124.5 million
in capital projects (such as new community facilities) and $361.4 million in
operating costs.

The closing cash balance was $105.5 million. This balance will provide funds to
finish projects now underway, and to allow services provided to stay at the
same levels.

Debt levels increased from $48.7 million to $65.8 million, with $26 million in
new borrowings and $8.8 million in repayments.

The new borrowings were budgeted and have helped fund construction of new
community facilities in Armstrong Creek, along with community hubs in Leopold
and Corio, and child and family centres in Highton, Drysdale and Corio.

The statements will now be lodged with the Auditor General.

Mayor Bruce Harwood:

These figures indicate that the council is being managed responsibly and is
in a sound financial position.

They also highlight the rapid growth of our region and the added workload being
placed on the council with the increasing number of assets to manage and

Our record capital investment again shows the emphasis we’ve placed on
facilities such as child and family centres, community hubs and sporting
venues, which are all very important for the health and wellbeing of the

Councillor Pat Murnane, Chair, Finance portfolio:

Over the past two years, the City has shown a strong record of financial
accountability, preparing well-researched and appropriate budgets and
delivering great community outcomes.

This council is
on track to deliver around $350 million worth of community assets during our
term, whilst at the same time dealing with financial challenges coming our way.

/Public Release. View in full here.