Townsville City Council's 2022/23 Annual Report demonstrates Council's commitment to delivering services and growing Townsville.
The Annual Report was endorsed at the latest Ordinary Council Meeting and highlighted the strong financial position of the city.
The unmodified audit opinion by the Queensland Audit Office once again demonstrates Council's strong financial management.
The financial statements highlighted Council's total asset value had increased by more than $400 million while liabilities reduced by close to $13 million delivering an increased community equity position of $5.8 billion.
Mayor Jenny Hill said Council had effectively and efficiently managed the city's finances in a volatile economy while continuing to grow Townsville and provide services the community expects.
"Like households, Council has been hit with ever increasing costs for materials, labour and services," Cr Hill said.
"Through innovation and effective project management Council has been able to absorb most of these cost increases while also continuing to deliver on major infrastructure projects and essential services.
"Despite the challenges, our total community equity has risen from $5.3 billion to $5.8 billion.
"Council's credit rating has been assessed by the Queensland Treasury Corporation as sound with a neutral outlook, showing confidence in Council's strong financial management."
Business Service and Finance Committee chairperson Margie Ryder said the figures from the financial statements were a sign the city's finances were being effectively managed.
"As many households would have felt, the cost of keeping the lights on, fuel in the car and food on the table continues to rise," Cr Ryder said.
"Councils across the country have not been immune to these increased cost pressures, and we have seen instances where some local government areas are reducing their forecast budget spending by hundreds of millions of dollars due to inflation.
"Our strong financial management has let us continue to manage these inflationary pressures, and Council has no plans to reduce budgeted spending on infrastructure and essential services."
