Liverpool City Council is posting a $4.4 million surplus this financial year – an outcome that gained the NSW Audit Office's tick of approval.
Liverpool Mayor Ned Mannoun said the Audit Office gave an unqualified audit, providing confidence in the accuracy and reliability of the financial reporting.
"Securing such solid result while managing one of the fastest-growing regions in the country demonstrates that we are balancing expansion with strict fiscal responsibility," Mayor Mannoun said.
"The surplus is much better than the original budget forecast of $800,000, which proves our operational discipline is working.
"This stable baseline is the hallmark of a functional council that is continuing to invest in vital roads, drainage, and parks without placing unnecessary pressure on our ratepayers.
"A budget surplus puts Council in a stronger financial position to invest in the services, facilities and infrastructure residents rely on, while maintaining financial stability and delivering more for the community."
Council's total revenue grew by $101.3 million to reach $481.5 million, marking a 26.6 per cent increase compared to the previous financial year.
Council's asset sheet also strengthened, with total assets under management increasing by $310.9 million to a total value of $4.760 billion. Concurrently, Council's overall debt profile decreased, reducing outstanding borrowings by $15.0 million.
Chief Executive Officer Jason Breton paid tribute to the council staff who worked as a team to achieve this result: from the financial planners through to the management that delivered the services.
"This milestone belongs to the entire organisation, reflecting consistent teamwork across all divisions," Mr Breton said. "Our financial planners established a sustainable framework, and our operational managers executed service delivery efficiently within their allocations.
"Finishing the year with a clean audit and zero control deficiencies confirms that Council's administrative practices are operating at a standard of excellence," Mr Breton said.
Council's Audit, Risk and Improvement Committee also provided positive feedback on the layout of the final statements, characterising the newly-introduced Executive Summary and corporate financial dashboards as industry best practice for data clarity and plain English reporting of financial results.
The statements have been formally submitted to the Office of Local Government and will be placed on public exhibition.
