Strong credit rating for Council

Noosa Council’s strong financial management has contributed to the organisation receiving a sound credit rating following a credit review by the Queensland Treasury Corporation (QTC).

The QTC completed the review based on information provided by council up to February 2021.

Mayor Clare Stewart said the rating clearly shows council’s finances are in good hands.

“It’s been a very challenging 12 months and likely to be another tough few years’, but this rating is testament to the fiscal response from the entire management team,” she said.

The QTC said the sound rating with a neutral outlook is underpinned by Noosa’s historical financial performance, relatively low debt levels and strong cash position. The rating was consistent with the previous credit review undertaken by the QTC in 2019.

Director of Corporate Services Michael Shave said the neutral outlook rating means there are no known foreseeable events over the next 12-24 months that would have a direct impact on Council’s capacity to meet its financial commitments.

“We continue to work hard to ensure Council’s finances are healthy and sustainable, while delivering critical infrastructure and appropriate levels of service for our community,” he said.

Cr Stewart said responsible fiscal management would remain a cornerstone of current and future budget deliberations, underpinned by Council’s financial sustainability policy.

“Residents can be assured that council is well equipped to provide services and build infrastructure, however we need to be mindful of the need to have financial capacity to respond to any potential ongoing adverse impacts from the pandemic,” she said.

“I would like to congratulate Councillors and staff for their diligence in achieving such a great result.”

10 May 2021

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