At a special council meeting earlier this month, the Central Goldfields Shire Council draft 2016-17 financial statement and performance statements were approved in-principle.
Last Wednesday, the financial report for the year ending June 30, 2017 was officially noted, with interim administrator Mark Davies appointed to certify both the financial and performance statements.
“While on the face of the report, it looks like we had quite a good year which was $4.5 million in surplus, there were a number of items that have contributed to that, including
$2.7 million in found assets, $3.3 million capital grants and $330,000 in capital contributions,” Mr Davies said.
“If you do deduct those and have a look at the underlying result, the council had a net adjusted deficit outcome. We will have to keep that in mind for longer term financial planning.
“Having said that, from a financial position, we have more than $9 million in cash investments. We are still in a strong financial position going forward.”
For more on this story see Page 3 of The Advertiser, Tuesday, November 21.