Kiama Council’s 2022-23 Annual Financial Statements show a continued improvement in accounting processes and overall bottom line.
Council recorded an overall loss of $7.7m for 2022-23, a $2.4m improvement compared to the previous financial year (a loss of $10m).
CEO Jane Stroud said the continued reduction in Council’s deficit was a tribute to the perseverance of the entire organisation in taking on the challenge of structural and financial reform.
“It’s no secret it’s been hard going in recent years as a Council but I am glad to see improvements showing up in these results. Our finance team have been working diligently to prepare these statements following on from the significant challenges of presenting the 2020-21 and 2021-22 statements,” Ms Stroud said.
“I want to thank the team for completing three sets of financial statements in one twelve-month period. That is a monumental achievement and one which finally gets Kiama Council back to real time financial data, and a normal cycle of financial year end and audits.”
Ms Stroud said the 2022-23 Annual Financial Statements also demonstrated continued improvements in Council’s financial process and reporting.
“I would also like to thank the NSW Audit Office, who worked closely with the team and provided excellent professional advice.”
“I’m delighted to report that, taking into account issues inherited from 2020-21 and 2021-22, no new issues were raised by auditors and some key matters from these previous audits have been progressed or cleared.”
Key achievements in preparing the 2022-23 Annual Financial Statements include:
- Progress towards accurate and complete financial reporting on fixed assets 90% of the total Infrastructure, Property, and Equipment balance has been verified and audited (value $521m)
- Restricted and Allocated cash movements were properly verified, except for the opening balances (previously disclaimed) of the Domestic Waste and Crown Land Reserve balances
The 2022-23 Annual Financial Statements show a $260k net operating surplus, with an overall loss of $7.7m after adjusting for a one-off gain on the sale of assets.
“The improvement is due to a focus to improve operating performance and financial sustainability.”
“This drive will continue over the next few years, as Council seeks to reduce the loss position, produce a balanced budget and operating result, and meet the requirements of the NSW Government Performance Improvements Orders.”
Council’s unrestricted cash balance at 30 June 2023 was $2m.
This would have been higher except for the need to fund $5m of landslide repair works, pending receipt of reimbursement funding from the NSW Government.
The Statements are on public exhibition until 4pm, Tuesday 28 May.
Submissions will reviewed, responded to and forwarded to the Audit Office.
