Mosman Council has demonstrated the value of strict monetary discipline and targeted austerity measures rolled out to help weather the storm of the COVID-19 pandemic by significantly reducing its expected deficit, proving that sound financial management can deliver results.
In May the Council was anticipating an end of year operating deficit before capital and non-cash adjustments of $722,000. Despite the early months of the pandemic hitting Council revenues hard, efforts to contain costs over the period have been successful in reducing the end of year operating deficit before capital grants and contributions and fair value increments to only $131,000.
The positive end of year result for 2019/20 has been accompanied by a better-than-hoped result in the first quarter of 2020/21, with the projected deficit for the current year also being controlled. The 30 September review of Council’s adopted budget demonstrates that the measures put in place to ensure Council’s financial sustainability have been largely successful. The projected budget deficit for the year to 30 June 2021 now sits at $96,500 – down a huge $771,900 from the figure forecast in June this year.
The Annual Financial Statements and Auditor’s Report for year ending 30 June 2020 are on public exhibition until Tuesday 8 December. Any person may make a submission in writing to Council with respect to the Council’s Audited Financial Statements or the Auditor’s Reports.
Council’s recently released Annual Report for 2019/20