The City of Adelaide’s independent Audit and Risk Committee (ARC) has recommended Council adopts the 2022 financial result, which includes a $977,000 operating surplus, turning a nine-year operating deficit into a surplus.
This is an especially significant achievement given the impacts of COVID-19 and the support Council has provided to our businesses and community and to attract people back into the city including a support package of more than $20 million.
The Audited Financial Statements were presented to ARC today with highlights including:
• Operating Surplus of $977,000 delivered, a significant improvement on the prior year’s deficit of $6.933 million, and the first surplus in nine years.
• Achievement of a $4.75 million budget repair target
• Delivery of a capital program of more than $45.2 million up from $32.3 million the previous financial year
• Reduction of debt balance to $8 million
• Delivery of more than $2 million in Reignite Adelaide initiatives
• Invested $21 million in Council’s Future Fund through sales of underperforming property assets
“After several tough years due to COVID, the CEO and Council have been very effective in turning around the financial result of the City of Adelaide,” ARC Presiding Member David Powell said.
City of Adelaide Chief Executive Officer Clare Mockler said she was proud that hard work over a sustained period had delivered a strong financial result.
“What is most pleasing is that we have achieved these results and delivered on the great services our community expects while delivering vital COVID recovery support for city businesses through our Reignite Adelaide program,” Ms Mockler said.
“By driving a financially sustainable approach to asset renewals; growing depressed revenues, ensuring maximum return on our investments, and prioritising our projects and efforts, Council’s efficiency and budget repair targets have all been met and we have exceeded our surplus estimates.
“A purposeful focus on steadily improving Council’s financial position paired with a commitment to community safety, growth and prosperity, sees our organisation and our city emerging stronger from the pandemic.
“We will continue to support our community while delivering on city shaping major projects such as Eighty Eight O’Connell and Market Square and unlocking the potential of the former Bus Station site.”
