Toowoomba Regional Council (TRC) has released new figures that show its unrestricted cash expense ratio is tracking ahead of targets with cash and cash investments of almost $220 million.
TRC General Manager of Finance and Business Strategy Ann-Marie Johnson said Council’s target of having two months’ worth of cash reserves was currently being well exceeded in a positive win for the community.
“TRC currently has a very healthy cash position of almost $220 million which supports around 5 months’ worth of Council expenditure and exceeds our required target of two months’ worth of unrestricted cash.
“Our finance team has a formalised investment strategy and what these cash reserves allow us to do is invest money twice a day every day to maximise investment returns for Council and the community.
“The team also looks at debt and where it is advantageous for Council to pay off debts for the community using our cash reserves we will do so.
“The great news for the community is that we have healthy cash reserves which set us up for the next couple of years with significant capital works in the pipeline including the Cressbrook Dam Safety Improvement Project,” Ms Johnson said.
At a Special Meeting of Council today, a revised budget surplus of $1,323,241 was adopted which was an increase of $867,402 on previous estimates.
