OBERON Council had a net surplus of almost $4 million in the 2017-18 financial year and more than $14 million in investments, according to its financial statements.
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The completed audited 2017/18 financial statements were presented to council’s most recent ordinary meeting by the Audit Office and John Thompson from financial services company Crowe Horwath.
The 2017/18 statements showed a net surplus of $3.9 million, before grants and contributions for capital purposes, and the statement of cash flows showed the total cash, cash equivalents and investments at $15.3 million.
This was made up of $1 million in cash and $14.3 million in investments.
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Total income from continuing operations was $18,766,000 and total expenses from continuing operations was $14,678,000, according to the financial statements.
Council's total equity as at June 30, 2018 was $291,041,000 and total cash, cash equivalents and investments was $15,332,000.
Total employee cost expenses was $5,173,000 and total borrowing costs expenses was $188,000.
Total other expenses was $2,449,000, which included the mayoral fee of $24,000, councillors’ fees of $95,000 and councillors’ expenses of $31,000.
Finance and community services director Lynette Safranek said in her report to council that this year’s audit process went very well.
“The efforts of council’s finance team are to be acknowledged,” she said.
“Processes and procedures that are in place have ensured that council once again has received an excellent report from the Auditor-General’s Office. There are no reportable matters or audit risks.”
Cr Ian Doney said the audited reports showed excellent results and staff were to be commended.
A recommendation was carried for council to adopt the audited 2017/18 financial statements following no public submissions during the public exhibition period.
Council’s annual report is now on council’s website.
