MidCoast Council 2017-18 financial statements, currently on public exhibition

MidCoast Council’s General Manager, Adrian Panuccio.
MidCoast Council’s General Manager, Adrian Panuccio.


MIDCOAST Council’s 2017-18 financial statements, currently on public exhibition, indicate Council is tracking well against the NSW Government’s key performance measures.

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According to General Manager, Adrian Panuccio, the statements provide the community with a consolidated financial picture of the new organisation and indicate the council is in a solid financial position as it moves into the future.

“This is the first time we have been able to provide our community with our consolidated financial position and this will provide a baseline for future comparison of financial performance,” Mr Panuccio said.

MidCoast Council’s financial statements have been through a detailed audit process and are now on exhibition for comment from the community.

“Our financial position is scrutinised and audited externally to ensure transparency in our financial management.”

Financial management is also assessed against seven key performance ratios set by the State Government for councils, in areas such as debt service levels, operating performance, cash expenses and rates and annual charges cover.

“The statements show we met the industry financial sustainability performance benchmarks in all areas apart from our infrastructure asset performance ratios, an area we are focused on improving.”

The statements also revealed MidCoast Council delivered over $70 million of capital works for the community during the financial year.

“This financial result is evidence of our commitment to delivering services for our community,” Mr Panuccio said.

MidCoast Council is responsible for the management of $2.94 billion of property, plant and infrastructure assets.

The Financial Reports and Auditors Reports will be formally presented to the Councillors at the ordinary council meeting on 19 December.

To view the financial statements in full, please go to www.midcoast.nsw.gov.au

Comments from the public will be received up to seven days following the meeting.

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