Council on Solid Financial Footing
Published on 18 March 2019
The results of a forensic review of the current and former council’s financial systems, practices and processes by the Mead Perry Group will be tabled at the March Ordinary Council Meeting this Thursday.
Council’s General Manager Matthew Hyde said that the review was commissioned for due diligence to clearly identify how both former councils operated up until the merging of the two business systems.
“We needed to clearly and objectively understand the true financial position of the two former councils at the time of merger. This has a bearing on how we need to manage and adjust our financial management processes and practices as Snowy Valleys Council,” he said.
“The review has given me, as the General Manager, a great deal of confidence that Snowy Valleys Council has robust financial management in place to inform decision making now and into the future. Whilst the report indicates a number of areas of improvement, the great news is that our staff had already started to work on these so we are ahead of the game”.
The forensic review covered such areas as approval processes, budget and reserve management, financial reporting, financial asset management, grant fund management and a validation of the high level sustainability assessments by NSW Treasury Corporation (TCorp).
Overall, the good news is that neither former council was deemed to be ‘non-compliant’ in any area of focus in the audit, however there were areas for both former councils that needed improvement.
The best news for the community and council is that Snowy Valleys was deemed to be compliant in all areas covered by the audit.
“More specifically, our forecast financial performance measures indicate that we are well placed to continue to be financially sustainable into the future. Our current focus on identifying efficiencies and savings will only enhance this position,” Mr Hyde said.
The full report is available as part of the agenda and business papers for the Council meeting this Thursday on council’s website www.snowyvalleys.nsw.gov.au.