Council posts positive financial result

Published on 31 October 2019

Snowy Valleys Council has started the new financial year in a strong position, with a net positive result of $3.2 million posted in 2018-19.

The Council’s 2018-19 Financial Statements, released to the Office of Local Government last week, also showed an increase in income of $5.118 million over the previous year.

General Manager Matthew Hyde said the overall result was a testament to the work of Council staff to create a resilient and sustainable organisation.

“I’d like to acknowledge and thank all the staff who are making a major effort towards a oneSVC model and creating efficiencies while aiming to maintain service levels,” he said.

“The staff have worked really hard again this year, and we’ve made some improvements suggested by the external auditor which have had a positive impact.”

Mr Hyde also pointed to a smoother financial reporting process now that council was operating from one financial platform, as well as Council’s successful delivery of projects over the year which had been managed within their budgets.

“Major road reconstruction projects including Grahamstown Road  and Wee Jasper Road valued at more than $1,337,900 were both delivered within budget,” he said.

“We’ve also made a good start on the Tumbarumba to Rosewood Rail Trail with the project currently being delivered on budget and on time”.

The increase in income recorded in the Financial Statements came largely from several successful grant applications the Council submitted during the year.

Projects funded by the grants include the Tumut Pump Track, the Talbingo Walking Track and the preparation of the new SVC Development Control Plan; all of which are expected to be completed ahead of schedule.

Mr Hyde said income generated from private works was also better than expected.

“The innovative private works model allows us a workforce to undertake capital works around the region that contributes to the bottom line,” he explained.

Mr Hyde notes that although Council starts the 2019-20 Financial Year in a strong position, there remain challenges.

“We continue to face challenges around our budgeting processes, and the need to reduce costs and improve efficiencies through a proactive culture continues to be critical,” he said.

Mr Hyde also said the coming financial year promised to be an active time in the region.

“We expect an increase in expenditure this year as we complete and deliver the majority of our major funded projects,” he explained.

Audited Financial Statements will be presented by the Auditor to Council for adoption at the November Ordinary Meeting on Thursday 21 November.