Financial Statements to be presented to Council
Published on 01 October 2021
Council’s Audited Financial Statements are now on public exhibition and submissions close at 5pm on Thursday 28 October 2021.
Click here to make a submission
Click here to view an overview of the Financial Statements(PDF, 435KB)
The 2020-2021 Financial Statements will be presented at Snowy Valley Council’s Extraordinary Meeting on Thursday 7 October, detailing a year of increased income and expenditure as Council delivered an unprecedented capital works program and grant funded disaster recovery works.
The Financial Statements show $76.7M in income, including grants and other contributions, and $69.9M in expenses resulting in a surplus of $6.8M.
When excluding funding received for capital grants, Council recorded a deficit of $4.9M.
The deficit of $4.9M, after excluding capital grant funding, demonstrates Council continues to secure and utilise grant and external funding for use on capital renewal projects, instead of self-funding this activity.
“The aim of Council’s Financial Sustainability Plan and current discussions with the community about service delivery is to continue to implement a solid financial management framework to reduce the deficit and Council’s reliance on external funding, while ensuring our infrastructure remains in good condition and the appropriate services are delivered to the community,” said Matthew Hyde, CEO Snowy Valleys Council.
“There is still work to do, however the improvement of $576,000 against our original budgeted deficit signals the organisation’s commitment to achieving efficiencies.”
Council’s original budget was adopted in July 2020, forecasting the known operational expenses, works and income for the 2020-2021 financial year, with Mayor James Hayes stating in the Operational Plan ‘we will continue to identify and assess new opportunities and challenges presented by this unique environment (Bushfire recovery and pandemic). This may result in changes having to be made to published goals and impacts to our budget position.’
Through the Quarterly Budget Review Process reported to Council, Council reviewed and adjusted the original budget in order to manage the variations as a result of the significant external funding channelled into the Snowy Valleys during the course of 2020-2021 as a result of federal and state economic stimulus.
“During 2020-2021 nearly $14M in additional income was accounted for as part of the Quarterly Budget Review process, including $2M for Commercial Works income and $9.4M in Disaster Recovery Funding grant funding,” continued Mr Hyde.
“This resulted in an increase of $11M in expenditure as Council worked to deliver the projects associated with that income, including clearing over 350km of bushfire impacted roads, in addition to business-as-usual operations.
“The increase from the adopted budget position to the actual budget results is not a reflection of poor budgeting or overspend – it reflects Council’s agility to respond to changing circumstances and maximise opportunities in acquiring significant funding for works and services needed for the Snowy Valleys community that was immediately delivered.”