25 Sept: Annual financial update

It’s my pleasure to give you an overview of Council’s draft Annual Financial Statements for the year ended 30 June 2019.

Council’s finances are very sound. We continue to report an operating surplus, with total net assets of more than $1.2 billion. Council also has almost $180 million in cash or cash investments.

Council’s performance compares well with the industry benchmark in many categories of financial performance, including:

• The level of a Council’s fiscal flexibility (the degree of reliance on external funding sources such as operating grants) Our score: 87.13%, the industry benchmark is 60%
• The Unrestricted Current Ratio is specific to local government and is designed to represent a Council’s ability to meet debt payments as they fall due. Our score is 40.78x, the industry benchmark is more than 2.00x
• Debt Service Cover Ratio (this ratio measures the availability of operating cash to service debt including interest, principal and lease payments). Council has 15.09 months compare with the industry benchmark of more than 3.00 months

These are just a few of the good results Council has achieved over the last financial year. I am proud of what Council has achieved, and what we will continue to deliver this year. We have started construction of several key projects that we have been planning for years, including the Bondi Junction Cycleway and Bondi Pavilion Restoration to name just two. It is an exciting time to be Mayor of Waverley.