Council approves Annual Financial Report

Wednesday, 11 September 2019

Council has given ‘in principle’ approval to the City of Greater Geelong’s 2018-19 financial and performance statements.

The reports show the City recorded a surplus of $125.3 million in 2018-19. A large portion of this figure was the $87 million in assets gifted by developers such as new roads, drainage and other infrastructure.

This contributed to a $160 million rise in the total value of City of Greater Geelong-owned and managed assets, which are now worth more than $2.5 billion.

These assets also include facilities such as sporting fields, child and family centres and community hubs built by the City to support residents.

The City’s total spend of $485.9 million was made up of a record $124.5 million in capital projects (such as new community facilities) and $361.4 million in operating costs.

The closing cash balance was $105.5 million. This balance will provide funds to finish projects now underway, and to allow services provided to stay at the same levels.

Debt levels increased from $48.7 million to $65.8 million, with $26 million in new borrowings and $8.8 million in repayments.

The new borrowings were budgeted and have helped fund construction of new community facilities in Armstrong Creek, along with community hubs in Leopold and Corio, and child and family centres in Highton, Drysdale and Corio.

The statements will now be lodged with the Auditor General.

Mayor Bruce Harwood:

These figures indicate that the council is being managed responsibly and is in a sound financial position.

They also highlight the rapid growth of our region and the added workload being placed on the council with the increasing number of assets to manage and maintain.

Our record capital investment again shows the emphasis we’ve placed on facilities such as child and family centres, community hubs and sporting venues, which are all very important for the health and wellbeing of the community.

Councillor Pat Murnane, Chair, Finance portfolio:

Over the past two years, the City has shown a strong record of financial accountability, preparing well-researched and appropriate budgets and delivering great community outcomes.

This council is on track to deliver around $350 million worth of community assets during our term, whilst at the same time dealing with financial challenges coming our way.

Page last updated: Wednesday, 11 September 2019