When it comes to the handling of its finances MidCoast Council is continuing to show encouraging signs of improvement.
The NSW Audit Office has completed its audit of Council’s financial statements with Council once again receiving an unqualified audit meaning all requirements have been met.
Each year, all Councils are required to provide a set of financial statements to the NSW Audit Office which set out performance, financial position and cash flows for that financial year.
Council referred the draft statements to the NSW Audit Office for audit following the Council Meeting on Wednesday 4 September 2024.
As there were no material changes needed to the 2023-2024 draft financial statements following the audit by the NSW Audit Office, Council was able to submit its 2023-2024 financial statements to the Office of Local Government nine days head of the legislated deadline.
MidCoast Council’s General Manager Adrian Panuccio said it was a great outcome and showed MidCoast Council was heading in the right direction.
“Not only did we again receive an unqualified audit, but the result reflects a concerted effort by Council to provide timely and accurate reporting and shows continuous improvement over a number years, something we are very proud of,” he said.
The financial reports include six performance measures and benchmarks set by the Office of Local Government, with MidCoast Council meeting all but one.
The only benchmark not met was the outstanding rates and charges ratio which measures Council’s performance in collecting rates and charges.
MidCoast Council’s Audit Risk and Improvement Committee, which comprises of independent experts, provides independent assurance and assistance to Council in regard to its financial reporting, risk management, internal controls, governance and internal and external audits. Council’s Audit Risk and Improvement Committee provided oversight of the process and offered its congratulations to staff for such a positive outcome.
The Annual Financial Reports are now on exhibition and the public are entitled to make a submission until 4 December 2024. A copy of all submissions will be provided to the NSW Audit Office.
