Council’s net operating result before capital grants and contributions for the year ended June 30, 2018 was surplus of $4.340 million compared with a surplus of $4.985 million for the previous financial year. 

The surplus was inflated by the federal government’s advanced payment of the 2018-19 financial assistance grant of $2.079 million. 

Ms MacKenzie said she was comfortable with the numbers as they were presented. 

“There’s no major concerns,” she told councillors at the November meeting. 

“The operating result was again quite strong. 

“It was a slight decrease on the previous financial year, but that was mainly due to the timing of the delivery of the federal government’s financial assistance grants.

“The cash position also continues to be strong.”

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Council’s total cash and investments at June 30, 2018 were $41.9 million.

Not all of these funds are available for discretionary use as the amount includes items that are externally (by statute) or internally (by council policy) restricted in their use. 

Council is holding $25 million of funds that are externally restricted in their use. 

This amount includes unexpended loans, deposits/bonds, unexpended grants, as well as water, sewerage and domestic waste cash and investments. 

There is a further $14.8 million in funds that are internally restricted by council in their use. 

Some of the key internal restrictions in the 2017-18 financial year were:

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