Bundaberg Regional Council’s sound financial management has once again been recognised in the Auditor-General’s Local Government Financial Audit Report.
Tabled in Parliament this week, the report summarises the audit results of Queensland’s 77 local government entities and provides recommendations for improvement.
Council’s finance portfolio spokesperson Cr Steve Cooper said the audit report’s findings reinforced the hard work Council put in behind the scenes.
“The audit report looks at a range of factors to determine the financial sustainability of Queensland Councils and we’ve once again been recognised as low risk,” Cr Cooper said.
“To put that into context, about 60 per cent of all Queensland councils audited were at moderate to high risk of not being financially sustainable.
“Considering the widespread impacts of Covid-19 on many communities it is no small feat for our region to remain in such a sound financial position.”
Cr Cooper said Bundaberg Regional Council had demonstrated it had the necessary processes in place to manage financial risk.
“It’s a credit to the entire BRC team to know that we’ve been given top marks in each of the relevant internal controls.”
The report outlined recommendations for all Councils including one new recommendation to reassess the maturity levels of financial statements.
“We’re already proactively addressing the majority of recommendations put forward and have had many in place for some time.”
Cr Cooper said that, in light of these very positive results, it was disappointing to see the planned reduction in Financial Assistance Grants by the State Government.
“It seems that successful amalgamated Councils are being penalised to subsidise those councils that have had financial sustainability issues for many years,” he said.
Bundaberg Regional Council stands to lose $54 million in grant funds in the next 10 years if the planned cuts to FAGs go ahead.
Cr Cooper said that was despite already being identified within the audit report as having the equal seventh lowest average grant funding percentage when compared to revenue generated.