Qld Audit office delivers report card on Bundaberg council’s financial state
State auditors have delivered their latest assessment on the long-term financial health of Bundaberg Regional Council, and there’s just one problem. Find out what that is:
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Bundaberg Regional Council’s long-term financial stability has been given the tick of approval by auditors, with only one thing marring an otherwise clean report card.
The Queensland Audit Office’s latest report on the council’s financial sustainability found it was at a low risk of experiencing any financial troubles in the future as a result of ongoing annual surpluses and minimal liabilities.
The only smudge on the report was on the council’s ability to renew its assets and infrastructure in the coming years.
Auditors said there was a “moderate” chance of this becoming a long term problem for the council.
Problems with asset renewals are usually caused by “irregular spending or insufficient asset management practices, creating a backlog of maintenance (and or) renewal work”, the auditor’s report says.
The council’s ratio, which indicates the rate at which assets are being replaced, was 63 per cent, well below the ideal target of 90 per cent.
The ratio has continued to trouble the council’s report card since 2015, but CEO Steve Johnston said the 90 per cent target was now “widely accepted as being deficient”.
This concern was echoed by the Audit Office, which noted in the report the category “has its shortcomings” and can be improved.
Mr Johnston said the council’s spending to renew its assets was in line with its long-term financial management plans and the mark against in the report “did not impact the overall rating”.
“The Local Government financial audit report has highlighted Bundaberg Regional Council’s sound financial management,” Mr Johnston said.
The report comes as the council faces the challenge of potentially losing up to $54 million in federal assistance grants over the next decade.
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Originally published as Qld Audit office delivers report card on Bundaberg council’s financial state
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