Shire posts $484,000 deficit

October 25, 2017

Campaspe Shire has posted a 2016/17 deficit of $484,000.

CAMPASPE Shire has posted a 2016/17 deficit of $484,000.

The financial status of the council was revealed in the 2016/17 annual report, which was received at the council meeting on Tuesday night.

This number is due to a variation of grants that were either paid in advance or that are to be claimed in the 2017/18 financial year.

Before all the additions the council achieved an operating surplus of $10.5 million.

The council paid in advance $5.7 million of the 2017/18 financial year Financial Assistance Grants.

The $4.9 million of grants budgeted in 2016/17 is to be claimed next financial year.

There was also an unfavourable variance of $1.4 million for the disposal of property and equipment and under-estimated.

Councillor Neil Pankhurst said the annual report is an important document.

‘‘The financial report will stand up to any scrutiny,’’ he said.

‘‘With any year where there are changes there will be a bit of movement but the council has been well managed.’’

The total revenue was $85 million and total expenditure $74.5 million.

Council spent 28.29 per cent of its expenditure on developing and maintaining roads, bridges and public buildings.

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