November 9, 2017
Toowoomba Regional Council adopted its 2016-17 Annual Report at a Special Meeting held on Wednesday.
Mayor Paul Antonio praised Council’s “financial resilience” despite a tight fiscal environment.
“Our strong and diverse economy, coupled with a major infrastructure boom, is making us the envy of regional Australia,” he said.
“This growth is fantastic, but also provides a challenge for Council to manage service delivery expectations with infrastructure provision for the future.”
The report showed that Council maintained its financial rating by the Queensland Treasury Corporation as “sound with a neutral outlook” and delivered a higher-than-budgeted surplus.
The operational surplus was just over $7 million and the fiscal surplus, including capital, was $27 million.
Finance portfolio holder Cr Mike Williams said debt had been reduced $11.6 million over the past financial year, despite rising costs.
“At the end of June 2017, Council was responsible for $4.5 billion worth of property, plant and equipment.
“We believe only in good debt – that is debt we have the ability to repay over a reasonable amount of time, and that is incurred on essential major projects across infrastructure, water, wastewater projects,” Cr Williams said.
To view the annual report videos or download a PDF, visit the TRC website
