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Council Debt Cut By $5.5m

Filed under Breaking News, Council, Latest News

The South Burnett Regional Council’s latest Annual Report notes that total debt fell by $5.5 million in 2018-19, while cash reserves rose by $17 million (Photo: SBRC)

November 11, 2019

South Burnett Regional Council reduced its debt by $5.5 million and increased its cash reserves to $48 million in 2018-19.

The figures are included in Council’s annual report, released recently.

The Council says its main achievements during 2018-2019 were:

  • Reducing debt by $5.5 million (from $44.9 million to $39.4 million)
  • Increasing cash reserves by $17 million (from $31 million to $48 million)
  • Significant improvements to the region’s road network
  • Introducing a Hardship Policy to assist ratepayers struggling with Council debts
  • Using Works For Queensland grants to attend to outstanding capital works projects
  • Continuing work on revitalising town CBD areas
  • Ongoing cost reduction efforts across all areas of Council operations

The main threats it forecast were:

  • Cost blow-outs in running the region’s swimming pools and housing dogs and cats, which were well above CPI
  • Ongoing increases in the costs of materials and services
  • The Federal Government’s reluctance to restore Financial Assistance Grants for Councils to previous levels

By law, all Queensland Councils are obliged to produce an Annual Report shortly after the end of each financial year.

The report is then vetted by the Department of Local Government to ensure it complies with State guidelines, and approval to release it is usually given in late October or early November.

The South Burnett document was formally adopted at a special meeting on November 6.

The report covers the Council’s major achievements in 2018-19 and records how well – or otherwise – the Council is meeting its performance targets and long-term goals.

The Annual Report also provides financial data which outlines where the Council’s money came from and how it was spent.

Hard copies of the Annual Report are available for viewing at Council’s Customer Service Centres and local libraries, and can be purchased for a fee.

An electronic copy of the 2018-19 Annual Report is also available at no charge on Council’s website


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