The sound financial management of the Bundaberg Regional Council was again recognized in the Auditor General’s Local Government Financial Audit Report.
Tabled in Parliament this week, the report summarizes the results of the audit of Queensland’s 77 local government entities and provides recommendations for improvement.
Spokesman for the Council’s finance portfolio, Cr Steve Cooper, said the findings of the audit report reinforced the Council’s hard work behind the scenes.
“The audit report looks at a range of factors to determine the financial viability of Queensland Councils and we have once again been found to be low risk,” said Cr Cooper.
“To put this into context, around 60% of all Queensland councils audited were at moderate to high risk of not being financially viable.
“Given the widespread impacts of Covid-19 on many communities, it is no small feat for our region to remain in such a strong financial position.”
Cr Cooper said Bundaberg Regional Council has demonstrated that it has the necessary processes in place to manage financial risks.
“It is an honor for the entire BRC team to know that we achieved top marks in each of the relevant internal controls.”
The report made recommendations for all boards, including a new recommendation to reassess financial statement maturity levels.
“We are already proactively addressing the majority of the recommendations put forward and have had many in place for some time.”
Cr Cooper said in light of these very positive results, it was disappointing to see the planned reduction in financial assistance grants by the state government.
“It appears that successful merged boards are being penalized for subsidizing boards that have had financial sustainability issues for many years,” he said.
The Bundaberg Regional Council stands to lose $54 million in subsidies over the next 10 years if planned FAG cuts continue.
Cr Cooper said it was good that he was already identified in the audit report as having the seventh lowest average grant funding percentage to revenue generated.