Financial Statements 2020/21

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Consultation has concluded

UPDATE 31 JANUARY 2022

An online information session was held 14 December 2021. View the recording and/or the Q&A Summary.

UPDATE 8 NOVEMBER 2021

In accordance with statutory requirements, the Statements were placed on public exhibition for seven days from 28 October to 3 November 2021. No submissions were received during the exhibition period. The web page was viewed fifteen times, with the document downloaded six times. An online information session has been scheduled for 14 December 2021 at 6pm to provide an opportunity to explain the Financial Statements and current financial position of Council to interested members of the community.

Submissions closed 5pm, Wednesday 3 November 2021

In accordance with Section 418 (3) of the Local Government Act 1993, (the Act) North Sydney Council advises that the ordinary Council meeting to be held on 8 November 2021 will include the presentation of the audited Financial Statements and the Auditor’s Reports for the year ending 30 June 2021. View the report and minutes (when available) on Council's website.

In accordance with Section 420 of the Act, any person may make a submission in writing with respect to Council's Audited Financial Statements or the Auditor's Report.

A summary of the Financial Statements is provided below:

INCOME STATEMENT

Income Statement

2019/20
$'000

2020/21
$'000

Total Income from Continuing Operations

121,327

143,578
Total Expenses from Continuing Operations

126,460

119,866
Operating Result from Continuing Operations

(5,133)

23,712
Net Operating Result for the year

(5,133)

23,712
Net Operating Result before Grants & Contributions provided for Capital Purposes

(11,511)

(507)


STATEMENT OF FINANCIAL POSITION


2019/20
$'000

2020/21
$'000

Total Current Assets

98,000

122,352

Total Current Liabilities

(48,414)

(55,168)

Total Non-Current Assets

1,194,796

1,215,502
Total Non-Current Liabilities

(10,524)

(8,482)
Total Equity

1,233,858

1,274,204


OTHER FINANCIAL INFORMATION


2019/20

2020/21

Unrestricted Current ratio (times)

2.82

2.82

Operating Performance ratio (%)

(6.59)

1.30

Debt Service Cover (times)

15.24

19.32

Rates and Annual Charges outstanding ratio (%)

2.90

2.78

Infrastructure renewals ratio (%)

93.60

98.35

Own Source Operating Revenue ratio (%)

89.80

79.19

Cash Expense Cover ratio (months)

9.50

11.55


For more information contact Council's Manager Financial Services on 9936 8100.

UPDATE 31 JANUARY 2022

An online information session was held 14 December 2021. View the recording and/or the Q&A Summary.

UPDATE 8 NOVEMBER 2021

In accordance with statutory requirements, the Statements were placed on public exhibition for seven days from 28 October to 3 November 2021. No submissions were received during the exhibition period. The web page was viewed fifteen times, with the document downloaded six times. An online information session has been scheduled for 14 December 2021 at 6pm to provide an opportunity to explain the Financial Statements and current financial position of Council to interested members of the community.

Submissions closed 5pm, Wednesday 3 November 2021

In accordance with Section 418 (3) of the Local Government Act 1993, (the Act) North Sydney Council advises that the ordinary Council meeting to be held on 8 November 2021 will include the presentation of the audited Financial Statements and the Auditor’s Reports for the year ending 30 June 2021. View the report and minutes (when available) on Council's website.

In accordance with Section 420 of the Act, any person may make a submission in writing with respect to Council's Audited Financial Statements or the Auditor's Report.

A summary of the Financial Statements is provided below:

INCOME STATEMENT

Income Statement

2019/20
$'000

2020/21
$'000

Total Income from Continuing Operations

121,327

143,578
Total Expenses from Continuing Operations

126,460

119,866
Operating Result from Continuing Operations

(5,133)

23,712
Net Operating Result for the year

(5,133)

23,712
Net Operating Result before Grants & Contributions provided for Capital Purposes

(11,511)

(507)


STATEMENT OF FINANCIAL POSITION


2019/20
$'000

2020/21
$'000

Total Current Assets

98,000

122,352

Total Current Liabilities

(48,414)

(55,168)

Total Non-Current Assets

1,194,796

1,215,502
Total Non-Current Liabilities

(10,524)

(8,482)
Total Equity

1,233,858

1,274,204


OTHER FINANCIAL INFORMATION


2019/20

2020/21

Unrestricted Current ratio (times)

2.82

2.82

Operating Performance ratio (%)

(6.59)

1.30

Debt Service Cover (times)

15.24

19.32

Rates and Annual Charges outstanding ratio (%)

2.90

2.78

Infrastructure renewals ratio (%)

93.60

98.35

Own Source Operating Revenue ratio (%)

89.80

79.19

Cash Expense Cover ratio (months)

9.50

11.55


For more information contact Council's Manager Financial Services on 9936 8100.