In accordance with statutory requirements, the draft audited Financial Statements must be publicly notified for a minimum of 7 days. The draft audited Statements were presented to the Council meeting held 23 October 2023 (Item 10.01) and are on public notice from 24 to 30 October 2023.
Submissions close 11.59pm, 30 October 2023
In accordance with Section 418 (3) of the Local Government Act 1993 (the Act), North Sydney Council advises that an Extraordinary Council meeting will be held on 27 November 2023 to present the audited Financial Statements and the Auditor’s Reports for the year ending 30 June 2023. The report will be available on Council's website from 17 November 2023.
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 | 2021/22 | 2022/23 |
| Total Income from Continuing Operations | 141,713 | 157,744 |
| Total Expenses from Continuing Operations | 119,224 | 133,271 |
| Operating Result from Continuing Operations | 22,489 | 24,473 |
| Net Operating Result for the year | 22,489 | 24,473 |
| Net Operating Result before Grants & Contributions provided for Capital Purposes | 1,811 | (2,280) |
STATEMENT OF FINANCIAL POSITION
| 2021/22 | 2022/23 | |
| Total Current Assets | 153,102 | 158,467 |
| Total Current Liabilities | (51,008) | (54,757) |
| Total Non-Current Assets | 1,516,078 | 1,593,191 |
| Total Non-Current Liabilities | (37,281) | (35,044) |
| Total Equity | 1,580,891 | 1,661,857 |
OTHER FINANCIAL INFORMATION
| 2021/22 | 2022/23 | |
| Unrestricted Current ratio (times) | 2.71 | 2.72 |
| Operating Performance ratio (%) | 3.32 | 1.33 |
| Debt Service Cover (times) | 17.38 | 8.11 |
| Rates and Annual Charges outstanding ratio (%) | 2.94 | 2.77 |
| Infrastructure renewals ratio (%) | 150.63 | 86.79 |
| Own Source Operating Revenue ratio (%) | 80.51 | 78.90 |
| Cash Expense Cover ratio (months) | 15.39 | 14.28 |
For more information contact Council's Manager Financial Services on 9936 8100.