LOGAN has been awarded the top rating for financial practices across a number of key categories.
Accounting firm Deloitte was appointed by the Queensland Audit Office to prepare a report on the council’s financial situation to comply with standard auditing requirements.
The report gave the council a green rating for overall financial sustainability, its financial statement preparation process and internal control measures.
Logan acting mayor Cherie Dalley said the council’s financial stability was the envy of other councils across Queensland.
“This Deloitte’s audit report reconfirms the council’s reputation as a smart and transparent financial manager,” she said.
“With a budgeted operating surplus of $12.8 million and debt at just three per cent of our overall asset base, there is no doubt the council is on the right track with its financial practices.
“I’d like to thank all staff for this excellent result and city treasurer Trevina Schwarz for her role in ensuring Logan’s financial position leads the state.”
Cr Schwarz said the council’s strong economic performance allowed it to contain the 2018/19 rate rise to just 1.48 percent and freeze water and sewerage charges for a second consecutive financial year.
“To get a green traffic light sign across all the facets is an extraordinary achievement and one to be proud of,” she said.
LGAQ chief executive officer Greg Hallam said Logan council had been in a strong financial position for many years and the latest results suggested an even better outlook.
“Sustainability ratios are a crucial measure and it’s encouraging to see the independent auditor’s assessment of their strong financial health,” he said.