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SDRC delivers third budget surplus with strong financial management

The Southern Downs is set for continued growth with the latest figures showing Southern Downs Regional Council operated at a surplus and reduced debt through the first quarter of the 2018-19 Financial Year.

The latest Finance Report continues SDRC’s three-year trend of delivering budget surpluses and reducing debt, allowing Council to continue providing services and improve infrastructure across the region.

Councillors resolved to adopt the latest Finance Report for the current financial year at the November General Council Meeting.

Southern Downs Councillor for Economic Development, Regional Promotion and Tourism Rod Kelly said Council will continue to achieve wonderful projects for the community thanks to Council’s improving financial position.

“The current Council inherited a $31M debt, so one of our first orders of business was to pass a resolution to reduce the debt by at least $2M per year,” Cr Kelly said.

“In a very short time, this Council has achieved amazing results and reduced that debt to just under $22M which is nearly a 30 per cent reduction.”

Southern Downs Deputy Mayor and Councillor for Finance, Governance and the Arts Jo McNally said that Council had made efforts to make Council finances more open and transparent to the community.

“This Council provides the community with more detailed accounts of Council’s financial position than previous Councils so the community can see how we are tracking,” Cr McNally said.

“The community can see for themselves that Council is meeting key ratios and significantly reducing debt. We now have substantial money in the bank account which is a positive result for the community.

“At the start of this Council’s term, we agreed to set strict budgets at the beginning of each financial year.

“Closely monitoring the budget throughout the year allows Council to operate at a surplus and adapt to the changing needs of the community while continuing to be financially responsible.”

For more information or to view the current Finance Report, please visit the SDRC website at www.sdrc.qld.gov.au.

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