Public Notice - Presentation of Financial Statements

20/04/2021
PUBLIC NOTICE
PRESENTATION OF FINANCIAL STATEMENTS
AS PER SECTION 418(3) OF THE LOCAL GOVERNMENT ACT.
In accordance with Section 418(3) of the Local Government Act, 1993, Hilltops Council advises that the Ordinary Council Meeting to be held on 28 April 2021 will include the presentation of the Audited Financial Statements and the Auditor’s Reports for the financial year ended 30 June 2020.
 
 
A summary of the Financial Statements is provided below:   2020($’000)   2019($’000)
Income Statement        
Total Income from continuing operations   67,601   70,465
Total expenses from continuing operations   60,537   67,114
Operating result from continuing operations   7,074   3,351
Net operating result for the year   7,074   3,351
Net operating result before grants and contributions provided for capital purposes   (10,587)   (7,474)
Statement of Financial Position        
Total current assets   51,317   58,057
Total current liabilities   20,859   15,855
Total non-current assets   639,751   573,966
Total non-current liabilities   27,526   18,762
Total equity   642,683   597,406
Other financial information        
Unrestricted current ratio (times)   1.26   3.86
Operating performance ratio (%)   (21.44)%   (12.31)%
Debt service cover ratio (times)   3.54   4.12
Rates and annual charges outstanding ratio (%)   13.13%   9.93%
Infrastructure renewals ratio (%)   58.87%   57.15%
Own source operating revenue ratio (%)   50.13%   55.05%
Cash expense cover ratio (months)   9.64   8.52
 
In accordance with Section 420 of the Local Government Act, 1993, any person may make a submission in writing to Council with respect to the Council’s Audited Financial Statements or the Auditor’s Reports.
 
Copies of the audited Financial Statements and the Auditor’s Reports are available on request by email to mail@hilltops.nsw.gov.au, at Customer Service at 189 Boorowa Street, Young, 6-8 Market Street Boorowa and 3 East Street Harden.
 
Submissions close one week after the above Public Meeting has been held.