15
October
2018
|
11:36
Australia/Melbourne

End of year financial result endorsed

Wodonga Council’s end of year result for 2017-2018 has resulted in a surplus of $971,000.

The savings have come from lower salary and superannuation costs; lower contract and insurance charges; and, higher revenue from fees and interest.

From the surplus, $750,000 will go towards the Cultural Precinct redevelopment following an unsuccessful application to the Living Libraries fund.

It was announced last month that the Victorian Government would be contributing $4 million towards the new library and gallery.

The remainder will be retained and be considered as part of the 2019-2020 budget process.

The end of year result and recommendation was passed by councillors at the October council meeting.

Chief Executive Officer Patience Harrington said the result was reflective of the council’s continued focus to find efficiencies and obtain grant funding as well as displaying prudent management that brought projects in or under budget.

“There has been a continued focus on keeping costs down and improving practices and the organisation has been undertaking an ongoing rollout of service reviews,” Ms Harrington said.

“And we continue to drive the momentum that has seen Wodonga transform into a vibrant and progressive city.”

Meanwhile, the September quarterly financial report shows the council is tracking well in the present financial year with additional funds coming from the sale of land at Baranduda Industrial Estate.