2015-16
SNAPSHOT
$
$$
Net operating surplus for
the second year running
Increased community
equity by $187m
Toowoomba City Library
completed and opened in
February 2016
Completion of Stage 1 of
Highfields Sports Park
and opened in May 2016
1.7 Community Financial
Report 2015-2016
The purpose of the Community Financial Report is to
give community members a plain English, easy to follow
summary of Council’s Financial Statements in accordance
with Section 179 of Local Government Regulation 2012.
Council’s Financial Statements must be certified by both
the Mayor and the Chief Executive Officer as “presenting
fairly” the Council’s financial results for the year. They are
also required to be adopted by Council – ensuring both
responsibility for and ownership of the Financial Statements
by management and elected representatives.
In addition, Council’s financial statements are audited by
the Queensland Audit Office. The auditor provides an audit
report which gives an opinion on whether the financial
statements fairly present Council’s financial performance
and position.
This report focuses on:
• Statement of Comprehensive Income
• Statement of Financial Position
• Statement of Changes in Equity
• Statement of Cash Flows
• Measures of Financial Sustainability
Statement of Comprehensive Income
The Statement of Comprehensive Income is often referred
to as the Profit and Loss statement. This statement shows
what Council has earned (revenue) and what costs Council
has incurred (expenses) throughout the year.
In summary, Council’s result for the reporting period was:
$’000’s
What we have earned (Revenue)
Recurrent Revenue
Capital Revenue
Total Revenue
288,345
91,895
380,240
What we have spent (Expenses)
Recurrent Expenses
Capital Expenses
Total Expenses
286,089
2,124
288,213
Net Result
92,027
The Net Result does not necessarily represent surplus cash
funds available for general use as certain income items are
restricted to specific use. For example, capital grants are
generally allocated to maintain or expand the Council’s
infrastructure.
Some revenue is of a non-cash nature – for example,
contributed infrastructure assets (such as roads, sewerage
and water mains) constructed by a developer on behalf of
Council in conjunction with land sub-divisions or
property developments.
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