Capital works program on track, finances stable

Published on 30 July 2024

Moyne Shire’s extensive capital works program is tracking well with additional expenditure and increased productivity when compared to last year.

The monthly financial report shows 92 per cent of planned works for 2023/24 are complete, compared to 70 per cent in the previous year.

Mayor Cr Ian Smith said teams had delivered $29.9 million in capital works.

“That’s an increase in expenditure of $3.5 million and represents a 15 per cent jump in productivity,” he said.

“Projects have included The Macarthur splashpad and playground, Koroit township renewal, the Remote Road Upgrade Pilot Project in the Chatworth area and electrical upgrades at Port Fairy’s Garden’s Caravan Park.

“Reducing the amount of carry forward projects has been a focus for Councillors over the past year and these results are a result of that and a credit to our team who have worked hard to deliver them.”

Cr Smith said the establishment of a centralised project management office within council and improved monitoring and forecasting had led to the strong result.

The preliminary end of financial year statements also showed council has cash and investments of $14.2 million and key financial indicators remain solid.

Cr Smith said the preliminary financial result for the year ended 30 June 2024 is a forecast Underlying Deficit of $8.5 million, which to timing of Federal Assistance Grants.

“Annual Federal Assistance Grants arrive at different times during the year. The $10.4million grant for the 2023/24 Financial year was received and recorded in the 2022/23 financial year creating an anomalous transaction for the current financial statements,” he said.

“An underlying position is an accounting term which shows a financial result when non-recurrent funding is removed from calculations. For council this is capital grant funding from state and federal governments, which are allocated to specific projects.

“If the $10.4 million Federal Assistance Grant had been received in the 2023/24 reporting period, the result would have been a favourable $1.9 million Underlying Operating Surplus.”