12th December 2023
Banana Shire Council has adopted its annual report for the 22/23 Financial Year, detailing an end-of-year financial position of no debt, an operational surplus of over 21 million dollars, and cash holdings of close to 58 million dollars, putting the Council in a financially sustainable position.
Council’s net comprehensive income for the year rose to $196,591,649, attributed primarily to asset revaluations. Notably, the Council now oversees assets exceeding a billion dollars, with cash holdings reaching $57,807,622, underscoring the Council’s fiscal resilience.
Council’s commitment to a debt-free status remains unwavering, having settled all loan borrowings in July 2022, with no intentions to acquire new debt in the foreseeable future.
The report details how Council delivered a record-breaking capital program of $36,737,377, predominantly directed towards essential infrastructure development, particularly in road projects and flood damage restoration.
Mayor of Banana Shire Council, Cr Nev Ferrier, said that the Shire was financially well prepared for the future thanks to the influx of renewable projects, but also the continued contribution from traditional industries like mining, power generation and farming.
“Our local economy is doing well, with new energy projects boosting growth. Even with these new opportunities, traditional industries like coal, farming, and power generation will remain important,” said the Mayor.
With financial sustainability achieved, Council is moving its focus towards enhancing operational efficiency, fostering community engagement and elevating service standards.
The Banana Shire Council Annual Report is available for download from the BSC website, or by clicking on the following link: https://www.banana.qld.gov.au/downloads/file/8189/2022-2023-annual-report