December Quarter Finance Report

5 March 2014

THE DECEMBER quarter Finance Report was be submitted at last night’s Ordinary Council Meeting. The report will show a large variance as a result of not proceeding with a $1.5 million loan that had been budgeted for.

Council budgeted to take out a loan this year to fund the organisation’s superannuation liability, but Council’s cash reserves are such that taking out a loan may not be required.

“A budget report variance of this magnitude is very conspicuous. But this is a positive outcome indicating that we are managing our cash and superannuation liability well,” says Trevor Britten, Alpine Shire Council Director Corporate and Community.

“Council will save $578,700 over 10 years in interest payments by not taking out the loan. Not taking out a loan will not affect Council’s ability to deliver services or its capital works program. We will continue to responsibly monitor our cash position to determine in advance whether a future intervention is required.”

The full report will be made available on the Alpine Shire Council website following next Tuesday’s Council meeting.


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