Council
16 October, 2025
Optimism for shire’s financial position
CORANGAMITE Shire councillors have endorsed a lower-than-expected financial result, but councillors remain optimistic the shire is in a positive fiscal position after returning a surplus for the past financial year.
Councillors voted at the September Ordinary Meeting of Council to give in-principle approval to the Financial Statements and Performance Statement for the financial year, authorising councillors Laurie Hickey and Kate Makin to certify the 2024-2025 statements.
The financial result for the year ended June 30 2025 was a $2.5 million surplus which was lower than the adopted budget surplus of $3.9 million.
Noted in the report before council was favourable results such as through statutory fees and fines ($426,000), operating grants ($5.2 million) and capital grants ($10.5 million).
But the budget took a hit to the tune of $7 million on materials and services due to the transference of operating expense upon completion of the Port Campbell project, $3.1 million on depreciation, $5.7 million on net loss disposal of property, plant and equipment and $1.5 million on fair value adjustment.
The Performance Statement showed the shire performed as expected or better on its key performance indicators.
Councillor Geraldine Conheady moved the motion, saying the report provided a comprehensive overview of council remaining in a solid financial position.
“I think it has covered all the elements very well, especially in relation to the variances which have been well explained,” she said.
“In the notes to the accounts you can see we’ve got financial assistance grants which were paid in advance for $5.3 million.
“We’ve had completion of multi-year capital works projects during the 2024-2025 years, increased investment returns and some on-budget items which account for variations in the results to our budget.
“We had $27 million worth of capital works delivered during 2024-2025 plus prior-year projects which was a marvellous effort by our works crew.
“I’m really proud of that, so thank you to the works crew.”
Cr Conheady said among the biggest variations was the transference of large portions to Great Ocean Road Coast and Parks Authority (GORCAPA) as part of the Port Campbell Streetscape projects.
“There have been quite a few accounting adjustments, one of those of course is the Port Campbell project which included assets which were transferred to GORCAPA,” she said.
“They’re taking over some of the reserves along the coast so that led to some adjustments in the balance sheet, but I think we are in a very good position and we’re very sustainable as a council.
“I think our budget position looks good.”
Councillor Laurie Hickey seconded, saying it was a good result for the shire.
“The financial result was a little lower than what we expected from last year, being expected to $3.9 but it was $2.5 million,” he said.
“It was a little bit lower but it has been audited, so I’m happy to second this recommendation.”
The motion was carried unanimously.