City earns $55.9m for fiscal year

The City of Albany is in a strong financial position, chief executive Andrew Sharpe says, with its annual report revealing $55.9 million in revenue last financial year.

According to the report, which is set to be accepted by ratepayers at the annual meeting of electors tonight, the 2015-16 financial year performance exceeded budget expectations.

The City’s operating revenue came in $1.9 million over-budget, while operating expenses were $3 million under-budget, leaving the City with about $2 million ahead of projected comprehensive income.

MrSharpe said the results demonstrated sound financial management and efficiency gains. “Overall, that represents good financial management in terms of delivering on our promises to the community and keeping within budget and delivering a small surplus at the end of the year,” he said.

“That gave us an opportunity to hold rates down a little bit lower than what was expected for the 16-17 financial year.”

In the 12 months to June, the City generated $32.7 million of its revenue from rates, which was slightly above- budget and 6.3 per cent higher than in the 2014-15 financial year.

A copy of the City of Albany Annual Report 2015-2016 is available for download at albany.wa.gov.au.