Council's accounts healthy
AUDITOR Bob Finch once again gave Nambucca Shire Council a tick for its financial management when he presented the 2007/2008 audited financial statements last week.
The statements showed the council had an operating deficit of $1.7 million after the inclusion of capital grants and contributions.
It was explained that the deficit was mainly related to the fall in investment income plus increases in depreciation expenses of some assets and the cost of materials and contracts for work done.
After the meeting, mayor Rhonda Hoban said she was pleased with the favourable comments Mr Finch made about the council's financial management and described the report as “generally good”.
“Although the deficit is worrying, it is not too bad given the current financial climate,” Cr Hoban said. “The result is directly related to some non-performing investments and not any mismanagement.”