City’s Annual Financial Statements Adopted

Published on 27 October 2022

The audited City of Coffs Harbour Annual Financial Statements for 2021-2022, which show a surplus of $156,000, have been adopted.

City of Coffs Harbour performed well against the relevant benchmarks for a number of key performance indicators.

• The City’s operating income in 2021-2022 was 2.52% in excess of its operating costs. The benchmark is greater than 0%.
• The ratio measuring our capacity to service loan borrowings showed that we could cover the loan principal and interest payments for our borrowings 2.27 times. The benchmark is greater than 2.00 times.
• The City could fund its operations from available cash, cash equivalents and investments for a total of 9.47 months if necessary. The benchmark is greater than 3 months.

The Income Statement summarises the $258.592m of income and $197.689m of expenses from the City’s operations which have resulted in an operating surplus of $60.903m.  The 2021-2022 net operating result - before grants and contributions provided for capital purposes - was a surplus of $156,000.

The City’s Financial Statements are audited and prepared by the NSW Audit Office. Once the audited statements are signed, they will be sent to the NSW Office of Local Government.