Narrabri Road funding boosts Council’s bank balance

October 13, 2007

At the last Council meeting of the Gwydir Shire, Mr Steve Wilton, Director of Finances, reported that the Council is holding big cash assets, due in part to receiving the funding for the Narrabri Road. He reported that the New England Credit Union has been giving the best investment rate over the past 3 months and that approximately 20% of the assets are invested with them.

Mr Wilton reported that the Auditor is scheduled for October 17. “The statements have been completed and the problems with the systems have been fixed and there is a surplus.” Cr Coulton said the Gwydir Shire Council is on track and he ‘is very comfortable with the state of the finances.”

In relation to criticisms levelled at the council about the finances, Mr Wilton commented that council “had not been open enough with the information and that we should keep the community informed.”

Cr Wearne said that he is “extremely chuffed with the performance of Council and in particular to be now in surplus.” He went on to comment that the increase in interest rates has further added to Council’s coffers, due to the income from capital investments, the Narrabri Rd grant in particular.