The Town of Coffs Harbor’s annual audited financial statements for 2021-22, which show a surplus of $156,000, were adopted.
The City of Coffs Harbor performed well against relevant benchmarks for a number of key performance indicators.
- The City’s operating revenues in 2021-22 were 2.52% higher than its operating costs. The reference is greater than 0%.
- The ratio measuring our ability to service loans to loans showed that we could cover the loan principal and interest payments for our borrowings 2.27 times. The reference is greater than 2.00 times.
- The City could finance its operations from available cash, cash equivalents and investments for a total of 9.47 months if necessary. The benchmark is more than 3 months old.
The income statement summarizes the $258.592 million in revenue and $197.689 million in expenses from city operations, which resulted in an operating surplus of $60.903 million. Net operating income for 2021-22 – 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 verified declarations have been signed, they will be sent to the NSW Local Government Office.