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B2B - Keeping you in the know
Former Gosford City Council
Financial Reports Referred for
External Audit
The financial reports for the
former Gosford City Council, for
the period 1 July 2015 to
12 May 2016, have been referred
to external audit following an
Extraordinary Central Coast
Council meeting on March 14th.
Q. Why were there no problems reported for Wyong?
A. No similar issues were identified with the former Wyong Shire
Council financial reports. Those financial reports were prepared
under the same acts and prescribed accounting standards and
codes as the financial reports for former Gosford City Council.
Q. What are the issues with the former Gosford
financial reports?
A residents’ forum was held prior to the Extraordinary Meeting to
allow community members to present their views on the reports
which were made public on Thursday March 9, 2017. A. The issues included the accurate identification and valuation
of specific infrastructure assets, and weaknesses in fundamental
internal controls.
Council Administrator, Mr Ian Reynolds, said Council was following
due process and had been required under the proclamation to
prepare financial reports for the two former Councils, including
the former Gosford City Council. Q. How much has it cost to find these ‘issues’ in the
former Gosford financial reports?
“My task as Administrator is to ensure proper process has been
followed and that these reports have been prepared under relevant
legislation and accounting standards and I am satisfied they have
been,” Mr Reynolds said.
A. These issues were encountered by staff during the normal
process of preparing the financial reports. An external
accounting firm was engaged to assist in resolving some of the
issues. The cost of the engagement was $147,000.
Q. How long has the Central Coast Council known
about the issues?
“The reports will now be referred for external audit and we will
await their advice.” A. Council has been working on preparing accounts since October
2016. The key issues were identified at various times since then.
“The community can be assured it is business as usual for the new
Central Coast Council. Q. What does it mean when you refer to an external
agency?
“We will continue to deliver the services they need, want and value.” A. Various statutes impose obligations to refer certain matters to
external agencies. Council has met its obligations under those
statutes. It is not appropriate for Council to make further comment.
https://www.centralcoast.nsw.gov.au/former-gosford-city-
council-financial-reports-referred-external-audit/
FAQs Council Report
Q. Will this be reported to ICAC?
A. Central Coast Council cannot comment on these matters at
this time.
Q. What is the report about?
8
former Gosford City Council, for the period 1 July 2015 to 12
May 2016, have now been referred to external audit following
the Extraordinary Central Coast Council meeting held on 13
March 2017.
A. The report presents the draft former Gosford City Council
financial reports for the period from the 1 July 2015 to 12 May
2016, and recommends those reports be referred for external
audit. Those financial reports are required under Acts and
have been prepared in accordance with prescribed Australian
accounting standards and codes. The financial reports for the
Q. Why do we have an operating surplus?
A. In simple terms, the former Gosford Council had more
revenue than costs.
Q: Can Council still deliver services?
A: Council’s Operational Plan is fully funded and is available on
its website. Key projects as articulated in the plan and recently
announced are funded and achievable.
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