Bankstown City Council continues to lead the way when is comes to strong financial management, following another stable and sound financial year-end result.

Mayor Khal Asfour said the 2011/12 Annual Financial Reports have been completed and indicate Council is financially well positioned.

“Through effective financial management of our income base and discretionary expenditure, Council has once again been able to record a sound financial report,” Mayor Asfour said.

“We are continuing to reduce our reliance on loans for asset maintenance/replacement, at the same time delivering more services and a large capital works program.

“By being more strategic, we can ensure we are well placed to manage any future financial planning challenges we may face.

A number of capital works projects and achievements have been completed during the 2011-12 financial year, these include:

• Completion of the Bankstown Arts Centre;
• Upgrading of Newlands Reserve wetland;
• Bankstown Underpass upgrade;
• Punchbowl Town Centre upgrade; and
• Birrong and Revesby Leisure Centre upgrades.

Mayor Asfour said for the past two years, Council has not borrowed money for its capital asset replacement program.

“We are still on target, as promised, to be debt free by 2018,” Mayor Asfour said.

“I am extremely proud of these achievements, and the result of this audit forms a stable base in supporting future budgets.

PricewaterhouseCoopers, the independent auditor, said Council’s financial position is considered to be sound and stable.

“All indicators stand better than accepted industry benchmarks,” the auditor said.