City finances better than forecast
The City of Albany’s income was $3.7 million higher than expected and 22 employees earned $100,000 or more in the 2012-13 financial year, a report has revealed.
According to the 2012-13 financial report, the total comprehensive income was $9,067,588, compared to a budgeted $5,364,318 and an income of $7,688,802 in 2011-12.
City corporate services executive director Garry Adams said the $9 million surplus achieved was mainly due to $2.1 million being recovered from Lehman Brothers and better than expected revenue from Albany Regional Airport.
There was also some carryover of capital works into the next financial year.
“We also continued to pay down the City’s debt, from $17.4 million to $15.8 million, in line with the City’s budget,” Mr Adams said.
“Reserve levels increased from $9 million to $12.7 million, which will enable us to prepare for and achieve the City’s significant planned capital works programs.”
The overall revenue was higher than budgeted at $48,954,661 compared with the $45,586,819 in the budget and $45,933,994 in 2012.
The City recorded a $6,922,046 revenue for community amenities, lower than the budgeted $6,978,222, which was spent in areas such as recycling, the operation of the tip and the administration of the Town Planning Scheme.
Community amenity expenses were $7,994,907, higher than the budgeted $7,371,981 and finance costs were $14,942. In the area of recreation and culture, revenue was behind budget at $2,872,306, rather than the expected $2,950,768.
Expenses for the program were down at $12,334,116 compared to a budgeted $13,189,549, and $301,509 was spent on finance costs.
The funds are used to maintain halls, sportsgrounds, parks, playgrounds, jetties, townscape works, and the operation of the Albany Public Library, Albany Leisure and Aquatic Centre and Vancouver Arts Centre.
Non-operating grants, subsidies and contributions were down, with $10,187,735 budgeted and $9,494,797 received.
At the end of the financial year, 22 City employees made more than $100,000 a year with one employee on a $240,000 to $250,000 salary.
