As required by the Local Government Act, Central Coast Council has prepared financial reports for the former Gosford City Council for its final reporting period.

Council will consider those financial reports at an Extraordinary Meeting in Gosford at 5pm on Monday 13 March 2017.

Council CEO, Mr Rob Noble, said the financial reports confirm Central Coast Council remains financially and structurally stable, with its program of work for the community fully funded and rolling out.

“The preparation of the financial reports has not only ensured that the new Central Coast Council meets its statutory obligation, but that on 12 May 2016 it also inherited an operating surplus from the former Gosford City Council,” Mr Noble said.

“This, with the operating surplus inherited from the former Wyong Shire Council, gives Council a great head start for our works program for the next financial year.”

In the course of preparing the financial reports a number of issues were identified that warranted further analysis. An external accounting agency was engaged to assist in that process.

The issues included the accurate identification and valuation of infrastructure assets.  Weaknesses in fundamental internal controls were also identified.

Council has reported these matters to a number of third parties for their further analysis.

CEO Rob Noble noted the outcome of reports on the former Gosford City Council finances would not impact on the delivery and services to the community and was part of a continuing process of aligning Council’s financial management processes.

“After the financial reports are tabled on Monday, the reports will be referred to external auditors,” Mr Noble said.

“Following consideration of the financial reports, the auditors will form their opinions.  These opinions will be reported back to Council.

“Following this, Council will make the auditors’ opinions and financial reports available to the public and enable members of the public to make submissions thereon.

“The financial reports, opinions and submissions will then be formally presented to a meeting of the Central Coast Council.

“We are assisting Council staff to understand the implications of these financial reports.”

View the Business Paper, Including a Copy of the Financial Reports