City of Joondalup returns to financial surplus

City of Joondalup returns to financial surplus

THE City of Joondalup returned to an operating surplus in 2018-19.

The City’s Annual Report was presented at the 2019 annual general meeting of electors last night, with a “modest growth in revenue combined with a reduction in expenditure” resulting in the City finishing the year in a “reasonably stable financial position”.

Figures show the City’s operating income was $155 million, including $101 million in rates, $41 million in fees and charges, $5 million in grants and subsidies, $4 million in interest and $1 million in contributions, reimbursements and donations.

This revenue increased by 5 per cent from the previous year, mainly from a growth in rates, operating grants, fees and charges.

From the City of Joondalup’s 2018-19 Annual Report.

Meanwhile, its expenditure was $150 million, including $63 million in employee costs, $48 million in materials and contracts, $30 million in depreciation, $5 million in utilities, $1 million in insurance and 0.5 million in interest.

This was a decrease of 2 per cent from the previous year, mainly because of lower depreciation costs and reduced materials and contracts expenditure.

From the City of Joondalup’s 2018-19 Annual Report.

Capital expenditure was also lower than budgeted because of the deferral of some expenditure on multi-year projects.

The major areas of capital expenditure included $7 million on roads, $6 million on street lighting, $5 million on Better Bins, $3 million no parks and $2 million on building works.

According to Mayor Albert Jacob’s message, highlights of the 2018-19 financial year included about 700 employees from the Department of Water and Environmental Regulation moving to the Primewest building in Joondalup, the roll-out of the three-bin system, State and Federal support for the Whitfords Nodes Health and Wellbeing Hub that will eventually include a fitness staircase likened to Jacob’s Ladder, and Joondalup’s sister city relationship with Jinan having an economic benefit for the City valued at more than $70 million.

Chief executive Garry Hunt’s message also highlighted the changing Joondalup city centre skyline with ground broken on the 17-storey Arthouse Apartment complex and the completion of Quest Joondalup, Kaleidoscope 2018 attracting almost 120,000 people to the city and a record attendance of more than 60,000 to the Joondalup Festival, and awards for reporting and being water wise.