TEL effort doubles its cash deficit

TOWNSVILLE Enterprise dipped into its cash reserves to support its lobbying efforts, more than doubling its deficit, the organisation’s latest financial records have revealed.

The peak economic lobby group’s financial report for 2018-19, released to the Townsville Bulletin, shows Townsville Enterprise’s deficit stands at $148,471. This is up from $61,659 the year before.

Townsville Enterprise chief executive Patricia O’callaghan said over the course of the financial year, the organisation invested $148,000 out of its $1 million reserves into “activities that ensured the region had a strong voice during a critical time in the political cycle”.

“(And on) initiatives that assisted businesses in rebuilding and growing after the floods earlier this year,” she said.

It is understood this includes the “Go Galilee” campaign, which called on politicians and candidates to sign a pledge if they supported mining in the Galilee.

“The business community returned this support with the organisation growing membership by 8.7 per cent during this period.”

Membership income $880,009 in 2018-19 $809,576 in 2017-18.

There was a 36.5 per cent decrease in income from government grants, from $2,136,400 in 2017-18 to $1,355,816 in 2018-19.

“The variability in income from FY 2017 to FY2019 is attributed to the significant projects that Townsville Enterprise is awarded year on year,” the report stated.

The financial report shows TEL also spent $655,062 on “consultants and contractors” in 2018-19, significantly less when compared to the $1.446 million spent the financial year before.

A jump in audit and accounting expenses, from $500 to $17,429, was due to a switch from “contra membership” to a “commercial exchange”. was and