Finances clawing back into black
THE region can sleep a little easier this week knowing we’re officially clawing our way out of debt.
The Queensland Treasury Corporation’s 2015 Credit Review has upgraded Whitsunday Regional Council’s financial position to moderate with a neutral outlook, up from the previous rating of weak.
Acting CEO Barry Omund- son said the improvement was a big step forward.
“Between 2010 and 2014, council’s position was categorised as either weak or very weak, so it’s fantastic that we have been able to see our rating upgrade to moderate,” he said.
Mr Omundson said improving our financial outlook hadn’t been easy, “but the QTC has noted in its report that we have strengthened our position through reducing debt and implementing better processes”. “Through making tough decisions and improving our processes, we’ve been able to fully repay our $10 million emergency loan ahead of time and finish the year with a cash balance and operating surplus,” he said.