Fi­nances claw­ing back into black

Whitsunday Times - - LOCAL NEWS -

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.

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