By Dongyun Kwon
Yarra Ranges Council has made its financial statement more transparent and accurate.
The councillors approved amending the 2024-25 annual budget to reflect the addition of $18.912 million of carry-forward borrowings from the 2023-2024 financial year.
Yarra Ranges chief executive officer Tammi Rose confirmed the money was not added but was identified for borrowings in the previous fiscal year’s budget as a response to Cr Mazzarella’s question.
Ryrie Ward councillor Fiona McAllister moved the motion as it was recommended.
Cr McAllister said it didn’t change the overall financial position and was aligned with the council’s 10-year financial plan.
“We effectively went through the process to allow for the borrowings but it wasn’t accessed last financial year as it wasn’t needed at that time,” she said.
“It does still need to be accessed.
“It doesn’t change our bottom line but now we’re in a position where we do need to draw down on that money and have needed it to show it up in the budget.”
The approval enabled the realignment of overall cashflow and the funding assumptions to reflect the prior and current year budgets.
The proposed loan will be accessed through the funding vehicle offered by the Treasury Corporation Victoria which provides funding options specifically for the local government sector to access.
All other councillors agreed with Cr McAllister, and the motion was carried unanimously.
