The City of Casey has posted a $139.7 million surplus for 2024/25, down almost 18 per cent on last year, with councillors saying the municipality remains financially strong, with record project delivery and a debt-free future on the horizon.
The drop in the bottom line was attributed largely to the timing of non-monetary developer contributions, which inflated last year’s result but arrived later in this cycle.
Despite the decrease, council’s chief financial officer Melissa Baker told councillors the balance sheet “remains healthy,” with assets rising to $8.4 billion after a $611 million revaluation of drainage infrastructure, and liabilities falling to $169.7 million due to loan repayments.
Crucially, Baker said Casey was “on track to be debt-free by 2027/28,” reflecting Council’s ongoing repayments and stronger equity position of $8.3 billion.
While the surplus contracted, Council delivered $122.3 million in capital works during the year, its highest program yet, including playground upgrades, pavilion renewals and neighbourhood infrastructure.
Officers said the delivery rate outpaced previous years, with 87.7 per cent of the capital works budget completed.
Service measures also trended upward; maternal child health participation climbed to 67 per cent, a 20 per cent year-on-year increase, with Aboriginal participation at 94 per cent.
Library memberships rose to 24 per cent, boosted by new facilities and click-and-collect lockers, while food safety inspections held a 100 per cent compliance rate.
Council’s sealed roads were maintained at 95.5 per cent to standard, exceeding the target.
The Victorian Auditor-General’s Office (VAGO) is expected to issue an unmodified opinion, effectively a clean bill of health, on both the financial report and performance statement.
The Audit and Risk Committee endorsed the draft statements at its August meeting.
Cr Carolyn Eaves, who sits on the committee, praised the process, adding that the “audit found no issues with governance or financial oversight during the transition from administrators”.
“I am satisfied the financial and performance reporting for 2024-25 is robust, transparent and compliant with legislative requirements and recommend that council adopt the final report and statement,” she said.
Cr Lynette Pereira, also on the committee, said it had been a learning curve when she initially took the role, but she had since grown confident, especially with the current financial statement’s delivery.
“This is important to show that the council can meet its financial obligations without any intention or need to liquidate or significantly reduce its operations,” she said.
“Whilst the City of Casey is in a healthy financial position, we need to ensure that we continue to find efficiencies, innovate in our service delivery models and attract government funding in order to continue to provide for our rapidly growing community.”
The motion to approve in principle the 2024/25 Financial Statements and Performance Statement, and authorise two councillors to certify the final forms after any changes from auditors, was moved by Cr Pereira and seconded by Cr Rowe; it passed unanimously.
