Timeliness of reporting
The timeliness of councils continues to improve with 74 out of the 77 councils meeting their statutory or ministerially approved extended deadline.
Councils reduced the average time taken to finalise their financial statements by 1.6 weeks compared to last year. They have reduced the average time by nearly six weeks over the past four years, thanks to a concerted effort from most councils.
Quality of reporting
The quality of financial reporting still requires improvement. Twenty-one councils made significant adjustments to their draft financial statements and 12 councils corrected material errors from last year.
Incomplete asset registers continue to be an issue. Twenty-five councils reported ‘found’ assets totalling $378 million this year. These are assets that were not included in asset registers. Over the past three years, 40 councils have reported ‘found’ assets totalling $793 million. Without complete and accurate asset information, councils cannot adequately plan and manage their activities.