2021/22 annual financial statements

Project Status: Open for feedback

Public consultation period to

Why we’re doing this

Each year, individual local governments across NSW are required to present a set of audited financial statements. In accordance with Section 418 (3) of the Local Government Act, 1993, City of Sydney advises that the Ordinary Council Meeting to be held on 21 November 2022 will include the presentation of the audited Financial Reports and the Auditors Reports for the financial year ending 30 June 2022.

The statements set out the financial performance, financial position and cash flows of the council for the financial year ending 30 June 2022. They also contain explanatory notes for the major components of income and expenditure and the financial position of assets and liabilities.

The annual financial statements comprise:

  1. General purpose financial statements
  2. Special purpose financial statements
  3. Special schedules.

The City of Sydney 2021/22 financial statements are prepared in line with Australian accounting standards and interpretations from the Australian Accounting Standards Board, the Local Government Act 1993 and the Local Government Code of Accounting Practice and Financial Reporting.

2021/22 financial statementsPDF · 5.46 MB · Last modified

Summary of financial statements

 

2022
$'000

2021
$'000

Income Statement

Total Income from Continuing Operations

676,501

847,835

Total Expenses from Continuing Operations

611,551

652,209

Operating Result from Continuing Operations

64,950

195,626

Net Operating Result for the year

64,950

195,626

Net Operating Result before Capital Grants & Contributions

(4,033)

50,925

Balance Sheet

Total Current Assets

651,937

587,289

Total Current Liabilities

(215,726)

(205,361)

Total Non-Current Assets

12,410,801

12,138,190

Total Non-Current Liabilities

(113,367)

(86,712)

Total Equity

12,733,645

12,433,406

Other Financial Information

Operating Performance Ratio
(excl. non-recurrent capital expenses) (%)

(2.41%)

5.14%

Operating Performance Ratio (%)

(4.84%)

(1.25%)

Own Source Operating Revenue Ratio (%)

86.46%

78.58%

Unrestricted Current Ratio

4.17 : 1

3.95 : 1

Unrestricted Current Ratio (less External & Internal Restrictions)

2.95 : 1

3.14 : 1

Debt Service Ratio (%)

177.84%

258.47%

Rates & Annual Charges Outstanding Ratio (%)

1.96%

2.16%

Cash Expense Cover Ratio (months)

12.48

10.84

How you can give feedback

Consultation closes at 6pm on Monday 28 November 2022.

In accordance with Section 420 of the Local Government Act, 1993, any person may make a submission in writing to Council with respect to the Council’s Audited Financial Reports or the Auditor’s Reports.

Feedback may be published in publicly available reports at the end of the consultation period. Your name or organisation's name may appear in these reports with your feedback attributed. If you would like your feedback to be kept confidential, please let us know when making your submission.

After this exhibition, the audited financial reports and the auditor’s reports will be presented at the Ordinary Council Meeting on 21 November 2022.

Other ways you can give feedback