Chris Oldfield, Naracoorte Community News

While council rates have soared up to 20 per cent and more for many property owners, the Naracoorte Lucindale Council is far from broke.

On June 30 it had almost $13 million cash sitting in various bank accounts.

Manager finance and corporate Alex Edmonds revealed the piles of cash in her written report to council’s July 26 meeting.

She said the council’s bank reconciliation statement “indicates net total funds of $12,908,098.95”.

Ms Edmunds said those funds included 2022-23 Grants Commission payments made in advance by the Federal Government in March 2022.

Those amounts included $2,436,683 made up of a general $1,953,241 grant and a roads grant of $483,442.

Ms Edmunds provided an investment summary balance of the council’s finances that showed $1,511,102 in BankSA, $2,886,799.87 in the Local Government Finance Authority 24-hour general investment, $6 million in fixed term investments, $523,382.19 in its Community Waste Management Scheme, $25,522.22 in open space reserve, $388,184.04 livestock exchange reserve and $1,573,108.63 in plant machinery reserve.

“Section 140 of the Local Government Act, 1999 states that council must, at least once in every year, review the performance – individually and as a whole – of its investments,” Ms Edmunds said.

“Council is provided with a report of interest earned on a quarterly basis.”

On its investments excluding the Local Government finance authority, Ms Edmunds said the council earned $19,605.43.

Council investments with the LGFA earned $44,799.67 from July 1, 2021, to June 30, 2022.

Ms Edmunds said the council’s cheque account was with BankSA and received no interest.

This article appeared in the Naracoorte Community News.