Town’s financial report card now easier to understand

The Town of Port Hedland says residents can track its finances through a new and easy to understand monthly report.

The report includes a range of key financial health indicators developed by the State Government as guides for local governments.

These include a local government’s ability to pay its bills, debts and fund its operations self- sufficiently.

Acting chief executive Sid Jain said the Town met each target in its August report.

“All targets are met and in some cases exceeded, demonstrating that our financial position is strong, ” he said.

“As an example, the minimum target ratio to pay bills is 1.0 and our budgeted performance is 1.1.

“The minimum target to service debts is 2.0 and our budgeted performance is 4.68.

“Our ability to cover costs through own revenue is 95 per cent while the minimum target is 40 per cent.”

The release of the new monthly report comes as some candidates for the upcoming council election have been critical of the Town’s finances and transparency.

Mr Jain said the report indicated the Town was operating at a $31.1 million surplus as of August 31.

The Town’s monthly report is available on its website.