Town clarifies funds query
The Town of Port Hedland has responded to public questions and clarified the financials behind the South Hedland Aquatic Centre renewal works.
At the special council meeting earlier this month Arnold Carter asked the Town to explain where $1,104,000 had come from, which was listed in the Town’s financial statements.
“I am confused reading this recommendation as it stated to approve the allocation of $500,000 from the asset management infrastructure reserve fund, reducing the financial year closing balance of the reserve to $2,099,000,” he said. “However the financial statements has the following financial information — an opening balance of $2,601,000 with a transfer in of $1,503,000 which makes a total of $4,104,000.”
Financial services manager Jodi Marchant advised the disparity was because no reserve transfers had been made at the time of the special council meeting.
“The current budgeted closing balance of the asset management reserve is $1,485,000,” she said.
“With the addition of the $500,000 increase for the SHAC project, the amended closing balance for the asset management reserve will be $985,000.”
The manager for financial services said the annual budget would be amended during the upcoming budget review process.
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