Council’s sound financial management recognised in credit rating
Date published: 31 March 2023
Townsville City Council’s solid financial management has resulted in yet another positive credit rating from the Queensland Treasury Corporation (QTC).
Council’s credit rating has been affirmed as ‘sound’, reflecting the continued delivery of balanced operating results.
Chair of Council’s Business Services and Finance Committee Margie Ryder said the latest rating from QTC continues Council’s strong track record of prudent and responsible financial management.
“Last year, our positive credit rating meant we were able to attract $240 million in external funding for capital projects and operations,” Cr Ryder said.
“The latest report improves on our previous rating, giving government and industry the confidence that they expect as they continue to invest in our growing and vibrant city.”
Townsville’s positive credit rating reflects Council’s goals of a connected and liveable city that attracts sustainable industry.
“Townsville has strong state and federal Government support with defence, hydrogen and manufacturing continuing to boost economic activity in our region,” Cr Ryder said.
“Our job figures are the envy of many other cities with ABS figures showing a current unemployment rate of just 2.2 percent of the population, which is significantly below the state and regional average.
“We face similar challenges as other councils, but we remain in a strong position due to our dedicated focus on responsible financial management.”
The sound credit rating for Townsville City Council positions it well for future funding from government to help fund sustainable projects in northern Australia’s largest city.
“It is exceptional that we have received a good credit rating as we continue to deliver on major projectsincluding: the Bohle Plains Water Main Duplication, Ross Creek Boardwalk to the Stadium, Nelly Bay Pedestrian Link, Paluma Dam Spillway Upgrade and the Apjohn Street Drainage Improvements,” Cr Ryder said.
“This council is focused on ensuring economic and social security for future generations. Delivering strong financial management today means we can sustain investment in the infrastructure and projects we need for tomorrow,” Cr Ryder said.
Find out more about Council’s financial management by visiting the 2022/23 Budget page.