City of Albany highlighted for best practice financial reporting among WA local governments

The City of Albany has ranked in the top 20 out of 137 local governments in WA for its financial reporting practices. A recently released report from the Office of the Auditor General, released in late August, assessed the quality of the 2021-22 annual audits of 146 of WA’s 148 local governments. It measured them against five criteria: timeliness of financial statements, quality of financial statements, quality of working papers, resolution of accounting issues and the availability of key staff. It is the first time the OAG has rated entities on their financial reporting and local governments beyond the metropolitan region made up a large portion of those on the inaugural best practice list. City chief executive Andrew Sharpe said this accolade was a huge win for the City and community and a testament to the City’s hardworking finance team. “Being acknowledged when it comes to the City’s responsible management of rates and revenue is incredibly pleasing, and a well-deserved accolade for the City’s finance team,” he said. “To make the top 20 when it comes to best practices of our financial processes means we are overachieving in the best possible way. “Recognised responsible management of the City’s finances is a feather in the cap of the City and should provide reassurance and confidence to our ratepayers that we are financially healthy.” The City was noted for its financial statement of timeliness, audit readiness and clear audit opinion. The report showed that 61 per cent of the WA’s local government audits were completed on time. It also highlights that the 146 local governments’ control $51 billion worth of assets, have revenue of $4.76b, generate $2.8b in rates revenue and $1.16b from fees and charges. Best practice top 20 entities