Clarence Valley Council has significantly improved its financial performance and borrowing capacity since 2021, according to a report by global financial consultants Ernst and Young.
The report gave a glowing assessment of Council’s financial position, bolstered by a $25.2 million reduction in debt in the past two years.
Council has reduced its debt by more than $50 million since 2016.
The Ernst and Young report indicated that Council now had the capacity to sustainably increase its borrowings by more than $88 million under its General Fund.
The report further stated that a proposed estimate of $22 million in loans for major projects was well below the sustainable limit and would retain the lowest (conservative) level of debt risk.