2017-11-07 S&O Agenda - Attachment 1 to Item 10 - Annual Report 2016-17

Community Financial Report
Background
This report aims to simplify the financial information that Council is required to prepare under legislation
and provides a simple summary of Council financial performance for the 2016/17 year just ended (1
July 2016 through to 30 June 2017).

Council’s annual financial statements are prepared to comply with Australian Accounting Standards,
and contain specific information regarding financial performance. Financial statements include a
statement of comprehensive income (i.e. profit and loss), a statement of financial position (i.e. balance
sheet), a statement of cash flows as well as a statement of changes in equity. Collectively, the
statements provide a formal picture of the financial strength of an organisation.

The Community Financial Report (CFR) consists of five key reporting elements, each of which has a
specific purpose for the measurement and presentation of Council’s finances. The linkages between the
five key elements are shown in the figure below.

Figure 1 – Financial Reporting Elements




                                            Statement of
                                           Comprehensive
                                              Income




                Statement of Cash              Financial              Statement of
                      Flows                     Ratios              Financial Position




                                            Statement of
                                          Changes in Equity




                                                                        Noosa Council | Annual Report 2016 - 2017
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