Freo finances bounce back

FREMANTLE council has well and truly bounced back after a disastrous rating in a state-run financial indicator last year.

The council copped flak when last year’s rating on the mycouncil website put it as the least financially stable council in the metro area with a score of just 42. The results came in just as election campaigns were being launched.

But this year’s results have the council back with a score of 87, which is almost 10 points above the metro average.

The results justify the council’s explanation for last year’s blip as the temporary result of an accounting adjustment.

This year the council was below par on just one of the standards which are used to measure its sustainability; its asset renewal ratio. That means the council has to work on its ability to fund new and replacement assets.

Last year it had failed five of the seven standards, including the critical ability to meet short-term financial obligations with quickly accessible funds.

The good result puts Freo within reach of Cockburn, which has had solid rises in the last two years to be scored 93, but still some time to measure up to Melville, which has a blisteringly solid 98 per cent – where it’s hovered for some years.

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