Coliban Water’s 2014 Annual Report shows a stronger financial position for the corporation, reflecting its increased focus on managing its business more efficiently and effectively.
Managing Director Jeff Rigby said the results also reflected measures that were undertaken to enhance Coliban Water’s asset base and to achieve better value and return from core services delivered by the corporation’s private sector partners.
“It has been a year of achievement and further transformation for Coliban Water,” Mr Rigby said.
Mr Rigby said the corporation’s financial performance and position were notably stronger compared to previous years.
For 2014, the corporation’s net result before notional tax and other economic flows was a deficit of $4.3 million compared to a $21.5 million deficit last year. The corporation also achieved a positive net cash flow from operating activities for the year just concluded of $21.9 million, a significant improvement on the previous year.
“We are now starting to see the real benefits of fundamental changes to the arrangements for operation and maintenance of our infrastructure,” Mr Rigby said.
“We have reconfigured our business and this allows us to work more closely with our private sector partners to create greater shared value.”
Mr Rigby said the past 12 months marked the first year of Coliban Water’s five-year capital investment program, with the corporation’s project teams delivering $38 million of works.
The major capital project to commence during the year was the Harcourt Modernisation Project to replace the existing gravity channel system with a pressurised 65-kilometre pipeline to service the corporation’s Harcourt rural customers.
Two major projects were also completed at Rochester – the $8 million upgrade of the town’s water treatment plant, which will also protect the facility from floods, and the new $9.5 million Rochester Water Reclamation Plant to replace the aged treatment facility and to upgrade the quality of recycled water produced at the facility.
Mr Rigby said community engagement and consultation continued to be a major focus throughout the year.
In January 2014, the Victorian Government announced the Fairer Water Bills (FWB) initiative to lower household water bills. From 1 July 2014, through to 30 June 2018, Coliban Water will pass on the FWB savings to customers through tariffs that are lower than those approved by the Essential Services Commission.
The past year also marked changes at board level, with two board members, David Beard and Jean Sutherland, completing their terms as directors, and the resignation of a third director, Andrew Skewes. The three new directors are April Merrick, Deborah Hambleton and David Richardson.
Mr Rigby said there was still significant scope to further improve the corporation’s performance.
“We will achieve this by increasing our focus on innovation, further optimising our resources and capabilities, and continuing to collaborate and engage with our key stakeholders and business partners,” he said.
View the 2014 Coliban Water Annual Report.
