In the 2020-21 annual report released recently, G-MW recorded total expenses of $298 million, compared to $352 million last year, with a $23 million deficit on comprehensive results.
The outcome was influenced by the winding up of the Connections project, which has been a large budget item in recent years.
Employee costs have dropped from $77 million to $60 million as the first full year of the impact of G-MW’s business transformation project kicks in.
Putting a brake on costs has allowed the water authority to reduce prices for the 2021-22 year.
G-MW business and finance manager Michael Gomez said the net result loss included $14 million as a tax adjustment relating to previous years.
At the end of the Connections project, the book entry for ‘loss on disposal’ of assets recorded a cost of $38 million, compared to $17 million the previous year.
Mr Gomez said the assets needed to be written-off and there was no impact on customer pricing.
The company’s transformational project has reduced the revenue requirements of G-MW by $64 million over the 2020-24 pricing submission period.
“As a result, we have been delighted to deliver significant savings with most of our customers receiving a price reduction of about 10 per cent in this first year,’’ chair Dianne James and managing director Charmaine Quick said in their combined report.
“In October, the Connections project delivered its commitment to the Commonwealth and Victorian governments’ $2 billion investment and achieved its goal of 429 Gl of water savings within the Goulburn Murray Irrigation District.”
The leaders both pointed to the funding of the water efficiency project, which should deliver water savings of 15.9 Gl and will modernise or decommission more than 250 km of channels benefiting more than 1000 customers.
In addition, construction of the Koondrook and Cohuna fishways on the Gunbower Creek commenced in partnership with the North Central Catchment Management Authority, with G-MW and Victorian funds contributing to the $6.2 million projects.
Construction of the $29 million Mitiamo Pipeline Project was completed during 2020-21. The infrastructure will provide year-round domestic and stock services to 170 rural properties through more than 300 km of pipeline.
The annual report notes total borrowings were down to $95 million from $112 million the previous year.
Key management personnel decreased from 14 to nine people with a reduction in costs from $3.2 million to $3 million.
G-MW received 16 Freedom of Information requests, of which seven were granted in full.
More water was delivered this year than in 2019-20.
Last year’s volume of 2191 Gl was surpassed as irrigation, environmental and urban customers received a total delivery of 2365 Gl.
Employee demographics show the organisation is still largely male-dominated, with twice as many men as women employed. For fixed term and casual staff there was almost an even split in gender.
WATERY FIGURES
There was one water delivery that was down in Goulburn-Murray Water’s operations for the last financial year.
It was the water consumed by G-MW’s office staff.
The water authority records the consumption of water and records the figure in the annual report.
This year’s report notes that the per person consumption of water reduced to 25 kilolitres, down from 36 kilolitres the previous year.
The reason?
Staff working from home due to the COVID-19 restrictions.
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