GRANT District Council will prepare a report for elected members outlining the financial situation of the Glenburnie Saleyards.
This commitment was made by council’s chief executive officer Trevor Smart at this week’s full council meeting.
Mr Smart told the meeting the independent auditor would also pore over the financial document.
“We will give it to the auditor to have a look at and to provide an opinion or comment,” he said.
Mr Smart revealed council had also invited the auditor to address elected members at a meeting regarding the report.
But he said his attendance was not likely until next year.
This follows the auditor raising concerns the saleyards had posted a $1.8m loss over the past 10 years and the resignation of an independent member of council’s audit committee.
Audit committee member Tony Burch described the stock exchange’s financial losses as an “extraordinary record”.
“For six years the saleyards losses have not been absorbed against council profit, but have been deferred as negative reserves to eventually become a very significant future financial burden on future ratepayers,” Mr Burch said in a letter to council.
Council has implemented a long-term financial plan and had increased the cost of selling livestock to improve profitability of the livestock selling centre.
The local government body has also foreshadowed council would keep expenditure at a minimum and would seek grants to add to the infrastructure.
More than $134m worth of stock was sold through the exchange last financial year, according to a new report released this week.
The report showed there had been a 14pc slump in cattle sales from 2015/16, but the value of sheep/lamb sales have jumped by the same figure.
The saleyards underpins a number of agents, a cluster of livestock transporters and more than 100 producers.
Projects undertaken last financial year by council include the upgrade of the saleyards computers and replacement of three sheep ramp hoists.
Other improvements included the installation of safety and general signage as well as start of implementation of the action list from the saleyards audit.
According to council’s 2016/17 annual report, the saleyards leaders will continue to focus on listening and working cooperatively with all stakeholders.
Council will also pursue funding partnerships for infrastructure improvements and opportunities for the saleyards.
