One million dollar dividend paid to council
On 17 August 2017, East Arnhem Regional Council received a dividend payment of one million dollars ($1,000,000) from its subsidiary, Latitude 12 Pty Ltd.
This windfall will help to support community development projects in the East Arnhem region. This dividend payment supplements a $600,000 payment made previously in 2015.
Chairman of Latitude 12 Pty Ltd, Adrian Collins said, “The combined dividend to date reflects the positive outcomes the organisation has delivered over its seven years of operations.”
The venture has proved to be a successful one for Council, allowing it to concentrate on the efficient delivery of core services to its communities and its people.
“Latitude 12’s provision of high quality professional services has allowed East Arnhem Regional Council to streamline its processes, resulting in a reduced cost of services and reduced risk exposure,” said Council President Banambi Wunungmurra.
“Latitude 12 was born out of a vision to provide cost effective shared services and specialist knowledge to remote and regional Australia.
“It has contributed significantly in providing quantifiable value while also generating additional revenue for sustainable benefits to the community. The East Arnhem community is the real winner here,” he said.