Roads & transport · Toowoomba Regional Council
Council notes certified accounts for wholly owned regional business company
Unconfirmed minutes record Toowoomba Regional Council noting Toowoomba and Surat Basin Enterprise Pty Ltd’s audited 2025/26 financial statements, without approving new funding or a project.
Reporting from draft minutes. Recorded wording may change when confirmed. How this article was prepared
Toowoomba Regional Council has noted the audited and certified 2025/26 financial statements of its wholly owned economic-development company, Toowoomba and Surat Basin Enterprise Pty Ltd, according to unconfirmed minutes.
The minutes record the resolution at the council’s Ordinary Meeting on 27 October 2026. The report said the statements had been audited and signed by TSBE management and the Queensland Audit Office, and were presented under section 213B(3) of the Local Government Regulation 2012.
Councillor Carol Taylor moved the motion to note the statements, and Councillor Edwina Farquhar seconded it. The minutes record it as carried.
The recorded motion did not approve new funding, a business plan or a project for TSBE. Although the statements are listed as an attachment, the supplied extract does not include the company’s revenue, expenses, assets, liabilities or surplus or deficit. The noting resolution alone does not establish whether its financial position improved or worsened during 2025/26.
Council’s annual report describes TSBE as wholly owned by Toowoomba Regional Council and says Council uses its ability to direct the company to support investment and business activity in the region.
The report states there were no financial or resource implications from presenting the statements to Council. It also records that no identified risks were outstanding and that the statements were provided for information.
What deserves a closer look
The noting motion is recorded as carried; the decision is not inferred from the officer recommendation.
Carol Taylor is recorded as the mover and Edwina Farquhar as the seconder, not as joint movers.
The recorded motion notes the certified statements and does not approve a new funding package, business plan or project.
Questions for follow-up reporting
What were TSBE's 2025/26 revenue, expenditure, surplus or deficit, assets and liabilities?
Did the attached audited statements identify matters requiring further Council oversight beyond the report's statement that no identified risks were outstanding?
Check the record
These passages were matched to the source text. Read them in context in the original minutes.
The minutes identify Toowoomba Regional Council's Ordinary Meeting as held on 27 October 2026 and are labelled unconfirmed.
Toowoomba Regional Council Minutes of the Ordinary Meeting of Council held on Tuesday, 27 October 2026 in the Council Chambers, First Floor, City Hall, 541 Ruthven Street, Toowoomba Page 1 of 463 UNCONFIRMED Toowoomba Regional Council Ordinary Meeting of Council 27 October 2026 TABLE OF CONTENTS 1.Opening of Meeting and Acknowledgement of Traditional Owners 2.Reception of Deputations or Delegations by Appointment 3.Attendance including Apologies, Leave of Absence, Granting Leaves of Absence and Declarations of Conflict of Interest 4.Confirmation of Minutes 5.Business Arising out of Minutes of Previous Meetings 6.Presentation of Petitions 7.Business
Document title and status, page 1
Open original minutes ↗The report's purpose was to present TSBE's certified 2025/26 annual financial statements.
AUTHOR Sal Petroccitto, Chief Executive Officer PURPOSE OF REPORT To present the 2025/26 certified annual financial statements for Toowoomba and Surat Basin Enterprise Pty Ltd (TSBE).
Item No. 12.4, purpose of report
Open original minutes ↗The report said TSBE's annual financial statements had been audited and signed by management and the Queensland Audit Office and were presented under section 213B(3) of the Regulation.
Annual financial statements for TSBE have been audited and signed by management and the Queensland Audit Office (QAO) and are presented in accordance with Section 213B (3) of the Regulation.
Item No. 12.4, executive summary
Open original minutes ↗The minutes record a carried motion to note Toowoomba and Surat Basin Enterprise Pty Ltd's certified financial statements, moved by Councillor Carol Taylor and seconded by Councillor Edwina Farquhar.
MOTION Moved by Councillor Carol Taylor, seconded by Councillor Edwina Farquhar That Council note the certified financial statements for Toowoomba and Surat Basin Enterprise Pty Ltd. CARRIED Page 233 of 463 UNCONFIRMED Toowoomba Regional CouncilOrdinary Meeting of Council 27 October 2026 CORPORATE PLAN REFERENCE 4.2Continue to pursue prudent financial management and sustainability.
Item No. 12.4, motion and outcome
Open original minutes ↗The report states that there were no financial or resource implications and that TSBE's annual financial statements were provided for information.
DELEGATION Nil. FINANCIAL/RESOURCE IMPLICATIONS There are no financial or resource implications. Page 234 of 463 UNCONFIRMED Toowoomba Regional CouncilOrdinary Meeting of Council 27 October 2026 CONCLUSION The annual financial statements of TSBE are provided for information.
Item No. 12.4, financial/resource implications and conclusion
Open original minutes ↗TSBE is wholly owned by Council, and Council uses its power to support TSBE in carrying out its objectives of growing investment and business activity in the region.
Toowoomba and Surat Basin Enterprise Pty Ltd Toowoomba and Surat Basin Enterprise Pty Ltd (TSBE) is wholly owned by Council, enabling Council the right to direct the comp Council uses this power to support TSBE in carrying out its objectives to focus on growing investment and business activity in the Region.
Annual Report 2025/26, Note 1(b)
Open original minutes ↗The report states that no identified risks were outstanding.
ISSUES AND RESPONSES The annual financial statements for TSBE have been audited and signed by QAO. RISK MANAGEMENT MATTERS No identified risks are outstanding. LEGAL ISSUES No legal issues are identified.
Item No. 12.4, risk management matters
Open original minutes ↗TSBE's 2025/26 annual financial statements are listed as an attachment.
ATTACHMENTS 1. Att 1 - Toowoomba and Surat Basin Enterprise Pty Ltd - 2025-26 Annual Financial Statements Page 235 of 463 UNCONFIRMED Attachment 1 Too woomba and Surat Basin Enterprise Pty Ltd - 2025-26 Annual Financial Statements Page 236 of 463 UNCONFIRMED SENSITIVE # Toowoomba and Surat Basin Enterprise Pty Ltd ABN 85 155 004 523 Financial Statements For the year ended 30 June 202 Page 237 of 463 UNCONFIRMED SENSITIVE # Toowoomba and Surat Basin Enterprise Pty Ltd ABN 85 155 004 523 Page Directors' Report1 Auditor's Independence Declaration3 Financial Report Statement of Income and Accumulated Surpluses4 Statement of Financial Position5 Statement
Item No. 12.4, attachments
Open original minutes ↗Source record
Reporting from the unconfirmed minutes of Toowoomba Regional Council’s Ordinary Meeting of Council held on 27 October 2026. The supplied source extract is incomplete.
Key facts from the minutes
- Unconfirmed minutes record Council noting TSBE’s certified 2025/26 annual financial statements.
- The statements were reported as audited and signed by TSBE management and the Queensland Audit Office.
- TSBE is described in Council’s annual report as wholly owned by Toowoomba Regional Council.
- Councillor Carol Taylor moved the motion, Councillor Edwina Farquhar seconded it, and the minutes record it as carried.
- The council report records no financial or resource implications from presenting the statements.
Why it matters
- The unconfirmed minutes record Council noting the audited accounts of a wholly owned regional-development company. The noting motion did not commit new Council funding, and detailed TSBE financial results are not included in the supplied extract.