The City of Parramatta council overstated the value of its assets by more than $50 million and there is an “extreme risk” it will fail to deliver its ambitious redevelopment of Riverside Theatres, a confidential report from the state’s audit office has revealed.

The Audit Office’s report on the council’s finances for this financial year – which was labelled confidential and inadvertently published in council papers before being redacted – also reveals the council has routinely failed to report its financial position on time and did not correctly manage lease agreements on its properties, highlighting one lease that had not been updated since 2007.

The Audit Office, the state’s official auditor of government finances, accepted the council’s accounts, but its findings raise questions about

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