TRC Budget review
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Toowoomba Regional Council’s (TRC) record breaking budget for 2023/24 will increase in size following amendments made as part of the budget review process.
At the Ordinary Meeting on 21 November, TRC Mayor Geoff McDonald said Council had approved the changes which would now result in an overall budget of $748 million.
“Back in June, Council adopted a $651 million budget which was the largest budget ever adopted by this organisation,” he said.
“Since then, we’ve had to make a number of adjustments, primarily due to the Cressbrook Dam Safety Upgrade Project and flood recovery works (Disaster Recovery Funding Arrangements).
“These are the two largest projects on our books and will require significant funding to undertake the work required.
“Other changes that have been approved as part of the budget review include funding for the preparation of an Environmental Management Plan, Strategic Fire Trails grant funding and the Get Ready Queensland grant funding.
“There is also additional funding for the Mt Kynoch Water Treatment Plant upgrade which will increase our water capacity to meet the ongoing growth of the Region and extend the life of the current Mt Kynoch plant by more than 10 years.
“The change in the budget is also reflective of the dramatic rising costs of materials, services and supplies.
“Our early estimation of a $1,112,673 surplus for the financial year has decreased and is now expected to be closer to $455,839, however, this will likely continue to change because of the challenging environment we face.”
As part of the overall budget of $748 million for 2023/24 there will be $215 million spent on capital projects (previously $201 million) and $533 million on operational projects (previously $450 million).