MEDIA RELEASE: Council Adopts Revised Budget to Better Inform Financial Decision-Making

Central Coast Council adopted a revised budget for the 2023-2024 financial year, following a comprehensive review of its budget estimates. The need for a budget review was identified after Council’s financial results for the last financial year revealed a gap between Council’s budget and actual results delivered. This triggered the need to review the current financial year’s budget assumptions.

The original budget showed a projected surplus of $70,000. However, the revised estimates revealed Council will likely have a continued underlying deficit of $233,000 for the current financial year.

Mayor Cheryl Fuller said, “The revised budget reflects a more realistic picture of the expected operating result this year. The changes will enable the Council to enhance financial decision-making, providing the necessary insights to return the organisation’s operating position to a sustainable one in 2024/25”.

The capital works budget has been revised from $29 million to $20 million to better reflect the anticipated timing and delivery of projects for the current year, in line with Council’s organisational capacity and recently adopted term plan. The capital program for 2023-2024 was supported by $2 million in borrowings, however, based on the deferral of projects, these planned borrowings will not be drawn upon this financial year.

The revised budget, and capital works budget amendments, were adopted by Council at the November Council Meeting held on Monday, 20 November 2023. Councillors expressed their satisfaction with the revised budget, which will enable Council to better manage its financial future.

END

Authorised for general media distribution by Mayor Cheryl Fuller on 22 November 2023. 

Photo by Jenny Archer