Council forecasts $7 million surplus


Initial forecasts are predicting a third successive year of significant operating surplus for Wyong Shire Council, reinforcing its position as financially stable and fit to stand alone as an independent local government area.

According to Council’s Mayor Doug Eaton OAM, there is still some work to do to confirm the final result, but forecasting indicates we will report a surplus in excess of the $5.5m recorded last year.

“We currently estimate the surplus will be at least $7m for 2014/15,” said Mayor Eaton.

“This result will be our third successive year in the black and shows that we are on the right track to ensure we are financially sustainable into the future.

“It is also important to remember that this surplus has been achieved despite Council spending over $4m on emergency repair work not covered by the State Government’s emergency funding following the April storms, making this an even more impressive result,” the Mayor said.

Significant operating surpluses and cash-flow will enable Council to invest in assets and services for the Shire including $66m on roads, $10m on improving local lakes and deliver essential infrastructure such as The Art House and a regional skate place.

Mayor Eaton also commented on the recently released ‘Fit For The Future’ submission from Gosford City Council and their comparative financial results.

“Over the past three years we have recorded surplus results totalling $20m compared to Gosford City Council which has recorded at least five successive years of operating losses totalling $69m,” Mayor Eaton said.

“Looking at Gosford’s financial ratios contained in their submission, it is clear they are not able to satisfy established benchmarks and, currently, should not be considered fit for the future.

“Gosford Council appear to have used their submission to create fear around amalgamation by declaring that it would lead to high rate increases for their residents.

“This is simply not true because the Local Government Act allows for amalgamation models to be constructed with protection arrangements to ensure specific communities are not unfairly burdened.

“Wyong Council’s strong financial position means we can continue to deliver for our local community and remain an independent and forward thinking Council now and into the future,” Mayor Eaton said.

For more information visit Wyong Shire Council