3 March 2017 – Media Release
The Quarterly Budget Review Statement (QBRS) presented at Cumberland Council’s 1 March meeting showed Council finished 2016 in improved financial health and is now on track for a $1.9M surplus by the end of the financial year.
The statement revised the projected deficit of $4.5M for the 2016/17 financial year to a surplus of $1.9M. The $6.4M increase exceeded initial expectations.
Cumberland Council Interim General Manager, Malcolm Ryan, welcomed the projected return to surplus and said savings would be reinvested back into better services and new infrastructure for residents.
“It is welcome news that Council is now on track for a return to surplus. The Quarterly Budget Review Statement is clearly a big tick for how Council is managing its finances,” Mr Ryan said.
“Over the next ten years residents will benefit from $45 million in either expanded services or new infrastructure. The figure will increase as further savings are found in the coming months.”
“The $6.4M increase is the result of spending our ratepayer’s money wisely and identifying savings where possible. We have done this while continuing to deliver services seamlessly in the former Council areas.”
“Balancing the budget means we are better positioned to deliver the best services and exciting new community infrastructure projects. Council needs a sound financial foundation to deliver projects like the $20M community centre in Granville,” said Mr Ryan.
The QBRS is required by state legislation and provides a summary of Council’s financial position at the end of each quarter, in respect of Council’s progress against the Operational Plan’s original budget and the last revised budget, as well as recommended revisions identified as part of the budget review process.
