With the return of elected councillors in September 2024, Central Coast Council continues to track well financially, and also in the progress and delivery of budgeted capital works – ensuring the business is in a strong position for the new Council.

After paying down one of the emergency loans in December 2023, Council has now commenced setting aside funds, $1.4M each month, to enable the final pay down of the remaining emergency loan in November 2025. 

Council CEO David Farmer said the extinguishment of these emergency loans is a great achievement and that moving forward it will mean more funds to allocate towards community services and projects.

“It has not only been the money that has had to be put aside every month towards paying down these loans, but also the interest that has had to be paid on the loans, which has been a burden on Council for the last several years.”

Other points in the Q2 Business Report review presented at the February Council meeting, include a projected increase in budgeted operating income of $5.9M, and an operational expenditure projected to increase by $3.2M.

Mr Farmer said based on these proposed budget changes, Council projects a modest operating surplus for the year ending 30 June 2024. 

He added the projected capital income from developer contributions is being reduced, whilst projected income from grants has been increased by $8.7M to align with approved funding agreements.

An increase in capital expenditure of $38.3M has been included mainly relating to the receipt of unbudgeted grants.

“Overall, the Q2 Report is very good, and we are getting on with delivering projects and services in a very timely and financially prudent manner.

“This was evidenced in January in our Capital Works quarterly update, that Council is tracking at 100% to budget.

“Current major projects include the new Gosford Regional Library, the Mardi Dam Water Treatment major upgrade and the Hue Hue Road pavement upgrade.”

Council Administrator Rik Hart said he is very pleased with the results reported in the Q2 Review and said the community should have confidence in how things are tracking.

"The fact that we are on track to achieve another modest surplus and our capital works program is also on track, I think means the community can be confident in how Council is functioning."

For all information on the progress of Council’s capital works projects visit: 

https://www.centralcoast.nsw.gov.au/council/about-council/current-works-and-projects/capital-works-program