Update on Council's financial situation - Administrator Column

Date

Monday, 16 November 2020

Release

At the time of writing I am half way through week 2. Still a lot to establish but it is clear the extent of the financial problems are very serious. Last Wednesday I held an Extraordinary Council meeting to approve a $50 million bank loan to meet Operational Plan projections. 

Notwithstanding, I am confident we will be able to set a path that will get us to where we need to be. I will consult to the maximum extent possible about the best mix of options.

It is also clear there will need to be some asset sales to meet short term obligations.

The previous Council had set a substantial savings target for the current financial year but have fallen well behind. New measures will be required, and many planned capital works projects will need to wait for better times.

While the financial crisis is the top priority, there are urgent planning issues needing action.

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Last updated : Wed 18 Nov 2020