Quarterly Financial Management Report update

Thursday, 16 May 2019 11:35 AM

The Quarterly Financial Management Report – March 2019 has been endorsed by council.

The financial update shows the City has recorded an operating surplus of $6.2 million from July 2018 to March 2019, well ahead of the projected $11.6 million deficit.

This figure is expected to reduce to the forecast $7 million operating deficit by the end of the financial year.

The non-recurrent result for the first nine months of the year is a surplus of $73.8 million.

Non-recurrent funds include revenue from property sales, gifted assets from development and developer cash contributions.

Capital expenditure for the year so far is $80.8 million, while the cash and investment balance of $97.9 million is $15.9 million lower than expected at this stage of the year, mainly due to new loans not being taken out, partly offset by capital spend behind schedule.


Greater Geelong Mayor Bruce Harwood

The City is on track to meet its budget at the end of the financial year, which in uncertain financial times is a very solid position to be in.

 

Greater Geelong Councillor Pat Murnane, Chair, Finance portfolio

Greater Geelong is a thriving region and I’m pleased to see the City is travelling well financially in the current economic climate.

 



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Page last updated: Friday, 17 May 2019
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