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