Mid-year review points to budget surplus
Date published: 10 December 2019
Townsville City Council remains on-track to deliver a budget surplus this financial year despite increased costs associated with the recovery from February 2019 monsoon event.
Council today published its mid-year budget review.
Mayor Jenny Hill said the review showed that Council was in a stable financial position, with an operating surplus of $3.2 million.
“Council’s strong financial management and focus on removing inefficiencies across the organisation allows us to invest in community infrastructure, at the same time, keep rate rises low,” Cr Hill said.
“We continue to focus on rebuilding our infrastructure and our natural environment after February’s unprecedented weather event.
“Our fiscal responsibility in maintaining a balanced budget for the 3rd consecutive year, while managing to reduce our debt, has ensured we’re in a stable financial position.”
Cr Hill said water security remained a top priority for Council.
“Council is making strong progress on projects such as Townsville Water Pipeline Project, the Water Smart Package and delivering the Recycled Water Re-Use Scheme,” she said.
“In fact, stage one of the new 1.8m diameter water pipeline is nearing completion and will be delivered on-time and on-budget by March 2020.
“Creating a resilient city in the dry tropics is key and the water re-use scheme will allow eligible facilities to tap into high quality treated recycled water for use on sporting fields, public spaces and for industrial use.”
Governance and Finance Committee Chair Cr Verena Coombe said the second half of the fiscal year would see the opening of the North Queensland Stadium and the delivery of elements of the Waterfront promenade.
“This financial year Council is investing a massive $431.2 million in infrastructure right across our growing city which is forecast to support close to 3000 jobs,” Cr Coombe said.
“At the same time, we’re also delivering on our commitment to get the basics right.”
The Mid Year Budget Review can be viewed on our Corporate Information page.
