City of Coffs Harbour exceeds projected budget surplus by $18 million

THE CITY of Coffs Harbour has announced its financial outcomes for the 2022/23 period, exceeding the projected budget surplus by $18 million.

“I’m delighted to report the City achieved an operating surplus of $26.05 million in 2022-23 before capital grants and contributions,” said the City’s Mayor, Cr Paul Amos.

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“This accomplishment reaffirms our financial resilience and assures us of our ability to execute our plans, including our adjusted capital works program.”

In the October 30 Council meeting, Council formally adopted the audited Annual Financial Statements for 2022/2023.

“The City made a series of challenging yet imperative decisions during 2022/23 to bring about a significant financial turnaround,” said the General Manager, Natalia Cowley.

“Our enhanced operating results and solid unrestricted cash reserves are a testament to our adept financial management, encompassing our prudent handling of debt.”

Cowley said the new financial security ideally positions the City to “channel its energies into realising the collective vision of our community – to build a great place to live, work, visit and do business into the future”.

According to the City, key drivers of the result were a $4.331 million increase in Interest and Investment Revenue due to improved forecasted interest rate returns, and $8.169 million in additional Other Revenues due to an increase in Coastal Works commercial works, primarily from work for councils in other parts of the State.

An additional $5.704 million in revenue came mainly from Holiday Parks, which have seen significant recent investment by the City for upgraded cabins and other facilities.

There were also some one-off revenue opportunities such as the sale of car park land and bypass land acquisitions.

The City’s Financial Statements are audited by the Audit Office of NSW, ensuring the credibility and transparency of our financial achievements.

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