Central Coast Council and its long suffering ratepayers are being rapped over the knuckles and ground into the dirt for our half a billion dollar debt, Councillors sacked and under unlimited Administration.
However, if we unpack that figure a little, we see that the latest financial report reveals that almost all of the debt is in the Water Supply Authority.
The debt held by the Water Authority is relatively miniscule and we are in far better shape than our northern neighbours, Hunter Water.
Central Coast Water’s debt is about twice its annual revenue; contrast this with Hunter Water which had an income of $368M and borrowings of $1.455B. (Chronicle p5 May 19)
This means Hunter Water’s revenue is about 0.000025 percent of its debt, but I don’t hear alarm bells being rung up there, and that’s because, as with our Water Authority, we have billions of dollars’ worth of assets, borrowings are at an historic low and likely to remain so for at least a decade or more and we are a monopoly provider, so we have no competition in the area of water connection and supply.
So, let’s at least halve our debt and then remove the amalgamation costs, now we are only in debt for less than $200M.
Of course, it would have helped had we received the unsolicited $90M that Hornsby Council received from the Stronger Communities Fund.
I heard that they’re building a Wave Park for people to experience surfing inland, not bad for some is it, when we just want to keep our halls, environmental lands and green spaces for a start.
Now we’re just about back in the black or at least in a position to work our way out of debt, woohoo!!
So, what is the real agenda for sacking Central Coast Council?
Is it unfettered development which will mean a loss of green space and community assets?
Make no mistake, the Central Coast is seen as an outer suburb of Sydney, to be developed to their blueprint and we have installed a ‘yes’ man for the State Government running it.
We are living under a dictatorship, our community representation and input has all but vanished and we will be the poorer for it.
Email, May 24
Sue Wynn, Mannering Park