The end of the 2023-24 financial year comes with a surplus in the coffers of Central Coast Council to the tune of at least $30M.
Corporate Services Director Marissa Racomerlara informed the July 23 meeting of Council that the surplus would be in the low thirties.
Council had budgeted for a surplus of $25.9M.
The 2023-24 Draft Financial Statements will be presented to the Administrator for referral to audit in August 2024.
Coast Community News can reveal the estimated fee for the 2023/2024 financial year audit is $572,500, excluding GST.
The fee remains unchanged from the 2022/2023 audit, even though Council is expecting the proposed total hours required for the audit to be five per cent or 168 hours less than last year.
The June 2024 financial report to the July 23 meeting was a high-level summary report aimed at providing an indicative financial position for 2023-24 FY.
“Following the completion of all the necessary end of financial year adjustments, including accounting for all revenue and expenditure attributable to the 2023-24 FY, Council’s Annual Financial Statements will be compiled in the mandated format and submitted to Council to refer to audit,” the report said.
Council’s current cash and investment portfolio totals $773.80M as at June 30, 2024.
At the recent candidate information night, CEO David Farmer said council’s long-term debt was down to about $160M.
Council paid off $100M in emergency loans in December last year and is on target to pay off the final $50M in 2025. Council has money set aside to pay that but it is currently earning more interest than council is paying for the debt.
Merilyn Vale
So is this money going to be refunded to the Ratepayers of the Central coast
not holding up much hope that this will happen
The ratepayers of the Central Coast are just considered an open-ended fount of limitless money