Two briefings will give Central Coast councillors an overview of all its income generating assets including Lake Haven Cinema, Peninsula Leisure Centre, Gosford Swimming Pool and Central Coast Stadium.
Information will include: financial performance over a 10-year period; cost analysis and viability assessment; community and strategic benefits; relationships with external stakeholders to help run the asset (such as Venues Live); any recent undertakings to improve asset performance and draw in additional revenue; and details of any confidential agreements.
Council CEO David Farmer said two briefings should be held to guide the discussion.
The first briefing would take place in April to provide a high-level overview of the financial performance of the assets over a period, the main drivers of the performance, and the investment in these assets over the same period.
“In this session the various management models, partnerships and any relevant governance aspects will also be covered,” his comments added to the agenda item noted.
“At this session the Council may wish to identify specific details it wants to obtain, including the high-level aspects of viability, including any scenarios that Council may wish to explore.
“The second session in June 2025 would be focused on delving deeper into the drivers of performance, community and strategic benefits, and the outcome of the scenarios identified during the April session.”
The motion was adopted unanimously after being put forward by Councillor Jared Wright and seconded by Councillor Doug Eaton.
Councillor Corinne Lamont said all assets need to be looked at, including Gosford Bowling Club and the Warnervale Airport.
Councillor Kyle MacGregor asked why only the profit assets were being looked at and mentioned the decision made at the February council meeting to adopt the Warnervale masterplan and the huge costs involved in its implementation.
He said he was worried that decisions that are made from reports such as these result in cost cutting, job losses and rates going up.
But Wright says it’s all about transparency and accountability.
“Central Coast Council has emerged from administration, significantly improving its financial platform,” the councillor note published in the agenda said.
“However, it remains in the Council’s interest to further enhance its financial position to support infrastructure growth, key projects, and ongoing operations.
“Council owns and operates (or has a stake in) a number of income generating assets, including Metro Cinema Lake Haven, Gosford Swimming Pool, Peninsula Leisure Centre, and Central Coast Stadium.”
The assets presented various opportunities and challenges from a cost-benefit perspective, the note said.
“As the Council transitions out of administration, it is crucial to continue evaluating these assets’ operational efficiency to secure a robust financial future.”
A key example was Metro Cinema Lake Haven.
“The cinema industry faces ongoing challenges, such as competition from digital entertainment platforms and evolving consumer preferences,” the note said.
“Following a recent investment in upgrading the cinema, it is imperative to assess its value to ratepayers across multiple metrics, including financial performance and community benefit.
“Ratepayers deserve transparency regarding the use of their funds and assurance that the Council operates effectively with a solid financial foundation.
“A comprehensive review of income generating assets will highlight opportunities for revenue growth and evaluate the feasibility and practicality of retaining these assets and enable well informed decision making going forward.”
Users of Gosford Olympic Pool and Peninsula Leisure Centre must be vigilant in light of the recently announced review of these public facilities which council CEO, Mayor and Councillors now define as assets. Assets to be sold off or handed over to private management on the basis a review, the terms of reference of which don’t appear to be open for public scrutiny. Long term users of the Gosford Olympic Pool, and the former Woy Woy Olympic Pool, will remember the limited lanes, seasonal closures, high prices and sub-standard levels of cleanliness in change rooms when these facilities were last under private management. These valued publicly-owned facilities must be kept in public hands.