Current financial crisis due to a combination of factors
Forum – Just like most aircraft crashes, it is a combination of factors. As a former council employee, I consider the contributory factors for the current financial crisis are as…
financial crisis
Video takes viewers through the financial situation
The story behind Central Coast Council’s financial crisis is “quite simple”, according to Acting CEO, Rik Hart. In his second exclusive video interview with Coast Community News, Hart outlined the…
Council deficit reduced by $7.7M
Central Coast Council’s total actual debt is now down to $458M. Administrator, Dick Persson, had forecast a $565M debt in his 30-Day Report in December 2020, but Chief Financial Officer,…
Labor put forward a three point plan to resolve Council mess
NSW Labor is demanding that the Minister for Local Government, Shelley Hancock, put her hand up and take responsibility for the mess on the Central Coast created by her Government’s…
Amalgamation costs
The cost of implementing an IT system for a proposed new Central Coast Council was $70M back in 2015. The former Wyong and Gosford councils prior to merger identified that…
New thinking needed
Forum – The three musketeers riding to our (Council) rescue assuage ratepayers by claiming they have a collective 100 years of experience. But that’s just a number. I’ve had 72…
Sacked CEO sets the record straight
In an exclusive interview with Coast News, former Central Coast Council CEO, Gary Murphy, has accepted responsibility for his actions, says he has been denied “natural justice” and has added…
An interview with Dick Persson
Central Coast Administrator Dick Persson has urged residents to access all available information before “banging the drum” in protest of Council’s financial mitigation measures. In an exclusive interview with Central…
Not happy with rate rise or cut services
Forum – Firstly, let me express my displeasure at the 15 percent rate hike. If this has been brought about by somebody taking their eye off the ball, the question…
Council needs to apologise and an investigation held
Suspended Budgewoi Ward Councillor Greg Best, says that the least Council should do if re-instated on April 29 is to show some contrition and unanimously vote for a public apology…
Hardly shareholders … just unhappy customers
Forum – I refer to the article in Coast Community News issue 276, where Central Coast Administrator, Dick Persson states under the heading “Financial recovery process begins”, that :as ratepayers…
Councillors’ suspension extended by three months
The suspension of Central Coast councillors has been extended for a further three months, with Administrator Dick Persson set to continue holding the reins until the end of April. Minister…
Council to apply for another loan – this time of $100M
Central Coast Council is on the hunt for another loan, this time for up to $100M. This comes on top of a loan for $50M secured in November and another…
Council acknowledges financial problem followed advice from external auditors
Acting Chief Executive Officer of Central Coast Council, Rik Hart, has confirmed that LG Solutions provided an article which analysed Council’s public financial records and the information contributed to the…
Spot us another $100M, Council
Central Coast Council has taken out another loan – this time for $100M – as it continues to work through mitigation measures for its cash crisis. This latest loan sees…
Council’s financial situation explained
Central Coast Council is looking for a response from their auditors about the advice that they provided when reporting on restricted funds. It appears this might have led Council to…
Council has a $565M debt
Central Coast Council has a $565M debt, it was announced on Wednesday, December 2, when interim Administrator, Dick Persson, delivered his 30-day report on Council’s financial crisis. The debt includes…
More than 200 jobs will go
The nine directorates making up the senior leadership team at Central Coast Council has been reduced to five long term. A sixth directorate is short term. Malcolm Ryan has been…
Council’s debt blows out to $565M
Central Coast Council has racked up a $565M debt, it was announced on December 2 when interim Administrator Dick Persson delivered his 30-day report on Council’s financial crisis. The debt…
Stage two of Council’s Business Recovery Plan is underway
Stage two is underway in Central Coast Council’s Business Recovery Plan, previously called the 100-Day Recovery Action Plan. Council’s focus continues to be on reducing expenditure, arranging financing, raising additional…