Restricted fund crisis fixed
It was a moment to celebrate, said Administrator Rik Hart. He was talking about the Investment Report for November 2021 which showed that Central Coast Council had enough money in…
restricted funds
Internally restricted funds still keeping Council afloat
On the eve of the Public Inquiry into Central Coast Council Administrator Rik Hart has acknowledged internally restricted funds still need to be used to keep the Council afloat. Hart…
Solving restricted funds mystery a challenge for Inquiry
The use – perhaps unlawful – of internal and external restricted funds is expected to be one of the issues examined by the Public Inquiry into Central Coast Council’s financial…
Submission questions whether restricted funds need to be paid back
One resident’s submission to the Public Inquiry into Central Coast Council’s financial woes questions the need to pay back Council’s “bad debt” of $200M of restricted funds. The Council negotiated…
Legal advice recommended informing the Office of Local Government immediately
Legal advice to Central Coast Council at the beginning of October 2020 was to immediately notify the Office of Local Government (OLG) of its missing funds even though there was…
$20M identified as no longer necessary to support community needs
Central Coast Council has agreed to a $20M write-off of internally restricted reserves that are “in excess of requirements” to meet community infrastructure needs. The money will come out of…
Unclear if wetlands purchase funds are still available
Central Coast Council admits it is “unclear” whether money earmarked to be spent on the purchase of Davistown Wetlands is “still available”. The admission comes in a report to be…