‘City of Newcastle (CN)’s 2022-23 financial statements confirms the delivery of a record $117.8 million in key infrastructure projects across the city, following on from $100.6 million spent the year prior.
Major projects delivered include more than $12.4 million invested in road resurfacing, $10.8 million in improvements to local pools and aquatic facilities, $7.4 million in stormwater upgrades, $3.2 million on coast, estuary and wetland projects including Stockton erosion management, $1.8 million on new street and park trees, $1.4 million on new footpaths and $1 million on cycleway improvements.
The financial statements underscore CN’s commitment to fiscal responsibility, wrestling in a modest surplus of $7.8 million for the city, following three years where it was required to draw down on its savings to support the local community during the COVID-19 pandemic.
Newcastle Lord Mayor Nuatali Nelmes said City of Newcastle’s strong financial performance was to be congratulated and reflected prudent financial management.
“City of Newcastle’s 2022/23 financial year results reflect prudent financial controls to deliver essential services and undertake a record infrastructure works program for the city, boosting its investment in essential community infrastructure,” Cr Nelmes said.
“Our financial statements confirm the ongoing support provided to members of our community facing hardship, including our direct investment in new social housing, our Grants and Sponsorship Program, pensioner rebate, and access to financial planning and counselling services.
“We know how important essential community infrastructure like recreation facilities are to Novocastrians and CN is proud to deliver new parks and sporting facilities such as Wallsend Active Hub and continue with projects like the revitalisation of Bathers Way, Newcastle Ocean Baths and Newcastle Art Gallery’s expansion.”
The financial statements confirm the City’s continued commitment to renewing and maintaining ageing assets. In 2022/23, CN invested $30.2 million in asset maintenance, exceeding the required amount by $5 million.
The Council remains a net contributor to the NSW and Commonwealth Governments, paying $45.12 million in taxes and levies, while receiving $44.7 million in State and Commonwealth Grants.
City of Newcastle CEO Jeremy Bath said the City had delivered on his promise to return to a modest operating surplus without compromising its service levels or community commitments.
“Our financial statements align with every financial key performance benchmark set by the Office of Local Government, demonstrating the City’s fiscal responsibility and effective management,” Mr Bath said.
“City of Newcastle has delivered a record infrastructure program that helped stimulate the local economy and create new employment opportunities while overcoming inflationary pressures, La Nina weather events and ongoing challenges as a result of the pandemic impacting the construction industry.
“Our last three Budgets were put under significant strain to address the economic impacts of COVID-19. Still, we managed to accelerate infrastructure delivery to keep 700 Novocastrians in jobs through the pandemic. This move was made possible by CN’s strong financial position, with a legacy of delivering six consecutive operating surpluses prior to the pandemic.
“With net assets of $2.09 billion, our financial statements confirm that the City remains in a strong financial position.”
