Willoughby City Council’s budget position continues to improve due to increases in revenue and responsible fiscal management.
Council at its most recent Quarterly Budget Review endorsed a further reduction in its operating budget deficit.
Council’s 2022/23 forecast full year deficit was originally $2.2M. Over the last two quarters Council has reported a continuing reduction in this forecast deficit. As of December 2022 the forecast deficit has further reduced down to $451k.
The Quarter 2 budget review revealed Council is well on track to achieve further deficit reduction as a result of careful cost management and an increase in revenue. Revenue improvements have come from development application fees, increasing interest returns, fines and parking fees.
Council has a strong balance sheet with $2.1 billion of total assets and $2.0 billion in net assets – that is assets less liabilities; coupled with a working capital position which is well in excess of NSW Office of Local Government benchmarks.
Despite challenging financial conditions over the last few years, Council continues to invest in significant new capital works, and asset renewal and upgrades..
Council remains committed to further reducing the deficit for the full 2022/23 financial year.
