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 for the current financial year.
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 revenue improvements have come from development application fees, increasing interest returns, fines and parking fees.
Council has a 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.
Council remains committed to further reducing the deficit for the full 2022/23 financial year.