Council's Financial Situation

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  • Council's Financial Situation
Friday, 8 January 2021

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Council received the Q1 Business Report on progress against Council's 2020-21 Operational Plan at an Extraordinary Meeting held on Wednesday 2 December 2020. The report indicates that Council's projected financial position at 30 June 2021 will be a loss of $115.1M. The loss includes $45M of one-off structural costs. 

Read the 2020-21 Q1 report here.

Business Recovery Plan  

Council is taking a number of measures to address the financial situation including: 

  • Reducing headcount back to pre-amalgamation numbers from over 2,500 to under 2000 – cost savings of $30M

  • Reducing materials and contracts by $20M

  • Maintaining infrastructure spending at $170M

  • Obtaining $150M in bank loans

  • Selling $40-$60M in underperforming assets

  • Generating additional revenue

Read the latest update and full Business Recovery Plan here

Council acknowledges the input from union representatives which has ensured that there is a collaborative approach to Council's business recovery actions, and that staff impacts are of the highest consideration. 

Securing your future with a rate rise

Council has resolved to consider applying to the Independent Pricing and Regulatory Tribunal (IPART) for a rate rise to help with Council’s financial recovery.  This process is called a Special Variation (SV) application.

Find out more about what a rate increase means and have your say at yourvoiceourcoast.com

Interim Administrator appointment and report

The Minister for Local Government, the Hon Shelley Hancock MP, has PDF icon suspended Council for a period of three months from 30 October 2020.

Dick Persson AM has been appointed as interim administrator. Find out more about this appointment including FAQs and Administrator columns.  

At the request of the Minister for Local Government and as part of his appointment as Interim Administrator, Mr Persson had to deliver a 30 Day Report into Central Coast Council's financial situation. The PDF icon Administrator's 30 Day Interim Report was tabled at the Extraordinary Council Meeting on 2 December 2020.  

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Helpful documents

100 Day Action Recovery Plan - now called Business Recovery Plan

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Last updated : Tue 19 Jan 2021