Central Coast Council has, following a year of natural disasters and the impact of COVID-19, undertaken a review of the council’s budget which reveals that its budgetary position has deteriorated since the March 2020 result. The deficit reported at that time of $41 million is now expected to increase to $89 million.
The Council is in a serious financial situation and faces an immediate and serious liquidity issue. Some expenditure over the past 12-18 months may have resulted in restricted funds being used contrary to the provisions of the Local Government Act 1993. This is still under investigation.
These issues have recently come to light due to reviews commissioned by the CEO and notwithstanding a previous audit and report that did not reveal the issues currently under investigation.
Council CEO, Gary Murphy, has today advised the Office of Local Government NSW of the financial issues.
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Last updated : Thu 22 Oct 2020
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