I am delighted to report that Council's financial performance continues to improve with the adoption of the budget for 2016-17 forecasting an operating surplus of $5.4 million.
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It is a significant improvement on the $9.5m operating deficit forecasted in the 2015-16 adopted budget.
The forecasted operating surplus will support the funding of a range of projects to revitalise our city and address the Council's infrastructure backlog.
Newcastle City Council is committed to collaborative leadership and delivering a smart, liveable and sustainable city through sound management of the city's finances while protecting and improving services.
Council's capital works program has increased 38 per cent over the past three years from just over $42 million in 2012-13 to a delivered program of more than $58 million in 2015-16.
The 2016-17 capital works program is budgeted at $64.4m, with the total works program - including operational and capital expenditure - predicted to top $82m.
The budget includes: $500,000 for the renewal of Nobbys and Cooks Hill Surf Clubs; $400,000 for playground improvements in Centennial, Nesca and Foreshore parks; and $500,000 for the rehabilitation of Ironbark Creek.
Based on council's long-term financial plan, funds from current reserves and future operating surpluses will be sufficient to fund all costs associated with addressing the $94 million infrastructure backlog by 2020.
