Council signs off on revised 2015/16 budget

Published on 22 June 2016

Although Council is ready to adopt the 2016/17 budget on Friday, the final touches have been signed off for the 2015/16 revised budget position in a Special Council meeting today.

With an overall $7million improvement to the surplus, Council is paying off $2.7million in debt and strategically allocating the remaining surplus to the Capital Works Program in the new financial year in an effort to boost labour activity and local spend in the Region.

The Riverfront Redevelopment was tagged as one of the key projects to be allocated $5million over two years.

Rockhampton Region Mayor Margaret Strelow said solid investment in Riverfront Redevelopment will ensure a long-term, quality outcome that will pay dividends for local businesses and the community.

“The $5million carried over from our current surplus will help us build the whole dream without having to pick and choose parts of the original proposal,” Mayor Strelow said.

“Rather than reducing the quality of the finishes or cutting out major elements, we are working to deliver the entire picture.”

With these adjustments, the project is currently estimated to cost just under $36.4million.

Since 2013, Council has delivered conservative budgets that respond to the tough economic climate, and as a result, debt has been reduced by $7.1million. This is on top of a natural disaster.

“With hard financial work, our key sustainability ratios, which are monitored by the Department of Local Government, have improved from their position that we originally projected a year ago,” Mayor Strelow said.