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Council asset sales passes the halfway mark with over $34 million assets sold

By Central Coast Council
Archived 15 Feb 2022 - Posted: 16 Dec 2021
Credit: Central Coast Council
Council is on track to deliver its planned $60million asset sales program as part of its financial recovery, ending the calendar year with settled sales of $34,738,775.

The land known as ‘Warner Industrial Park’ is the latest settled sale at a price of $27,031,775, having a valuation of $19,500,000.

Council Administrator Rik Hart said other sale negotiations were progressing well.

“We continue to demonstrate to the commercial lenders that we are able to pay back the emergency bank loans that had to be obtained to reimburse the restricted funds that had been spent unlawfully on projects that the community had benefited from,” Mr Hart said.

“Importantly, value has been delivered back to the community with the sale of properties to date achieving just over $10million above their market valuations.

“Our financial recovery plan put in place in November last year is working and we are hitting all milestones and targets.  Together with the cost reduction measures, tightened budget management controls, asset sales and a focus on productivity gains, we are doing everything we can to ensure the organisation’s financial sustainability.

“However, we risk an annual average income loss of $25.8million in less than three years’ time if the current rates are not maintained beyond June 2024.  This means we will need to reduce or cease many services.  We are continuing to consult with the community about this significant matter,” Mr Hart said.

Council is proposing to apply to the Independent Pricing and Regulatory Tribunal (IPART) in February 2022 to maintain the current ordinary rate for an additional seven years, or ten years in total through to June 2031.

To participate in community consultation about maintaining services and rates, search ‘maintaining services and rates’ here

For more information about Council’s financial recovery plan actions,  search ‘financial recovery plan’ at here

This article archived 15 Feb 2022

 
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