Central Coast News
Stage two of Council's Business Recovery Plan underway
$7 million of spending will be reallocated after the ongoing financial review showed these capital items should have been funded from Waste, Water and Sewer Funds rather than the General Fund to better reflect the use of those items.
Council has identified over $30M worth of property assets that may be considered for sale within the next twelve months. Any sale of assets would need to be a resolution of Council.
Council is also working with its financiers to organise additional financial arrangements.
Interim Administrator Dick Persson said he was determined to get to the bottom of the financial situation and was keen to progress solutions as soon as possible.
"This is a difficult time for our community, our staff and the Central Coast," Interim Administrator Persson said.
"Council is continuing to monitor our cash position, payments and restrictions and communicating with suppliers.
"I am pleased we have appointed such a competent Chief Financial Officer and I look forward to working with her in the months ahead.
"We are determined to meet all our obligations to our staff, suppliers and the community."
KPMG have been formally engaged to complete the forensic audit. The initial phase of engagement is expected to be completed by 13 November and historic analysis will take a further 6 to 8 weeks with findings available mid-late January 2021.
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