Kingborough Council tabled its monthly financial report for February 2024 at the Council meeting on 18 March, highlighting the issues impacting the Council’s operating budget.
Mayor, Paula Wriedt said rising costs associated with maintaining and building infrastructure projects were having a negative effect on Council’s financial position with an underlying operating deficit of $2.3M projected for the current financial year.
“Like everyone, our projects have gone up with rising costs,” Cr Wriedt said.
“As it costs us more to build, it means that we must have more in our financial reserves to cover replacement and maintenance for all our community infrastructure.
“Given these circumstances Council has been reviewing its financial plan and forecasts to ensure the organisation is on a solid financial footing moving forward.”
Council’s Draft 2024/25 Budget will be opened for community consultation beginning 3 April and will run until Wednesday 1 May 2024.