The federal government reduced the amount of funding it gave Central Coast Council in advance of the new financial year by $10M.
While Council will likely get the money this financial year, it means last financial year’s financial surplus won’t be as much as predicted.
For the 2024-25 FY, Council budgeted to receive $31.5M of the annual Financial Assistance Grant (FAG).
This was based on the assumption that Council would receive 85% of the 2025-26 Financial Year estimated grant entitlement in the 2024-25 financial year, in line with the previous financial year’s prepaid amount.
But, on June 24, Council received $16.6M, which equates to about 50% of the entitlement.
The total Financial Assistance Grant payments received in 2024-25 FY are $21.4M, resulting in a $10.1M shortfall from what was budgeted to be received.
“It is noted that, the total amount budgeted to be received in 2025-26 FY will consequently need to be reviewed as part of future Quarterly Operational and Budget Reviews,” Council said.
The FAG update is being tabled tonight at the July council meeting.
The report estimates the 2024-25 Draft Financial Statements will be ready to be presented to the September 2025 Council meeting.
Council’s July investment report shows council has cash and investments totalling $872.5M.
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