Geelong council endorsed a “better than anticipated” Quarterly Financial Management Report on Tuesday night.
The report to December 31, 2020, “paints a more favourable picture than anticipated” in the previous quarterly report, according to City Hall.
The latest report includes a revised forecast deficit for the end of the financial year of $30.4 million, reduced from the previous forecast of $33.4 million.
The annual budget, adopted last June, includes a recurrent operating deficit of $24.6 million and a non-recurrent surplus of $110.2 million, resulting in a net surplus of $85.6 million.
The recurrent operating result for the six-month period to December 31 is a deficit of $7.6 million, compared to a budgeted deficit of $15.8 million.
“The result is far better than we had anticipated,” Geelong mayor Stephanie Asher said.
“We’re very pleased that some of the unexpected expenses driven by the COVID-19 pandemic have been partly offset to a greater degree than we had forecast.
“Since September, we’ve enjoyed a stronger outlook with the reopening of leisure centres and other facilities and services.
“Coupled with lower waste and utility expenses, and savings from continued office closures, we’ve made inroads to narrowing the expected variances.”
Council is set to receive about $8 million this financial year from the Working for Victoria fund.
Council has so far received $500,000 to support outdoor-dining along with a $2.1 million for local roads and infrastructure.
The non-recurrent result for the six months, which includes gifted assets from development, capital income and sale of properties, was a surplus of $69.2 million, compared to a budgeted surplus of $53.4 million.
