Lithgow Mercury: 'Lithgow City Council working towards surplus'.
"Lithgow City Council has clearly voiced its intention to bring its general fund budget into surplus by the end of this financial year.
At the last meeting of council on July 17, councillors noted a plan to overhaul the general fund budget throughout 2017/18.
General manager Graeme Faulkner said the move was motivated by the need for the organisation to be financially viable in order to be declared Fit for the Future.
Lithgow council has been placed on monthly watch by the Office of Local Government and Mr Faulkner is required to provide monthly reports on the administration’s progress.
Eye off the Ball in 2016/18 Financial Year
Council will attempt to claw back a projected deficit of $853,000 for this financial year.
"It might be too much of an ask to reduce the deficit totally for this year but we're going to give it a good go," the general manager said.
Although $853,000 is certainly a sizeable figure, Lithgow Council has improved dramatically after being in the red to the tune of over $4 million last financial year."
Lithgow City Council general fund deficits in the past five years:
- 2016/17 –$4.118m
- 2015/16 –$1.712m
- 2014/15 –$2.213m
- 2013/14 –$1.753m
- 2012/13 –$0.578m
(Total 5-year deficit: $10.374m)
Read the full story here: Lithgow Mercury: 'Lithgow City Council working towards surplus'.