Geelong council’s $142m surplus

GREATER Geelong lost $14.8m from council closures and fee waivers last financial year but still managed a solid surplus off the back of strong residential development.

The council’s annual financial report revealed strong growth and development levies resulted in the council collecting more than $42m in contributions over budget, ultimately leading to a $141.6m surplus.

Developer levies were also supported by early receipt of grants funding.

However, a combination of permit and fee waivers, reduced user fees and the forced closures of leisure centres and outdoor pools led to a net Covid-19 related impact of $14.8m.

Among the biggest losers were swim sports and leisure centre closures costing the council $4.4 million, waived parking fees and lower use of spaces costing $3.4m and council relief packages providing refunds and waivers with $2.7m.

Despite the surplus, the council ended the year with an underlying operating deficit of $7.9m for the year.

COGG chief executive Martin Cutter said the city had recorded a good year off the back of a booming development sector, and was in a good position to deliver its $209m capital works program.

“We are well placed to complete or begin our huge range of community projects, such as shared trails, aquatic and sporting facilities, libraries and community centres,” he said.

“That capital, along with a strong asset base now worth $3.1bn, will also help us meet our infrastructure needs and maintain our wide variety of services to the community.”

The Annual Financial Report 2020-21 will be presented to the council at a meeting on Tuesday night.