Central Coast Council’s dire finances, including more than $565 million of debt, laid out in damning report

The sixth largest council in Australia, Central Coast Council, is in the grip of a financial crisis with a forecast budget blowout of more than $200 million and accrued debts of more than $565 million.

A damning report detailing the findings of a 30-day investigation into the financially-stricken council, just north of Sydney, was released by newly-appointed administrator Dick Persson on Wednesday.

Thirteen councillors,…