General
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.
Key points:
- Councillors, including the mayor, were suspended in October with the council on the brink of being unable to pay its 2,000 staff
- Today’s report reveals an operating loss for the past two years to be more than $200 million
- The report confirmed its former CEO and CFO were aware of the use of restricted funds
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.
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