The total operating deficit for the City of Adelaide is estimated to reduce from $34.1m to $18.3m for the financial year.
The City of Adelaide is also projecting a $28.5m reduction in debt with total borrowings shrinking from $90.3m to $61.8m.
The City of Adelaide acting CEO Clare Mockler said the improvement in the Council's financial position is an outcome of identifying cost savings, working more efficiently, and focusing on what really matters for ratepayers and City users.
"We are committed to permanently reducing our operational expenditure and delivering for our community.
"Our focus on doing things differently to ensure the organisation is financially sustainable can clearly be seen in these results.
"In addition to lowering our expenditure, we have experienced greater than expected income for our commercial operations.
"It's brilliant that our community is feeling more confident about making the most of what our City has to offer, whether that's learning swim skills at the Adelaide Aquatic Centre, teeing off at the North Adelaide Golf Course, shopping for fresh produce at the iconic Adelaide Central Market, or experiencing the festival and entertainment offerings we are supporting to bring the city to life."
The City of Adelaide remains focused on delivering a break-even budget for 2021-2022 as well as improving its operating position and long-term financial sustainability.
Lord Mayor Sandy Verschoor said Council is committed to finding further operational efficiencies, maximising revenue opportunities and diversifying and growing its revenue streams.
"We will continue to take a measured and responsible approach to our finances," the Lord Mayor said.
"We have been very open about our financial position and will continue to provide transparency.
"We are investing strategically in our city including once in a generation projects such as Eighty Eight O'Connell and Market Square. We will continue to make sound decisions to ensure Adelaide is a thriving city well into the future."
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