City of Newcastle has further cemented its position as the Hunter's most financially sustainable council.
Draft audited financial statements for 2024/25 reveal City of Newcastle returned a modest budget surplus of $8.7 million while delivering a record $164.1 million in infrastructure for any regional council in NSW.
It is the city's third consecutive surplus and ninth in the past 12 years. The only years City of Newcastle has not delivered a budget surplus was for three consecutive years when the Council ran deliberate deficit budgets to supercharge the local economy during the pandemic.
CEO Jeremy Bath said City of Newcastle continued to build on its legacy of prudent economic management.
"Maintaining financial sustainability while balancing the needs and expectations of our growing community remains a key driver for City of Newcastle," Mr Bath said.
"This legacy is what has allowed us to deliver a record capital works program, renewing and maintaining our older assets while delivering essential community infrastructure and undertaking once-in-a-generation projects such as the upgrades to South Newcastle Beach and the Bathers Way.
"City-shaping projects formed a key part of the infrastructure program last financial year, including $34.9 million on the Newcastle Art Gallery expansion and $14.4 million for remediation of the former Astra Street landfill site in Shortland to maintain the local protected environment. I look forward to sharing our vision next year with regard to how we are going to make the most of this site for the coming decades.
"Additionally, our financial statements for 2024/25 have exceeded every financial key performance benchmark set by the Office of Local Government, once again demonstrating the city's fiscal responsibility and effective management."
Other highlights of the 2024/25 infrastructure program include:
- $17.2 million invested into road rehabilitation work and significant expenditure allocated to projects at Longworth Avenue, Minmi Road and Memorial Drive
- $13.9 million on recreation and sport including upgrade projects at Smith Park, Gregson Park and work on Foreshore Park's regional level accessible playspace and waterplay area
- $11.2 million on planning and environment projects including $3.4 million on coast, estuaries and wetlands and $2.5 million on Blackbutt Reserve with significant expenditure for a new cafe and multipurpose facility
- $8.4 million on city infrastructure revitalisation including $4.2 million for the Hunter Street Mall East End Village upgrades
- $8.4 million on waste services
- $8.3 million on transport projects including $3.6 million for cycleways and $3 million on safety improvement works at the intersection of Glebe Road and Park Avenue, Adamstown.
The draft audited financial statements for 2024/25 will be tabled at next week's Council meeting to be authorised for signing.
