We have released our financial results for the 2025-26 financial year, featuring record capital works delivery of $68.8 million towards new and renewed community facilities and assets.
The figure was above the budgeted capital works spend of $47.1 million, largely because construction of the Wurdi Baierr Aquatic and Recreation Centre in Torquay moved ahead of schedule.
The new aquatic and recreation centre, funded in a partnership between Council and the state and federal governments, was the major source of capital spending during the financial year at $43.6 million.
Council's capital works program also delivered improvements to sporting facilities, roads, buildings and other assets across the shire, including:
- New synthetic hockey pitch at Banyul-Warri Fields, Torquay (Victorian Government-funded)
- Lorne Transfer Station upgrade
- Spring Creek Reserve oval playing surface, irrigation and drainage upgrade
- Gladman Street, Winchelsea upgrade including road sealing and drainage improvements
- Fischer Street, Torquay safe cycling and pedestrian route improvements
- Upgrade of Coombes Road, Torquay and roundabout at Messmate Road intersection
- Tennis court replacement at Spring Creek Reserve, Torquay
- Drainage and safety improvements on Bambra Aireys Inlet Road
- Renewal of Newling Reserve playground, Moriac
- Renewal of Connewarre Hall roof
Mayor Libby Stapleton said Council was working hard to meet the high demand for new and renewed assets as the shire's population continues to grow.
"We know our community rightfully expects the shire's existing roads, paths, facilities and other assets to be maintained to a high standard," Mayor Stapleton said.
"At the same time, our increasing population means there is also pressure for new assets and facilities.
"While we can't deliver everything at once and this will always create some disappointment, our 2025-26 results show a high level of investment in the assets our community relies on.
"We will continue to work hard to fund and deliver new, improved and renewed assets, including seeking funding from other levels of government to help meet the cost of this work."
Overall, we recorded an operating surplus of $31.7 million for the financial year, however, this figure does not represent a cash windfall given it largely relates to:
- the timing of grant funding received from other levels of government for committed projects, and
- the handover of $8 million in non-cash assets from developers, which now become Council's responsibility to maintain.
In a challenging environment where costs are rising faster than our ability to generate revenue, our ongoing financial sustainability was supported by realisation of $320,000 in permanent operational savings during the financial year.
Other key figures in the financial statements include:
- A cash and investments balance of $61 million, down from $108.3 million at the beginning of the financial year, reflecting planned spending on major projects.
- Borrowings reduced from $10.4 million to $8.1 million.
- The value of property, infrastructure, plant and equipment Council is responsible for maintaining is now $1.44 billion.
- Revenue was up from $138.5 million in 2024-25 to $148.1, driven by an increased focus on obtaining grants and contributions to help deliver projects.
- Expenses increased from $105.2 million to $116.4 million, partly due to rising costs associated with the Anglesea Landfill.
The results were given in principle approval by Council during Tuesday night's meeting, and will now be submitted to the Victorian Auditor-General.
The full results can be seen in the minutes of the September Council meeting.
They will be included in our 2025-26 Annual Report, due for release in October.
Our ongoing financial sustainability is a key aim in the Council Plan 2025-29 strategic direction of 'A High Performing Council'.
