Lake Macquarie Council cuts debt by $33 million in one year
Lake Macquarie City Council paid down $33.4 million in debt, reducing total borrowings by 15 per cent to $188.6 million.
Lake Macquarie City Council achieved a $19.1 million operating surplus and slashed its total debt from $222 million to $188.6 million in the past financial year. Mayor Adam Shultz said it was the largest debt reduction the council had achieved in his ten years on the council.
The council had recovered from a $6.9 million loss the previous year, which was partly caused by a federal grant cut and losses from the Speers Point administration building fire.
Why it mattersThe strong financial performance shows the council is managing money responsibly, but the expensive Speers Point rebuild will likely eat into next year's surplus.
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