A healthy balance for Council's reserve funds
27 Jun 2006
“Council's investment portfolio continues to maintain a healthy balance of funds,” said Hurstville Mayor, Clr Vince Badalati.
“Close monitoring of our investment portfolio has ensured that Council's returns are maintained at the maximum level. This approach ensures our investments continue to outperform the UBS Warburg 90 Day Bank Bill Index, which is one of the main measurement indexes.”
The Council is also matching its investment return with a continued positive improvement in its operating deficit. “A significant improvement was made with the March quarterly report showing that Council's budget deficit has further reduced from a projected $2.1m to $1.3m as of May 26,” said Clr Badalati.
Much of the Council's excellent financial position is attributed to the performance of the Council and its staff, and its commitment to continual improvement. “Council has worked hard to rein in the deficit which was around $5.5m in 2004 to its present level,” said Clr Badalati. “This rapid decline in the deficit shows Council's commitment to getting its operating budget back into surplus. Councillors and staff are continually reviewing all programs and looking at innovative ways to deliver services and achieve even more savings. It is pleasing to see everyone at the Council working together to achieve such a rapid and sustained decline in the operating deficit.”
For more information, contact:
Paul Spyve, Manager, Customer Relations: 9330 6008, 0411 748 953
Jo Reid, Communications Officer, 9330 6067, 0413 738 606
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