Casey administrators say Casey is in a “very strong financial position”, as revealed in the recent 2023-24 budget outcome.
Casey recorded a surplus of $134 million in the 2023-24 financial year, with a revenue of $596 million and expenses of $461.8 million.
The income was about 16 per cent lower than in 2022-23 after a dropdown in grants and non-monetary contributions.
The income stream of rates and charges totalled $300 million for the year, 6 per cent higher than in 2022-23 due to the population growth and the application of the 3.5 per cent rate cap.
Council delivered $116 million of capital works programs in the 2023-24 financial year, overspending the proposed $74 million budget.
A total of $26 million was spent on road projects, 23 per cent higher than the proposed number.
Recreational, leisure, and community facility projects led to a spending of $40 million, 110 per cent higher than the budget. The continued projects include Casey Fields Regional Soccer Stage 2, Clyde Township New Family Community Centre, and Casey Fields Ovals and Pavilion Upgrade, funded from carry forward from 2022-23.
The underspend was observed for footpaths, cycleways, parks, open spaces, and streetscapes, resulting in a total of $8.5 million in the 2023-24 financial year, 11 per cent lower than in 2022-23. According to the council report, footpath and cycleway projects went through delays in obtaining external authority approvals, while playground renewals were delayed due to long lead times for the supply of equipment, wet weather, and skilled labour shortages.
Council also spent $12 million in land purchases in the year. The report says the number was higher than anticipated due to the acquisition of two parcels of land in Lynbrook and Clyde North.
“We are in a very strong position financially in the City of Casey,” City of Casey chair of administrators Noelene Duff PSM said at the September Council Meeting.
“We’ve had many challenges to project budgets, particularly in the capital works program. We’ve had liquidation of a number of contractors undertaking works for us that we’ve had to work through. That has led to increased costs and in part has led to that carryover in terms of the capital budget…
“I think there have been some great initiatives this year. The cost issues do remain a big issue for us, and we’re very aware of the stresses on the community as a result of high mortgage payments, etc, and their capacity to contribute to the council’s finances through rates on property.
“We’re very, very conscious of that and aware of that. And, nevertheless, we’ve had to cut our cloth to meet the requirements of the community and to meet the demands that are a result of the growing community of Casey as a diverse community.”
