Positive budget review for MRC
Murray River Council were presented with the quarterly budget review at its ordinary meeting this week, which highlighted a reduction in the overall budget deficit.
In positive news for Council, the quarterly review identified an improvement of $1,099,258 as at end of 31 March 2021.
This figured moved from an original projected deficit of $1,209,938 to a revised budget deficit of $110,680.
Much of the savings can be attributed to roll over of capital grant funding earmarked for projects that will now move into the next financial year.
The projected 2020/21 budget revenues are also estimated to increase by a further $1,418,010 to $59,543,790.
This is predominantly due to an increase in operational grants, increase in new rateable residential properties and investment revenues.
Murray River Council mayor, Chris Bilkey said it’s pleasing to see a decrease in the original budget deficit at this most recent review.
“This latest review highlights the organisation’s efforts to work towards a sensible and balanced budget.”
“To see the budget deficit improve by $1,099,258 is a great outcome.”
Quarterly budget updates provide the opportunity for adjustments to be made to the existing budget based on actual financial performance during the year.
It provides analysis of Council’s annual budget to better illustrate its financial position and help determine if any changes are needed for each period.
“The results for this quarter are certainly positive as we continue to implement measures to achieve financial sustainably for the longer term,” Cr Bilkey said.