Better than expected returns on interest on investments and a higher return on general rates have helped place Port Macquarie-Hastings Council in a stronger financial position.
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In the monthly financial review for April report tabled at the May 16 meeting, council was told the budget position was now a surplus of $368,655.
Council's adopted budget position on July 1, 2017 was a shortfall of some $586,858.
The report noted that interest on investments was a surplus of $502,800, an increase on the forecast revenue.
"This is due primarily to higher levels of cash than initially predicted," the council report said.
In general rates, the surplus was $278,029, which will bring the rating budget in line with the actuals received.
"Variances are due to growth," the report said. "An additional 500 assessments have been included in the 2018/19 rating budget calculations to cover any growth."
The report noted the shortfalls as:
- Dunbogan Flood Access Road, $10,200;
- Port Macquarie Regional Stadium scoreboard, $14,212;
- Transfer to restricted asset, $70,000;
- General rates, extra charges, $93,300; and,
- Wayne Richards Park development stage 3, $160,439.
The surplus position is considered a satisfactory result for the year, the report said.
