City of Newcastle balances the books with third straight Budget surplus
City of Newcastle is set to deliver a modest surplus for the third consecutive year as part of its $415 million Budget adopted by Councillors last night.
The 2024/25 Budget balances service delivery and outcomes for the community with fiscal responsibility through a modest $4.1 million Budget surplus forecast alongside an investment of almost $140 million into infrastructure throughout the Local Government Area.
Through its Budget and Delivery Program, City of Newcastle will invest $415 million across 60 services and more than 280 projects in the coming financial year, including marquee projects such as the Newcastle Art Gallery expansion and essential infrastructure such as roads, parks and sports facilities.
Lord Mayor Nuatali Nelmes said City of Newcastle's sound economic management is key to achieving the community's vision of Newcastle as a liveable, sustainable, inclusive global city.
"We've achieved financial strength through years of stability and responsible local government, which allows us to support Novocastrians in their everyday lives and deliver the infrastructure and legacy projects our state's second-largest city deserves," Cr Nelmes said.
"Our infrastructure investment will improve people's lives, with $38.1 million for local roads, bridges, footpaths and community buildings, $7.7 million on stormwater upgrades to address flooding to property and businesses and $6 million for improving Newcastle’s cycleway network and transport.
"We're also giving back through our Community Grants, which for a fourth year will provide more than half a million dollars for initiatives to help vulnerable members of our community and reinforce the social, cultural, environmental and economic life of the city."
Highlights of the 2024/25 Budget include:
$17.9 million on roads, footpaths and cycleways across the city
$11 million on recreation and sports improvements, including Gregson Park Playground
$5 million for Longworth Avenue and Minmi Road, Wallsend Road renewal$4.5 million on coastal management including Stockton coastline protection work
$4.1 million on Memorial Drive Road embankment
$2.8 million on improving bushland and watercourses
$2.4 million on Local Centre upgrades such as Orchardtown Road at New Lambton and Georgetown
$2.4 million on resources and improvements for Libraries, Civic Theatre and City Hall
$1.3 million on renewable energy projects including climate action and EV charging.
Deputy Lord Mayor Declan Clausen said City of Newcastle's economic bottom line is a credit to the elected council and staff.
"I'm proud to be part of a council delivering this record investment that will be felt in every single community across our city and I'm proud of every single person at City of Newcastle whose hard work has made this happen.
Acting CEO David Clarke said City of Newcastle will keep working hard to balance the needs and expectations of a growing community with fiscal responsibility and sustainability.
"An operating surplus of more than $4 million is a sign of good economic management, despite ongoing inflation and rising construction costs," Mr Clarke said.
"By investing in our community through this Budget, we're meeting the needs of our residents while also helping to support local jobs and businesses, with estimates that our infrastructure program in 2024/25 will create 735 local jobs and increase total economic output in the LGA by up to $305 million."
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