Parramatta. Decrease in operating surplus

Parramatta City Council’s operating result decreased from a surplus of $5.8 million to a $4.5 million surplus in 2008/09, due to a reduction in investment returns of $1.1 million, because of global economic conditions and employee costs growing at a greater rate the rates revenue, according to a council report. Council’s loan liability decreased from $93 million to $89.2 million, of which $55 million was in respect to Civic Place; interest repayments are being services from leasing income and interest on the unexpected balance of the loan. Council’s cash position remained constant at $84.9 million