Wednesday, 25 August 2010

Parramatta. 'Challenging financial position'

A Parramatta City Council Services Review notes that the organisation enter the second decade of the 2000s in “a challenging financial position and with a business model that is not sustainable”. There are three major concerns: a substantial operation deficit, estimated to be $8.5 million in 2010/2011; excessive capital expenditure is depleting reserves; and capital expenditure is focused on new assets rather that maintaining existing assets. The review of all 41 core services recommend a significant number of business improvements which, if implemented, would help create a sustainable business model.