Grant District Council’s projected operating budget will improve from a deficit to a surplus for the 2022-2023 financial year.
Corporate services director Gary Button reported a deficit of $239,714 to a $604,273 surplus.
“It is important to note that due to the forward payment of 75% of the 2022-2023 Federal Assistance Grants (FAG), additional revenue of approx. $852,699 will be reported in the annual financial statements for this financial year,” he said.
“Previously there have been forward payments made of between 25 to 50% over recent years.
“If the forward payments were not made in this financial year, an estimated deficit of around $248,426 would occur, which is still significantly better than the original estimated $624,652 deficit.
“The significant nature of the forward payments will however create uncertainty to accurately estimate the amount of grant funding expected to be received next year.
“This may result in an operating result greater than the current draft budget for 2022-2023 where a $203,890 deficit is forecast.”
The full 16-page budget review was attached to council’s May 16 agenda.