Charlotte Varcoe
THE Limestone Coast Local Government Association (LCLGA) has officially endorsed its 2024-2025 Annual Budget.
This financial year’s budget includes a cash deficit of $168,092 as well as an operating deficit of $68,092 forecast for the 2024-2025 financial year.
According to a staff report, cash reserves were also predicted to be at $206,851 at the end of the coming financial year.
There were also updated figures for the coastal alliance resulting in an increase to $10,000 from the previous $8860.
The overall cost for the coastal alliance is expected to be $65,000 from the previous $57,590.
The report stated the LCLGA must “ensure a sound financial position” which “maintains a core LCLGA reserve” above $175,000 and “carries capacity” for current and future programs.
LCLGA president Lynette Martin said the board officially adopted the budget at its recent June meeting with the annual business plan due to come back in July.
“That will provide the projects and the direction of the LCLGA for the coming year,” Ms Martin said.
“We have got existing programs around tourism, connected and active communities and the sporting academy as well as progressing economic development projects and the regional growth strategy – all of which will be taken into account.”
In regards to a recorded downflow of cash flow, Ms Martin said it was difficult to interpret such things with the LCLGA receiving funds for specific projects such as the sports academy and connected and active communities.
“In this instance, the sports academy received three years of funding in the lump sum and because the cash reduces as the academy operates, it all depends when the funding is received and when it is expended,” Ms Martin said.
“It is a little bit tricky from that point of view.”
She said in regards to the increased cost of coastal alliance, the funding had been increased by $1140 across the seven councils with the member subscription received from councils and paid onto the coastal alliance which was managed by the LCLGA account.
Ms Martin said she was confident in the future stability of the LCLGA which was funded by a membership fee of all seven councils.
