A windfall surplus is on the cards for Brimbank council after a quarterly financial review found an extra $10.77 million floating in its budget.
While its 2016-17 budget projected an underlying surplus of $14.5 million, the review now predicts a $25.28million surplus this financial year, largely on the back of an increase in capital grants, higher than expected developer levies, and profits from its Withers Street land sale, which was not included in budget determinations.
Capital grants have increased 222 per cent in the year to date, which corporate and community relations director Helen Morrissey said is used on specific projects.
“These grants are for roads, buildings, and parks and open space projects, such as the Sunvale community park, the St Albans town centre streetscape upgrades, the Sunshine town centre Dawson Street precinct upgrade, and the Upper Stony Creek transformation project,” she said.
Council will also use profits from the sale of land in Withers Street, Sunshine, to extend its multi-deck carpark near the railway station.
Council chief executive Paul Younis said the windfall surplus puts Brimbank in a strong financial position.
“Generally, it indicates that we are tracking better than our budget,” he said.
“So it will set us up in a strong position when drawing up our budget.”
“Council is excited to have received an additional $3.3 million in capital grants,” Ms Morrissey said.
