Council’s 2019 financial hole millions worse than thought
GYMPIE council's 2019 financial hole was worse than first thought, with new figures revealing it was more than $2 million more than reported last year.
The council's new annual report, expected to be adopted by councillors at today's meeting, revealed the organisation recorded a $14.5 million operational deficit in 2018-19.
This was $2.63 million more than the $11.99 million loss reported in that financial year's report.
MORE GYMPIE NEWS
The cause of this was a jump in operating expenses from $101.6 million reported in 2018-19 to $104.19 million in the latest report, and resulted in the council recording a comprehensive loss of $19.68 million for 2018-19.
The revised numbers add to the council's financial pain, with this report identifying a $6.31 million operational loss across 2019-2020.
It is the third year in a row the council's operating costs have outstripped its income.