Toowoomba Regional Council’s (TRC) estimated capital budget for 2023/24 has decreased by around $10 million, mainly because of timing issues with some water projects.
The information was revealed at a Special Council Meeting today by Ann-Marie Johnston, the Finance and Business Strategy General Manager.
She mentioned that works related to Disaster Recovery Funding Arrangements came in way below the initial forecast.
Toowoomba Regional Council Budget Adjustments After Review
The expected cost for the 2022 Flood Recovery Program, supported by DRFA, is around $250 million, making the cost decrease and a positive outcome for the community.
The Council also expects an extra $3.5 million due to increased interest revenue.
However, the Council recognises challenges in the market with fluctuating prices, impacting the budget.
Rising prices for materials and services require more funding for waste and water operations and various Council services.
The Council also adjusts funding for business continuity, risk management, insurance, and capital projects like the Toowoomba to Warwick pipeline, Highfields Trunk Water Mains, and Cressbrook Dam Safety Improvement Project, mainly due to timing.
While stressing prudent spending, the Council acknowledges the need to plan for regional growth.
Funding has increased for the Toowoomba Region Futures Program and the Central Highfields Divestment Strategy.
With the approved changes, the Council is expecting a $1,323,241 surplus budget for the current financial year.
The focus remains on meeting State and Federal Government sustainability ratios to ensure the Council is well-positioned to deliver essential products and services to the Toowoomba.
News sources and images from https://www.tr.qld.gov.au/
