{"id":330477,"date":"2023-03-29T11:58:59","date_gmt":"2023-03-29T01:58:59","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=330477"},"modified":"2023-03-29T11:58:59","modified_gmt":"2023-03-29T01:58:59","slug":"inflation-hits-trc-budget","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2023\/03\/29\/inflation-hits-trc-budget\/","title":{"rendered":"Inflation Hits TRC Budget"},"content":{"rendered":"
\"Cr<\/a>
Deputy Mayor Cr Geoff McDonald<\/figcaption><\/figure>\n

March 29, 2023<\/strong><\/p>\n

Inflation has forced the Toowoomba Regional Council to adopt an amended 2022-23 Annual Budget at a Special Meeting on Wednesday.<\/p>\n

Cr Geoff McDonald said Council was now forecasting a reduced surplus for this financial year.<\/p>\n

\u201cWhen we adopted the Budget back in June we originally forecast a deficit of about $5.8 million. In October last year a reforecast indicated we were looking at a surplus of almost $3.5 million and this has now been revised to a surplus of about $730,000,\u201d Cr McDonald said.<\/strong><\/p>\n

\u201cThese changes within this financial year are a reflection of how challenging the current economic climate is at the moment.<\/p>\n

\u201cOver the past year we have seen inflation levels continue to rise and this has had a significant impact on our materials and services.<\/p>\n

\u201cAn example of this is the additional $1.32 million we\u2019ve had to account for to support the increases in prices of fuel and parts. We\u2019ve also had to account for an additional $800,000 as part of our waste collection contracts which is also due to the increasing price of fuel.<\/p>\n

\u201cThis is more than $2.1 million over a six-month period, which underlines how much the cost of living continues to increase for our residents and Council.<\/strong><\/p>\n

\u201cDespite these challenges, we\u2019ve had a high response of people paying their rates early which we\u2019re grateful for when we know how much financial pressure our community is under.<\/p>\n

\u201cCouncil has also allocated additional funds towards the installation of automatic number plate recognition cameras to assist the Queensland Police Service with increased community safety.<\/p>\n

\u201cTo help offset this expenditure, Council has seen an increase on interest revenue due to consecutive interest rates increases. In addition to this, our income is tracking above budget on development lodgement fees and there has also been increased income due to higher than expected usage of our community venues and the Jondaryan Woolshed.<\/p>\n

\u201cIt\u2019s great to see our facilities being well-used by our residents and could also be a sign of how our community is moving out of a Covid phase and back to business as usual.<\/p>\n

\u201cWith cost price rises continuing to fluctuate, it\u2019s crucial for Council to stay within its key financial sustainability measures which are monitored by the State Government.<\/p>\n

\u201cOur credit rating of sound with a neutral outlook will be challenged over the coming 10 years with so many large multi-generational projects on our books that puts our position under pressure, however at this stage there is no indication our position will change in the short term.\u201d<\/p>\n

The amended Budget includes a\u00a0proposed Capital Works Program of $173,064,270.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation has forced the Toowoomba Regional Council to adopt an amended 2022-23 Annual Budget at a Special Meeting on Wednesday.<\/p>\n","protected":false},"author":20,"featured_media":67677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,3],"tags":[1131],"yoast_head":"\nInflation Hits TRC Budget - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Inflation has forced the Toowoomba Regional Council to adopt an amended 2022-23 Annual Budget at a Special Meeting on Wednesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2023\/03\/29\/inflation-hits-trc-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation Hits TRC Budget - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"Inflation has forced the Toowoomba Regional Council to adopt an amended 2022-23 Annual Budget at a Special Meeting on Wednesday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2023\/03\/29\/inflation-hits-trc-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-29T01:58:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2014\/05\/20140515-geoff-mcdonald-f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2023\/03\/29\/inflation-hits-trc-budget\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2023\/03\/29\/inflation-hits-trc-budget\/\",\"name\":\"Inflation Hits TRC Budget - 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