Lord Mayor's column: Focused on financial sustainability
From the Lord Mayor's Office on Friday, 30 October 2026
At this week’s meeting Council considered the financial statements for the year ending 30 June 2026. The statements showed that Wollongong City Council remains in a sound financial position, supported by strong funds and reserves, low debt and continued investment in community infrastructure.
This pleasing result reflects an ongoing and disciplined focus on Council’s financial sustainability to ensure we can continue to provide services and infrastructure to our community.
Council reported an operating result of $106.5 million for last financial year, which was $50 million higher than the original budget. The surplus was due to a number of non-recurrent factors including the advanced payments of grants, accounting for contributed assets and the settlement of the Stream Hill land sale.
I welcomed the Independent Local Government Grant Commission’s decision to halt the review of methodology of the Financial Assistance Grant that would have seen Wollongong lose over $16 million per annum.
At the same time, I note advice from the Commission that a future review will happen after the next Council election. I have always said a review was warranted and I welcome a more transparent equitable future process for all local councils.
Whilst the positive financial position is welcomed, Council is not immune to cost of living pressures. Over the next four years we’re spending over $500 million to deliver major capital projects including the new Southern Suburbs and Helensburgh community centres and libraries.
Council is facing increased construction costs across all areas of operation and must remain disciplined in a period of economic instability. Global factors such as rising fuel costs present challenges out of our control. These inflationary pressures will continue to influence our overall position making our financial sustainability tenuous.
I can assure the community however that Councillors and council staff are committed to ensuring we remain sustainable into the future and delivering the infrastructure and services our community expects.
