Lake Macquarie City Council reduces debt by $33.4 million

Lake Macquarie City Council has reduced its debt by 15.05 per cent over the past financial year, bringing total borrowings down from $222 million to $188.6 million. Mayor Adam Shultz credited the $33.4 million debt reduction to responsible fiscal management and a cost-conscious approach to ensure the city remains financially sound.

The council reported a $19.1 million operating surplus before capital revenue. However, a council spokesperson noted that this surplus was influenced by unplanned improvements and specific financial factors, including a $6.5 million reduction in an advanced payment from a federal government financial assistance grant and a $7.5 million loss in disposal assets following the 2024 Speers Point administration building fire.