Council denies Gold Coast finances are in the red

THE CITY of Gold Coast has claimed a “difference of opinion” is behind figures showing it’s one of the worst performing local governments in Queensland.

The Glitter Strip has been named alongside 15 other poor performers, including remote Aboriginal communities such as Palm Island, Mornington Shire and Torres Strait Island.

The Bulletin reports, an audit of local government financial sustainability tabled in State Parliament yesterday declared the Gold Coast was living beyond its means, having borrowings of more than $720 million, or $3130 per rateable property.


Acting Mayor Donna Gates denied the council was broke and said a “difference of opinion” on accounting had prompted the stinging criticism by the auditor general.

“There is no financial risk to council and we absolutely have about $700 million in the bank and have not borrowed any funds in the past two years,” Cr Gates  said.

“This report indicates there is a problem and this is based on the technical calculation of depreciation which is something the council has a different opinion on with the State Government,” she explained.

The council has a $1.3 billion budget while holding $11 billion in assets, $700 million in savings and $770 million in debt, down from more than $800 million the previous year.