Cyclone Marcia cost Rockhampton council $11.5 million

 

AS AT November, Cyclone Marcia had cost Rockhampton Regional Council $11.5 million, after State and Federal government funding.

Council's financial position was detailed as at June 30 in its 2014/15 Annual Report presented to council earlier this month.

Rockhampton has $78.7 million in the bank, with assets totalling $2312.1 million and total liabilities of $209.7 million.

While council budgeted for a $4.6 million surplus at the beginning of the year, it recorded an operational deficit of $10.3 million.

The report stated the "significant decrease in council's operational result was almost solely attributed to the financial impact of Tropical Cyclone Marcia".

Rockhampton Regional Mayor Margaret Strelow said council had paid approximately $4.5 million off its total debt in the last few years, with debt predicted to continue falling.

 

"The recent budget has only a 1.9% rate rise and forward projections are for only modest increases," she said. "Of all of the achievements in this last term, to be in the financial position we are currently in and for Marcia to have been a speed bump not a roadblock, demonstrates the strength of our finances.

"At this stage (Cyclone Marcia cost) $11.5 million, taking into account State and Federal government funding, however we have more work to do yet, and while we have made estimates and included them in the figures, there may yet be additional costs."

Rockhampton Council Assets 2014 - 2015