Responsible financial management keeps City sustainable

One of my proudest achievements is leading a Council that is financially transparent, responsible and stable.

In the 90s the City of Sydney was close to being bankrupt. Since that time the Council has responsibly planned for the future, invested in property and prudently saved income to pay for new infrastructure and services.

It's wrong to suggest, as some have this week, that the City staved off bankruptcy on the back of parking revenue.

After paying the State Government its share and covering the cost of staffing and equipment the City's net parking revenue in 201/12 was $11 million.

This is a small revenue stream for the City - our total income was $524.5 million last year.

Responsible financial management over the last eight years has meant that we have delivered debt free budgets, kept our residential rates the second lowest in the Sydney metro area, continued to offer free rates to pensioners and budgeted for a program of major projects worth close to a billion dollars over the next 10 years.

These include building six new childcare centres, a new town centre for Green Square, major public domain works on George Street to support light rail, new parks and investing in local, low carbon energy precincts to move us off the coal-fired power grid and reduce bills for residents and businesses.

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