General News

3 May, 2024

Interest rates boosting Mareeba’s bottom line

HIGHER interest rates are contributing to Mareeba Shire’s bottom line, with the council receiving $2,572,881 on its investments to date this financial year.

Interest rates boosting Mareeba’s bottom line - feature photo

Council’s budget had assumed interest would be $590,250 to date, and $787,000 for the full financial year, but higher interest rates mean the council has surpassed its expectations already this financial year.

“This has been a trend for a while but, of course, the areas that will benefit are the reserves where the interest will be placed to boost those reserves of water, wastewater and so on,” Mayor Angela Toppin commented.

Council’s coffers have also been boosted by the sale of four lots at the Mareeba Industrial Park earlier this financial year with gross sales totalling $606,000. 

However, council was quick to point out that the money will be re-invested into the development of more lots at the estate, with Deputy Mayor Cr Lenore Wyatt asking whether plans were underway for future development.

With only 10 lots left, chief executive officer Peter Franks confirmed a design for the development of the next stage of the industrial estate was being completed and would be presented to council in the coming months.

Mareeba’s budget is also benefiting from works done by council for third parties, with $1.99 million in revenue to date this financial year, compared to the budgeted figure of $1.2 million (year to date), and $1.6 million for the full financial year.

On the expenditure side, council’s financial statements reveal that funds spent on repairs caused by vandalism has reached $21,512 so far this financial year.


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