Inner West Council losing ‘$3m a month’ as a result of lockdown
With no end in sight to lockdown, we can revealed the eye-watering six-figure sum the Inner West Council is losing each month and the impact it is having on the area.
Inner West
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The coronavirus pandemic has torpedoed Inner West Council’s piggy bank so devastatingly it claims to now be haemorrhaging $3 million a month in lockdown.
The shocking figures come as the council, with nearly 200,000 ratepayers and an annual budget of close to $200 million, outlined the full effect successive lockdowns have had over the past year.
Among a series of measures the council has had to take to balance the books are reviewing the fees and charges it bills and having to now “seek out new revenue gaining opportunities”.
The council flagged that the economic impact of the pandemic has meant that its support for the arts and entertainment has waned in recent months.
The local economy of the inner west thrives on night-life venues, live entertainment and the arts.
“Projects that support the arts and our local businesses such as EDGE and Inner West Fest have had to be delayed,” a spokeswoman said.
“Council is working with partners and participants to identify future dates where the programs can be delivered. All projects and funding commitments will continue to be reviewed on an ongoing basis.”
Council has revealed in documents sent to councillors this week that the total impact of lockdowns since the pandemic began last year is about $25 million on it bottom line.
It is now estimated the council is losing $3m each month.
That money could have been spent on offering rate relief, more support for businesses, paying off a $40 million loan to build the Ashfield Aquatic Centre or other charitable endeavours the council commits to.
So dire has the economic situation become in the inner west of Sydney, that thrives on the arts and night-life industries, that charities are pleading with the council for help for things like food donations.
Just this week the council had to reallocate previous grant funds to find money to give to struggling charities like the Bill Crews Exodus Foundation and the Addison Road Food Pantry.
“Inner West Council is focusing on long term financial sustainability and has already saved over $18 million every year from more efficient ways of working,” the spokeswoman said.
ANTON.ROSE@NEWS.COM.AU
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