Columns
10 years on Image

10 years on

Melbourne Bike Share becomes Docklands Bike Share
Read more >>

Away from the desk Image

Away from the desk

The little bent tree
Read more >>

Chamber update Image

Chamber update

Coming out of COVID-19
Read more >>

Docklander Image

Docklander

Moving across the world for Docklands
Read more >>

Docklands Secrets Image

Docklands Secrets

Conflicting speeds
Read more >>

Chinese

滨海港区 预算菲薄
Read more >>

Critic

A killer in Docklands
Read more >>

Owners' Corporation Management

Performance-based alternative solutions the key to cheaper cladding replacement costs
Read more >>

Fashion Image

Fashion

Top five street style trends
Read more >>

Health and Wellbeing Image

Health and Wellbeing

Warming up before exercise – why you really need to
Read more >>

Letters Image

Letters

What I hate about Docklands
Read more >>

History

(A sailor’s) Home is where the Hearth is
Read more >>

Business Image

Business

Anchor up at Yarra’s Edge’s newest cafe
Read more >>

Owners Corporation Law Image

Owners Corporation Law

Keeping the lights on during COVID-19
Read more >>

Maritime

Two steps forward and one step back
Read more >>

Pets Corner Image

Pets Corner

Ty the adorable rescue
Read more >>

SkyPad Living Image

SkyPad Living

Coming out of COVID-19 with a silver lining
Read more >>

Precinct Perspectives

Getting through COVID-19
Read more >>

State MP

After COVID-19: do we want to go back to “normal”?
Read more >>

Street Art Image

Street Art

Goodbye from Blender Studios
Read more >>

Sustainability

How fast is fast fashion?
Read more >>

The District

Eat your way through our most delicious hot spots
Read more >>

We Live Here Image

We Live Here

Short-stays in the aftermath of COVID-19
Read more >>

Editions
August 09 Edition Cover

Council doubles Docklands profit

30 Sep 2015

The City of Melbourne more than doubled its profit from Docklands in the last financial year.

Council’s budget surplus for Docklands was $9.16 million, more than double the almost $4 million profit it made in the 2013-14 financial year.

According to the Docklands Finance and Infrastructure Plan 2014-15, presented to the Docklands Co-ordination Committee last month, the council’s Dockland’s surplus was $11.16 million, a positive variance of $3.5 million against its budget.

However, the report also noted that indirect costs of more than $2 million were included in the figures, leading to an overstatement of the surplus.

The higher than anticipated surplus was associated with higher revenue and
lower expenses.

The council had a slightly higher revenue of  $25.18 million against a budget of $24.9 million due to higher supervision and civil works fees from Docklands’ developments and higher than anticipated wharf
berthing fees.

The council also saved more than $1 million on maintenance and community service costs due to the Library at the Dock opening later than expected.

It also made a $230,000 saving due to lower than expected costs for contractors and consultants in relation to Docklands waterways and Marina YE management.

The Docklands Co-ordination Committee also approved a five-year finance and infrastructure plan at its September 15 meeting.

According to the report, the council estimates a surplus of  $11.7 million from Docklands in the current financial year.

It plans to spend $16.2 million on Docklands expenses and has budgeted $3.1 million for capital works. The council estimates its total revenue from the suburb will be $26.8 million during this financial year.

The council also estimates that in the following four years, between 2016 and 2020, it will make more than  $82.9 million from Docklands.

However, this figure doesn’t take into account council’s capital investment in Docklands, which are subject to budgets for each financial year, and will reduce the surplus figure.

Share on Facebook

Stay in touch with Docklands. Subscribe to FREE monthly e-Newspaper.

You must be registered with Docklands News to be able to post comments.
To register, please click here.