North Sydney Council cuts staff as Olympic Pool redevelopment drains budget

North Sydney Council has cut staff in an attempt to stave off a worsening financial position, with rising costs for the redevelopment of its Olympic Pool impacting its budget.

With its 2024/25 budget including an $8.5 million deficit,  cuts to an already paired down capital works budget have been proposed so that more than half the money can be spent on the North Sydney Olympic Pool project.

In a report to the Council’s April meeting, staff managers advised that “Council cannot maintain financial viability, fund the Olympic Pool project and manage its assets to an acceptable service level if similar operating results persist in future years.”

The majority of council’s income is from rates and annual charges, with $78.8 million expected for the 2024/25 year.

While a special rate variation to increase rates has not yet been put on the agenda, North Sydney Council Chief Executive Therese Cole said it would be embarking on community consultations from 12th May to determine “what services and infrastructure they would like to see over the coming 10 years”.

She told local publication North Shore Living “this will inform our resourcing needs and assist us in developing financial solutions.”

Neighbouring Willoughby Council has recently applied for a 15% rate rise to deal with an impending budget deficit in part caused by rising costs associated with upgrades to its Willoughby Leisure Centre.

Image: Heritage elements at the North Sydney Olympic Pool.