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Mosman Council's financial position is sound

Posted Friday 19 April 2013

Mosman Mayor Peter Abelson has dismissed as “absolute nonsense” the comments by the Minister for Local Government that Mosman Council is financially among the weakest councils.

The Minister’s comment is based apparently on a report issued today by the NSW Treasury which describes Mosman Council’s short term financial position as weak.

Mosman Council has an enviably strong and sound short and long-term financial position, with relatively little debt, a very strong balance sheet, many revenue sources, a recurrent budget surplus despite very conservative assumptions and ample capacity to meet all short as well as long-term needs.

As will be detailed early next week, the Treasury analysis and conclusion will be shown to be gobbledygook.

Peter Abelson, the first popularly elected Mayor of Mosman, is a nationally recognised professional economist who has held a Personal Chair at Macquarie University and lectured for many years at Sydney University.