IPSWICH City Council’s debt remains near $400 million, but the past year has seen $316 million invested in major capital projects across the city.
The Council collected $279.9 million in rates and utilities and secured $227.1 million in grants, contributions, and donations.
The 2024-25 Annual Report shows a strong net surplus of $175.97 million, even as total debt sits at $398.5 million – marking a year of bold spending and strategic growth for Ipswich.
The Council received a greater amount of operating revenue, up 8.2 per cent on the previous year to $604.7 million, a result from population growth, but that was offset by an increase in expenditure by 16 per cent thanks to staff wage rises, inflationary increases in the costs of goods and services and increased depreciation.
Mayor Teresa Harding said the Council was working for a city on track to grow from a population of more than 265,000 to half-a-million by 2046.
“Our capital works projects in 2024-25 included the completion of Stage 3 of the Redbank Plains Rd upgrade, with planning for Stage 4 now underway, while construction of the final of three phases of the Springfield Parkway and Springfield Greenbank Arterial Duplication is also continuing,” Cr Harding said.
“Council invested $97.64m in capital works in 2024-25, delivering 114 projects and completing detailed designs to enable the construction of a further 58 projects, including the rehabilitation of 14.57km of sealed roads and 35.65km of gravel road.
Finance and Governance Committee Chairman Paul Tully said the Annual Report showed a 3.61 per cent rise in net operating surplus on the previous financial year.
“Underpinned by responsible management and efficiency, the last financial year was a success for Council as our net operating surplus rose to $15.18 million from a deficit of $2.47 million in 2023-2024,” Cr Tully said.
“The people of Ipswich benefit from having a council that has balanced its books, providing stability and certainty for our fast-growing population.
