Leisure centre review to seek to generate more income
A review of the Peninsula Leisure Centre's operations would not focus on cutting council funding to the facility, according to the councillor behind the review.
Cr Jared Wright said: "The intention of this review is not to cut funding from community services and council assets, but to look at ways to generate further revenue."
He said the review would be part of a review of all council income-generating assets, including Central Coast Stadium and Lake Haven Cinema, as well as the Peninsula Leisure Centre.
Cr Wright said: "In May to June last year, four major sporting events drew 74,590 fans to the Central Coast Stadium and financial analysis has shown this delivered a $9.75 million boost in economic revenue for the region."
He said: "This review is about building on examples like this.
"I remember we had Lionel Richie perform at the stadium in 2018.
"Why can't we do more of that?
"Musicians doing a Sydney and Hunter Valley show are driving past a keen audience who are wanting more opportunities to get out and about, especially young people.
"During the review process, Central Coast Council will hold two briefing sessions, which councillors will participate in.
"It will investigate areas such as financial performance, community and strategic benefits, as well as any recent undertakings to improve asset performance and draw in additional revenue.
"As we leave administration behind, rebuilding a strong and sustainable financial platform is critical to set our region up for success."
Cr Wright said that the review sat within a broader context of a changing investment environment at a macro level, with lowering interest rates a key factor impacting performance.
"Lower interest rates are great for mortgage holders, but they are not always friendly for larger investors such as councils.
"When you look at just the floating rate notices allocation within our investment portfolio, their interest rate return is down $26,000 in February compared to January alone."
Cr Wright said he was a passionate advocate for improving Council's revenue streams, income opportunities and asset portfolio.
"A dollar earned in additional revenue, is a dollar that we do not have to take out of the pockets of rate payers who are already doing it tough," Cr Wright said.
"Many of these assets provide recreational opportunities to local residents, so improving their income streams can also enhance our social objectives, by providing families with even greater opportunities to get out and enjoy the community they love."
SOURCE:
Media release, 12 Mar 2025
Jared Wright, Central Coast Council