The operating surplus before capital grants and contributions was largely due to "an upwards revaluation of investment property of $7.3 million, additional interest revenue of $1.9 million, savings in borrowings due to a reduction in expected remediation costs of $4 million and reduced leave balances of $2.8 million" according to a council's chief financial officer Dwight Graham.

The final review of the last budget leaves council with a budget balanced position compared to a $0.02 million deficit predicted in the March review. Mr Graham said the result was "a significant improvement upon prior year, particularly considering the impacts of the COVID-19 pandemic".

For the financial year, council spent $105 million on capital works and achieved 300 out of 333, or 90 per cent, of its proposed actions. The spending included the commencement of works for the Fernleigh Awabakal Shared Track, installation of new bus shelters at various sites and construction of the new Multi Arts Pavilion (MAP mima) at Speers Point Park.

Eight uncompleted actions were impacted by COVID-19, a report from council staff said.

Construction of the replacement learn to swim pool at Charlestown Swim Centre, replacement of the Ken and Audrey Owens Walkway at Redhead and playground replacement at Russell Reserve, Adamstown Heights were some of the projects not finished in the budget year.

But mayor Kay Fraser said the $5.5 million in carry forwards of works to be included in the current budget was the lowest amount in 11 years.

During the year council also completed a project to "increase the deliverability of development contributions plan projects", which identified 44 fast track projects with construction completed at eight locations so far.

"Like so many people in our community, our crews have been operating under challenging conditions, often with adjustments to their normal workdays to ensure safety and compliance with health guidelines," council's CEO Morven Cameron said.

"Although pleased with the result, we are determined to continue to focus on strategic spending and financially responsible operations in the years ahead."

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