How much money is left over from Games
THE Commonwealth Games will be left with $40 million in the bank which the Opposition is demanding the State Government reinvest in Gold Coast infrastructure.
Financial statements in GOLDOC'S annual report, tabled in State Parliament, confirm that after all bills are paid there will be more than $40 million left over.
When the Bulletin previously asked about speculation that might have been up to $84 million left in a Games contingency fund, the State Government declined to speculate on the amount or how it would be used.
But as of June 30, the Games organising body had financial assets of $80.8 million and financial liabilities of $40.3 million.
LNP leader Deb Frecklington told the Gold Coast Bulletin: "Annastacia Palaszczuk needs to guarantee that any money left over from the Commonwealth Games is spent on the Gold Coast.
"This is money that could be used to start work on a second M1, fix local traffic bottlenecks, employ more local police to crack down on crime or to aircondition local public school classrooms.
"Anything less than a guarantee is another example of Labor treating Gold Coast residents like the poor cousins of Brisbane.
"The Gold Coast is Queensland's second largest city, a major gateway for domestic and international tourists and growing at a rapid rate."
The GOLDOC annual report said negotiations and reconciliations of key commercial revenue contracts were ongoing but the final position was "unlikely to vary significantly with some immaterial revenue to be recognised in 2018-19".
GOLDOC successfully delivered the cost of the event within its whole of Games funding allocation, it said.
"Subject to finalisation of outstanding contracts during 2018-19, GOLDOC expects to return in excess of $35 million to the Queensland Government. This is in addition to GOLDOC not requiring utilisation of the state-held contingency fund of approximately $100 million," the report said.
"This result was achieved as a result of the strong fiscal management and governance arrangements that were applied to GOLDOC's operations."
Deputy Premier and Treasurer Jackie Trad has previously indicated the final cost of delivering the Games would be reported in the post-Games report expected in early 2019.
Asked in August what would happen with the funds, Ms Trad had replied: "We will ensure that any potential future drawdowns from the fund are expended appropriately in the interests of Queenslanders."
Commonwealth Games Minister Kate Jones maintains the funds had been returned to Treasury and "are already being invested in the Gold Coast" in projects like the upgrade of the Pacific Motorway.
"We are filling the black hole left by their LNP mates in Canberra who were happy to provide 80 per cent of the funding for a national highway in NSW but will only kick in 50 per cent in Queensland,"she said.
"This will cost Queenslanders an extra $500 million over the next five years. In reality, we're still owed $450 million."