Wulanda loan repayments well ahead of schedule

THE City of Mount Gambier has achieved an important financial milestone, with all special conditions attached to loans for Wulanda Recreation and Convention Centre satisfied two years ahead of schedule.

At the April 2026 council meeting, formal confirmation from the Local Government Finance Authority of South Australia (LGFA) that the financial covenants attached to Wulanda related borrowings were met as at June 30, last year, was received.

These loans were taken out to support the delivery of the Wulanda Recreation and Convention Centre, one of the city’s most significant recent community infrastructure projects.

City of Mount Gambier Mayor Lynette Martin said the early satisfaction of the LGFA’s special conditions demonstrated strong financial leadership and careful long term planning.

“Achieving these financial benchmarks two years earlier than required is a significant outcome for Council and our community,” Mayor Martin said.

“It clearly shows that council can responsibly deliver major community infrastructure like Wulanda while maintaining strong financial discipline, protecting our long term sustainability.”

As part of the loan agreements, council was required to meet specific financial benchmarks by 30 June 2027, including maintaining a positive operating surplus, keeping debt at sustainable levels, and ensuring assets are renewed in line with Council’s Long Term Financial Plan.

In correspondence dated 7 April 2026, the LGFA confirmed all required conditions had already been met by the end of the 2024/2025 financial year.

City of Mount Gambier chief executive officer Paul Simpson said the outcome provides independent assurance of Council’s financial performance and governance.

“The LGFA’s confirmation is a strong endorsement of council’s financial management, governance frameworks and long term planning practices.

This milestone is evidence that the Council elected body is committed to strong and disciplined financial oversight,” Mr Simpson said.

“Meeting these special conditions well ahead of time reduces financial risk and reinforces confidence in Council’s ability to sustainably manage its assets, services and future investments.”

Mr Simpson said council’s loan repayments remain unchanged.

“There is no change to Council’s borrowing arrangements or repayment schedule. What this achievement does provide is certainty, stability and confidence for the future,” he said.

Council will continue to monitor the financial performance of Wulanda Recreation and Convention Centre through its usual reporting processes in line with its Long Term Financial Plan and Treasury Management Policy.