Bathurst council pledge $662,000 for second circuit

The Bathurst Regional Council is planning to pump $662,000 from its 2015/16 budget into a $50 million project for a second circuit at Mount Panorama.

According to a report by the Western Advocate newspaper, the 2015/16 Bathurst Regional Council budget will include $662,000, which will go towards $15 million required as a first down payment on the $50 million project.

The rest of the $15 million will come from state and federal funding (approximately $14 million), and around $338,000 in borrowings.

“All up it’s a $50 million project,” city treasurer Bob Roach told the Western Advocate.

“So far there’s $20 million on the table, with another $15 million to be included in the 2016-17 budget and another $15 million in the 2017-18 budget,” he said.

“Of the $50 million, council is looking at investing $10 million with the other $40 million being shared from further federal and state government grants, possibly a 50/50 arrangement.”

In other Bathurst news, today marks the 200th anniversary since the city became the first inland settlement in Australia.

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Series Supercars
Article type Breaking news
Tags bathurst, mount panorama