The 2008-09 result has been released almost two months after the deadline set by the Department of Local Government. The council’s financial services manager Damien Jenkins blamed the massive deficit on a $4.8 million depreciation allowance of building assets.

He said a further $1.7 million of the council’s investments were lost during last year’s global financial crisis.

‘‘Breaking even by 2015 is still a goal, but whether we’ll achieve that I’m not sure,’’ he said.

Mr Jenkins said the delay in tabling the report was due to a new asset valuation process put into place by the Department of Local Government.

‘‘It is the second time we’ve used the process and we knew we would not make it in time, and so asked for an extension,’’ he said.

He said staff in the council’s financial services department experienced a heavy workload and had held discussions to find a way to better deal with the deadline.