Parramatta Council has turned its financial position from red to black by about $30 million in the space of four years.
During a report on the council’s finances, Dr Lang said forecasts in 2008 had the council at a loss of about $27 million by this financial year.
But he said rather than a loss, the budget was in surplus by $2.9 million.
Councillors asked Dr Lang about an outstanding debt of $55 million they were told related to the failed Civic Place development.
They were told the loan had not been paid because it was borrowed at a very low interest rate and it would cost the council considerably more to refinance it.
Dr Lang said the money was used on other projects, such as the light-rail proposal, when the Grocon development failed.