Feedback on financials

THE CITY of Greater Geelong’s draft Long-term Financial Plan, has been developed with community feedback, and a focus on growth and assumption that council rates will remain at the state cap.

The city’s proposed plan, which projects its financial capacity over the next 10 years to continue delivering services, infrastructure and facilities, has now been released for public comment before the long-term plan is finalised.

There is a focus on renewing the city’s assets, with an additional $40 million to be spent on renewal by the end of the 10-year plan.

The draft plan identifies new capital investment to support significant growth across the municipality and, in accordance with the Local Government Act 2020, is the city’s first published Long-term Financial Plan.

Considered “generation one”, the plan was guided by existing policies, plans and community views, and reinforced by community plans, Social Infrastructure Plan and the Sustainability Framework 2020.

Covering a decade of financial management, the plan will link strategic and business plans and aims to continually improve efficiencies by proactively seeking out savings without affecting service levels.

The plan also aims to maintain operating surpluses, excluding the short-term impact of the COVID-19 pandemic; maintain a strong cash position; improve asset management plans; maintain debt and interest costs within our established benchmarks; and pursue state and federal funding opportunities, where aligned to key strategic outcomes.

The community can read the draft financial plan and provide feedback via the city’s website before 5pm on September 30.

A report on the draft feedback will go to the council on October 26, when the plan will be considered for adoption.