Spend focus for ageing assets

THE CITY of Greater Geelong will double its expenditure on asset renewal as part of a 10-year, $474-million strategy.

Geelong councillors adopted a 2022-2032 Asset Plan last month, which will guide planning for maintenance of the city’s $3.1 billion worth of infrastructure.

COGG intends to spend $59.9 million on infrastructure renewal by the end of the plan in 2031-32, up from the current financial plan’s prediction of $31.9 million.

The largest spike would come from the city’s open space portfolio – it plans to spend $15.8 million by 2032, up from the current $1.7 million this year.

Outlay for buildings ($4.5 million extra by 2032) and drainage ($4.5 million) would also markedly increase from current levels.

COGG would spend a total of $474.6 million across the next decade to maintain its assortment of assets, which also includes roads, footpaths, kerbs, waterfront infrastructure, and cultural and recreation facilities.

The larger cash kitty would be accompanied by a new planning framework for the city’s renewal program, including yearly engagement, reviews, valuations and business cases to ensure the money went to where it was most needed.

COGG finance portfolio chair Anthony Aitken said at last month’s council meeting that the strategy would fulfil the city’s responsibility to maintain current community infrastructure.

“This plan shows we understand our responsibility isn’t just to build in our new areas, it’s also to invest in our existing areas,” Cr Aitken said.

“We can’t just keep building new things, what we have to do is fix and respond to our community’s desire for the existing assets in the city.”

Mayor Peter Murrihy said the plan aimed to provide equal access to high-quality places and services for residents in established neighbourhoods within Greater Geelong.

A council report found that it was spending just $28.2 million each year on renewal, just over half the $54.2 million it predicted was necessary to adequately maintain buildings.