THE CITY of Greater Geelong will double its expenditure on asset renewal as part of a 10-year, $474-million strategy.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The largest spike would come from the city’s open space portfolio \u2013 it plans to spend $15.8 million by 2032, up from the current $1.7 million this year.<\/p>\n
Outlay for buildings ($4.5 million extra by 2032) and drainage ($4.5 million) would also markedly increase from current levels.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n