Ensuring financial sustainability

AS A council, the budget is one of the most important pieces of work we produce each year.

The decisions we make in this budget have wide reaching impacts on the region and will influence our future for the coming decade and beyond.

As council’s finance portfolio chair, I am pleased that we have endorsed the draft four-year budget for public feedback at our April council meeting, opening the floor for our community to have their say.

This budget represents a careful balance between meeting the needs of our rapidly growing community and maintaining the long-term financial health of our organisation.

It aims to reduce our four-year projected debt from $204.7 million to $142.2 million by 30 June 2029.

Financial sustainability is at the core of our strategy, and to reach this goal, the budget proposes no new borrowings over the coming four years.

As one of the largest local governments in Victoria, the City of Greater Geelong manages a vast portfolio of assets and services.

We have proposed the sale of several non-core assets within the next financial year, which will generate close to $15 million to help us pay down our debt.

We will strategically review our property portfolio to identify land or buildings considered surplus to community needs.

Despite the ongoing financial pressures, we remain dedicated to delivering our fundamental services and infrastructure for our community.

To support the longevity of our existing infrastructure, we are proposing $315 million in asset renewal over the coming four years.

Capital works will remain a priority with a $764 million spend forecast over the same period, with $210 million to be invested in the coming financial year.

We have limited rate increases at 2.5 per cent, less than the state government’s 3 per cent rate cap, saving our ratepayers an estimated $1.1 million.

This increase ensures that essential services and infrastructure continue to be funded while keeping costs manageable for the community.

The draft budget also looks to support our local businesses and addresses concerns raised in the recent Central Geelong Revitalisation Forum.

It proposes the introduction of free two-hour parking in central Geelong and across the region, making it easier for residents and visitors to support our local businesses.

Unlike state and federal budgets, the community can provide feedback on the proposed budget before council reviews the final version at our June council meeting.

Community engagement is now open, and I encourage everyone to read the draft budget and consider how it may affect you.

It is vital that we receive community input to ensure this budget delivers the services and infrastructure that matter to our community.

To view the full proposed budget and provide feedback, head to geelong.link/Budget2025-26

Engagement closes 5pm on Thursday, May 21.

Cr Andrew Katos

Deakin Ward,

City of Greater Geelong