A new Financial Plan 2025-2035 has been adopted that sets a clear and responsible path for delivering services and infrastructure to support a growing and diverse community.
The City uses a financial model to forecast and monitor a 10-year projection of how it plans to fund the actions in the newly adopted Council Plan to achieve the Community Vision:
Greater Bendigo celebrates and respects our diverse and growing community. We aim to be welcoming, sustainable and flourishing. Walking hand-in-hand with our First Nations communities. Building on our heritage for a safe and happy future.
Developed through extensive community consultation, including a deliberative panel and annual Budget public engagement, the Financial Plan reflects a shared commitment to a responsible, healthy, thriving Greater Bendigo.
The Financial Plan forms part of the City's Integrated Strategic Planning Framework, which connects long-term aspirations (Community Vision), medium-term goals (Council Plan), and short-term actions (Annual Budget), with progress tracked through the Annual Report. The plan was adopted at last Monday's Council meeting.
Mayor Cr Andrea Metcalf said the plan was essential for ensuring financial sustainability in the face of growing challenges.
"Council is committed to operating in a financially sustainable way for the benefit of the whole community," Cr Metcalf said.
"With our population forecast to reach around 170,000 by 2046, we must take a disciplined approach to funding existing services and infrastructure, while planning for new initiatives to meet future needs.
"Rate capping by the Victorian Government continues to limit our income, while costs rise and service demands increase. The City currently delivers around 60 services and manages more than $2.9 billion in community assets, including roads, pools, footpaths, bridges, theatres, sports grounds, and playgrounds, with more built infrastructure needed to support population growth and diverse community needs.
"The Financial Plan provides a roadmap for maintaining resilience and delivering high-quality services and infrastructure. Achieving financial sustainability means making tough decisions about the role of local government in delivering services and maintaining assets. It's important that both Council and the community understand that some services may need to change over the life of this plan.
"This plan ensures we remain financially resilient while continuing to support a vibrant, inclusive and future-ready Greater Bendigo."
The Financial Plan is underpinned by a set of strategic financial principles to guide decision-making:
- Efficient use of resources - Aligning budgets with community priorities and financial constraints
- Well-planned assets - Balancing investment in new infrastructure with renewal, upgrades, and decommissioning where appropriate
- Service review and planning - Ensuring services are efficient and responsive to community needs
- Sustainable cash management - Maintaining minimum cash reserves and forecasting for future requirements
- Robust financial systems - Strengthening processes to ensure effective and transparent use of resources
