Council has voted to adopt the Long Term Financial Plan 2025-35 at this month's Council Meeting, establishing a roadmap to ensure financial sustainability for the long term.
At its core, the plan outlines how the City will continue to provide services, infrastructure and facilities for a rapidly growing community despite numerous challenges, including Victorian Government constraints on council revenue, ongoing cost pressures relative to inflation, and a trend of cost-shifting, where other levels of government move funding requirements to local government to absorb.
While there are challenges, the plan forecasts operating surpluses over the next decade and provides a pathway to reduce the City's debt.
The adoption of the long-term plan follows a process of community engagement, where feedback was sought on the draft plan in July and August.
The long-term plan is a crucial component of the Council's broader strategic plans, including the Asset Management Plan , the Council Plan 2025-29 , and the 30-Year Community Vision , aligning objectives with financial outcomes.
Meanwhile, Council has endorsed the financial performance report for the final quarter of the 2024-25 financial year, as part of the quarterly updates benchmarking the organisation's finances against the budget.
The performance report presents the financial results for the end of the 2024-25 financial year, showing a net operating surplus of $8.3 million and an improved cash position compared to the budget, reflecting the organisation's commitment to financial sustainability.
Mayor Stretch Kontelj OAM:
I've spoken at length about the need for Council to live within its means, and this remains at the centre of all of our decision-making.While it's encouraging to see debt coming down and a forecast of a decade of operating surpluses, there are still significant challenges which the organisation faces, such as cost-shifting by other governments.
Councillor Andrew Katos, chair of the Finance Portfolio:
Our City is experiencing considerable growth, and that will present challenges, which is why it's so important to think long-term when it comes to financial planning.While our typical budget process is four years, the long-term financial plan allows us to ensure that we can be sustainable for the next decade and considers how we respond to the challenges of the future while providing the services and facilities that the community expects of us.
