Future-focused final budget of council term approved

Council has approved a future-proofing budget to deliver over $300 million in expenditure to continue to support our city to grow and thrive.

It includes strategic investment into major once-in-a-generation projects like Eighty Eight O’Connell and Market Square, $4 million investment in main streets and $1 million towards growing our tree canopy.

Highlights of the 2022/23 BP&B include:

• Investing $25 million to enhance and maintain our beautiful parks

• Dedicating $13.8 million towards events, public art and festivals

• Carrying out $4 million of infrastructure improvements to our main streets

• Providing $1 million to increase our tree canopy and continue to green our beautiful city

• Supplying $550,000 for footpath upgrades and stormwater improvements on Hutt Street and South Terrace

Lord Mayor Sandy Verschoor said for the final budget of this term, Council wanted to see a budget that continues to support city recovery but also keeps a firm eye on future growth.

“Strong leadership and sensible financial management by CEO Clare Mockler have seen steady improvement to Council’s financial position,” said the Lord Mayor.

“In 2022/2023 we are focusing on investing in the future of our city while delivering services that attract people to live, work, play, study, visit and do business here.

“It is a plan formed by the vision and strategies of Council and the voice of our community. It will support our strategic plan outcomes of Thriving Communities, Strong Economies, Dynamic City Culture and Environmental Leadership.

“As a world-renowned city of artists, makers and festivals, arts and culture are key to Adelaide’s success and we will continue to support our creative industries to flourish.

“Economic stimulation is a key priority and Council-led projects that promote strong economies, like Eighty Eight O’Connell and Market Square will be vital in the coming year.

“Council is also continuing to deliver value for money for ratepayers by freezing the rate in the dollar for the ninth consecutive year and not increasing the majority of user fees and charges.”

CEO Clare Mockler said this year’s business plan and budget included a strong continued investment in sport and recreation, libraries, community centres, playgrounds, greening, roads and footpaths.

“At the same time, we will also continue to deliver the Market to Riverbank Laneways project, Moonta Street and Rymill Park Events Infrastructure upgrades to name just a few of the major projects that will enhance our city,” said Ms Mockler.

“In partnership with local businesses and our community, the City of Adelaide is committed to curating unique precincts. With the State Government we will deliver $4m in infrastructure improvements in Hutt Street and Melbourne Street to provide opportunities for the community to connect and support local businesses. We will also deliver programs and activities for all our mainstreets, including Hindley, and O’Connell mainstreets.

“Our 2022/23 BP&B has resulted in a surplus budget position that will maintain quality services and facilities and continue to support sustained COVID-19 recovery, following more than $20 million invested in city recovery to date.

“This is the final business plan and budget we have built together during this term of Council and I’m proud that it is a budget that delivers on the great services our community expects.”

Council achievements over the term:

• Developed a Long Term Financial Plan that enables Council to model and test the impact of various scenarios

• Revised the Treasury Policy and prudential limit ratios to better reflect Council’s ability to fund and service existing and future debt

• Undertaken a Strategic Property Review to identify underperforming assets and developed a Strategic Property Action Plan to ensure ratepayers are getting maximum return on our investments

• Created a “Future Fund” – to enable Council to fund the purchase of future income generating assets or to invest in strategic capital projects from the sale proceeds of Council assets

• Undertaken a comprehensive review of our organisational structure and services – delivering $20 million in permanent operating savings

• Created the Adelaide Economic Development Agency to drive growth and reinvigorate the economy

• $20 million in city support packages through Reignite Adelaide

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