The Budget is largely informed by Yarra’s Council Plan 2021-25 and Community Vision 2036 – both developed in partnership with our community. In addition, we consult with the community every year when preparing our annual Budget.

We are grateful to everyone in the Yarra community who helped shape this year’s Budget. We heard from hundreds of people about their priorities and vision for the future during broad community consultations in November and December 2022, which helped shape the draft Budget; and from over a hundred more in April and May with their feedback on the draft Budget, which helped fine-tune the final version.

In total, over 3000 people viewed our Your Say Yarra webpages for the Budget. We also promoted the Budget consultation through all of Yarra's digital and print channels including on our websites, social media, our digital newsletters, Yarra News printed newsletter, along with brochures, flyers, posters, postcards and other printed collateral.

We also held 14 in-person events and 1 online event to promote the Budget 2023/24 and explain the separation of the waste service charges across two stages of engagement. These events crossed almost every suburb in the municipality. Two dedicated youth events were held at the Yarra Youth Centre to capture feedback and comments from young people. A stakeholder webinar was also held via Zoom to provide key community partners information about the separation of waste service charges. Across these events we spoke to more than 500 people about their priorities for Yarra.

On 5 June 2023, Council held a Special Council Meeting to hear any person who wished to speak in support of written feedback to the draft Budget, draft Long-term Financial Plan and draft Revenue & Rating Plan.

In terms of diversity of voices, 7.25% of contributors were people with a disability, 16.01% were LGBTIQA+. 9.36% spoke a language other than English at home and 1.51% were from Aboriginal or Torres Strait Backgrounds.

Like all councils in Victoria, Yarra is facing challenges to our financial sustainability from rising cost pressures, rate capping and cost-shifting, along with increasing pressure and demand on our services and infrastructure from a rapidly growing population.

More recently, changes to the current economic landscape have compounded these challenges with high levels of inflation and significant increases to cost of services, labour, utilities and construction materials.

We are proud to present a Budget 2023/24 that delivers key projects our community wants and paves the way to a more financially sustainable future, without compromising our full suite of services. By being smarter and more efficient in how we utilise funds, we can provide for both current and future residents.

The Long-Term Financial Plan (LTFP) 2023/4 to 2032/33 is a 10-year financial plan. The LTFP outlines the resources required to deliver the Council Plan 2021-25 and the Community Vision 2036 and ensure we are investing in assets the community values; that our services meet the needs and expectations of the community, are affordable and accessible; and that our organisation remains financially sustainable. Council has updated the LTFP to reflect the 2023/24 Budget and the ten years ahead.

The Rating and Revenue Plan (RRP) outlines Council's decision-making process on how revenues are calculated and collected and is usually for a period of four years. Council has produced a 2023/24 version to reflect the separation of the waste services charge from general rates.

The LTFP and the RRP are developed in the context of strategic planning principles required under section 89 of the Local Government Act 2020 and form part of Council’s responsible financial program.

Like all other councils across Victoria, Yarra is facing financial challenges with rising cost pressures, rate capping and cost shifting, coupled with unprecedented growth and increasing pressure and demand on our services.

We must acknowledge that the costs of providing community services are increasing at a higher rate than both the Consumer Price Index and the Victorian Government’s rate cap, further depleting our reserves and challenging our ability to provide these services for future residents.

In 2023/24, general rates will increase by 3.5%, in line with the 2023/24 rate cap implemented by the Victorian Government (this is below the 4% recommended by the Essential Services Commission based on CPI forecast). This will help ensure Council can continue to provide quality services and infrastructure to our community now and into the future.