Thank you for providing your feedback on our draft Financial Sustainability Strategy. This helped us identify ways to ensure we have the resources to provide for our community now and into the future.
The final draft of the Strategy was endorsed at the Council Meeting on Tuesday 12 December. Read the Council meeting Minutes.
To read the endorsed Financial Sustainability Strategy please visit our website.
We have committed to the responsible management of ratepayer’s funds and ensuring our community can thrive, now and into the future.
As part of our commitment to improve our financial health we have developed a draft Financial Sustainability Strategy. The Strategy will guide Council on how to best manage our resources for the long-term in the best interests of our community.
Financial sustainability means consistently having sufficient reserves to meet unforeseen or emergency expenses like the COVID pandemic, without relying on borrowing or compromising essential services.
Like most Councils, we currently have a Long-Term Financial Plan which helps inform Council planning. This plan predicts the funding we will need to fulfil the needs of our community, along with where we are expected to be financially in the next 10 years.
The draft Financial Sustainability Strategy looks at those predicted numbers and identifies strategic ways to address them, so that we can improve our financial health and deliver for our community now and into the future.
The Strategy sets out strategic reforms to ensure that future investment decisions are based on need, underpinned by evidence, and guided by informed strategies. It also includes practical and achievable actions and outcomes.
Like all Councils in Victoria, we are 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.
We were proud to have provided additional financial support to our community through the COVID-19 pandemic and recovery. However, the financial impact of this, compounded with legacy debt, means we have limited reserves left to meet the growing needs of the Yarra community.
A Financial Sustainability Strategy has been prepared to identify reforms which will provide direction on how to achieve a healthy long-term financial position. This Strategy has been referenced within the communications for both the Budget 2023/24 and the decision to separate waste service charges from general rates.
We'll build cash reserves for strategic purposes, enabling community infrastructure for a growing population and to respond to unforeseen events. We'll also decrease our reliance on borrowings, ensuring a stable financial foundation.
We'll maintain our community's assets at a level that caters to current and future needs. Our focus will be on renewals and new infrastructure, ensuring the right blend to meet community needs.
We'll optimise our revenue-generating assets and services, reflecting the true cost of services provided.
Through technology, process improvements and careful planning, we'll enhance the customer experience, service delivery and operational efficiency.
We’ll establish a new service planning and review framework to ensure all services are relevant, financially sustainable and can meet future community needs.
We'll make fiscally responsible decisions and put in place effective financial planning and responsible budgeting processes.
We'll strengthen partnerships and advocacy efforts to secure resources and navigate financial challenges.
Phone: +61 3 9205 5555
Email: info@yarracity.vic.gov.au
National Relay Service 133 677
(ask for 03 9205 5555)
