Statement from the Mayor: Financial performance

Meeting the needs of our growing community in building roads, footpaths and other leisure facilities is always a challenge.

We have limited financial capacity and we are trying to achieve as much as we can for our residents while being conscious of the rising cost of living. It’s always a balancing act.

We have $550 million worth of capital works projects in the pipeline for delivery over the next five to six years but we can’t do everything and we have to prioritise.

I’m proud of what we have been able to achieve and our strong financial performance to date in 2018/19.

I was pleased at the 7 May Council meeting to welcome a positive result for Council’s quarter three financial performance.

We reported a $60 million accounting surplus - $10.88 million ahead of the year-to-date Budget.

However, while it may look like we have a lot of hard cash, it is all accounted for in future spending.

The result is due to differences in timing from when our revenue comes in to when we expect to pay our bills and when invoices are actually received and paid for.

If we do have any cash surplus at the end of the financial year, it is normal practice to reinvest in future projects through our Infrastructure Reserve Fund.

Adding to the Infrastructure Reserve helps us reduce the funding gap in the previously planned Long Term New Works Program. It is not an opportunity for ad hoc spending.

Council is currently considering all Budget submissions received throughout the public consultation period and is scheduled to adopt the 2019/20 Budget at a Special Council Meeting on Thursday 6 June.

 

Some of the capital works highlights of the 2019/2020 City of Whittlesea Budget include:

• $4.1 million for construction of Findon Road extension from Williamsons Road to Danaher Drive
• $8.9 million for signalisation of the intersection at Ferres Boulevard and Findon Road
• $9.7 million for Mill Park Leisure development
• $2.48 million for Mernda Recreation Leisure Centre
• $1.37 million for pavilion at Painted Hills Recreation Reserve
• $1.19 million for Norris Bank Recreation Reserve masterplan
• $1.64 million for construction of Edgars Creek Community Activity Centre.
• $1.1 million for ongoing program for upgrading playgrounds and general landscape
• $3 million for developing an All Abilities Play Space in Mill Park.