The Greater Geelong Council has released its Proposed 2023-24 to 2026-27 Budget forcommunity feedback.
Set against the backdrop of soaring costs and a forecast $8 million deficit in the current financial year, the four-year budget is focused on affordability and being financially responsible.
It aims to secure the Council’s immediate and longer-term financial sustainability, and protect the delivery of core services expected by the community.
The proposed budget forecasts an operating surplus of $1.28 million in 2023-24, while containing total average rate rises to within the 3.5 per cent Victorian Government cap.
A planned capital projects investment of $616.2 million over the four years has been maintained, with a total of 254 projects budgeted for delivery during the period.
However, cost escalations of approximately $130 million mean the Council can afford to deliver fewer projects in total.
Following a detailed review, several projects will be placed on hold and have not been listed in this year’s proposed four-year budget.
Mayor Trent Sullivan:
The Council’s financial sustainability was a top consideration in preparing the proposed budget.
It is about being financially responsible to set the City up for the future.
In a challenging economic climate we’ve worked hard to budget for an operating surplus, which is in line with our 10-year plan and will enable us to keep debt in check.
We’ve budgeted to deliver a wide range of new and upgraded community facilities across the region.
The projects to be placed on hold are still on our agenda, and we will be aiming to find affordability or secure external funding to deliver as many of them as soon as we can.
The City’s operational costs have also been closely examined to find savings and free up funds to invest back into the community, while sponsorships and funding contributions to local organisations have been reduced.
The cost of delivering the Council’s services is budgeted to rise by $7.6 million to $370 million, driven by population growth and rising costs.
Acting CEO Kaarina Phyland:
Like many other governments and organisations, the City of Greater Geelong is under heavy financial pressure.
We will continue to deliver core services, invest strongly in new facilities, and maintain our existing assets.
But to balance our books we have had to concentrate on what we can afford, and that has meant some really tough decisions for the Council.
