2016 Media Releases
Long Term Financial Plan cements a sound future for Willoughby residents
24 February 2016
Willoughby Council has adopted a revised Long Term Financial Plan (LTFP) 2015-2025, which confirms Council's current strong financial position, and cements a sound future that projects a cumulative Annual Operating Surplus of $87.377M over the next 10 years.
This positive result is linked in the main to savings attributed to Council’s recent organisational restructure (savings of $30M from 2015/16 onwards) and revenues associated with the recently introduced Infrastructure Levy (additional $20M over seven years).
Other highlights of the LTFP include:
Investing money back into the community: Council plans to invest an additional $61.6 M over the next 10 years into its asset renewal program, assisted by funds from the Infrastructure Levy. The community’s engagement in identifying the condition they expected of Council’s assets reinforced its strong commitment to maintaining community assets.
The main benefactors for renewal of Council’s existing assets will be the following categories:
Sporting Fields $15.721M
A solid Balance Sheet: underpinned by strong levels of cash and reserves throughout. Reserves have been quarantined to assist in funding existing programs and new innovative opportunities.
Excellent track record in meeting industry financial benchmarks: Council currently meets 100 per cent of its financial statutory benchmarks and the Infrastructure Backlog Ratio. The 2016/17 budget funding will enable further strengthen of performance against other asset ratios.
“The Long Term Financial Plan shows Council is in a solid financial position moving forward into the next decade. This is part of Council’s commitment to continue delivering for our community, while we navigate a time of change. It’s also great to see the commitment to maintaining our community assets such as parks, our sportsgrounds, building, stormwater pipes as well as our roads and paths,” said Willoughby Mayor, Gail Giles-Gidney.
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For non media related enquiries contact Willoughby City Council on 9777 1000 or firstname.lastname@example.org