Executive Summary

The Long Term Financial Plan (LTFP) forms part of the Resourcing Strategy and is an essential for informing decision-making during the preparation and finalisation of the Community Strategic Plan and the development of the Delivery Program. As per the relevant legislation, financial decision making is to give due consideration to promoting the financial sustainability of the council through:

• the progressive elimination of operating deficits • the establishment of a clear revenue path for all rates linked to specific expenditure proposals • ensuring that any proposed increase in services and/or assets is within the financial means of the council including a proposed special rate variation • ensuring the adequate funding of infrastructure maintenance and renewal • the use of borrowing is appropriate and financially responsible, and • the fair and equitable distribution of the rate burden across all rate payers.

This LTFP has been developed based on the 2022/23 Budget Strategy and the Independent Pricing and Regulatory Tribunal (IPART) approval for a special rate variation that was announced in May 2021. Despite resource caps within council, a challenging external environment and an increase in service expectations Council remains committed to its financial sustainability. A requirement of our approved special rate variation from IPART is to substantially maintain the service standards whilst identifying $12 million in cost containment and efficiencies over the next three years.

The 2022/23 Budget will be the first year Council is forecast to achieve a surplus and difficult prioritisation of valued services, projects and programs will be essential reaching financial sustainability and compliance with Council legislative obligations.