Comprehensive Income Statement Councils Long Term Financial Strategy covers a period of ten years as required under the Local Government Act 2020. Appendix A provides the full Income Statement for this required period.
LONG TERM FINANCIAL PLAN 2022 - 2031
Operational income The below summary focuses on the proposed base figures for 2021-22 and likely trend in these figures in the shorter term.
Income types Rates and charges
Budget
Forecast
Forecast
2021-22
2022-23
2023-24
$'000
$'000
$'000
156,253
159,555
164,007
Statutory fees and fines
8,227
9,674
9,894
User fees
7,972
8,971
9,213
30,551
29,801
29,926
9,996
2,518
826
Grants - operating Grants - capital Contributions - monetary Contributions - non-monetary Net gain (loss) on disposal of property, infrastructure, plant and equipment Other income Total income
4,935
3,045
2,000
10,000
10,000
10,000
403
405
390
7,125 235,462
7,772 231,741
7,996 234,252
Rates and charges The table below is an extract of the first half of the LTFP and highlights the various rating components upon which the LTFP has been based. Forecast
Budget
2020-21
2021-22
2022-23
2023-24
2024-25
2025-26
$'000
$'000
$'000
$'000
$'000
$'000
General rates Supplementary rates Waste charges Keysborough Maintenance Levy Interest on rates Less rates abandoned Less COVID-19 rate waiver pack age (unemployed / jobseek ers)
127,010 857 22,438 1,575 262 (112)
130,014 1,000 23,317 1,620 414 (112)
132,603 800 24,205 1,645 414 (112)
136,234 800 25,001 1,670 414 (112)
139,938 800 25,761 1,695 414 (112)
143,716 800 27,595 1,695 414 (112)
-
-
-
-
-
Total rates and charges
151,880
156,253
159,555
164,007
168,496
174,108
(150)
Financial Plan Projections
The rate increases in 2021-22 and 2022-23 have been based on a rate cap (CPI) of 1.50 per cent. The rate increases in the remaining years of the LTFP are based on a forecast rate cap/CPI of 2.00 per cent. Whilst growth is forecast in relation to the industrial and residential components of the two large development areas south of Dandenong, it has recently been levelling off. For the purposes of this LTFP, based on the recent experience, the forecast supplementary rate income has been reduced to $800,000 per year. LONG TERM FINANCIAL PLAN 2022 - 2031 CITY OF GREATER DANDENONG
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