Executive summary The Long Term Financial Plan (LTFP) is an essential element of the resourcing strategy which details how the strategic aspirations of Wagga Wagga City Council (Council) as outlined in the Community Strategic Plan can be achieved in terms of time, money, assets and people.
The Resourcing Strategy focuses on long term strategies in three key areas: • Financial Planning - addresses the financial resources that impact on Council’s ability to fund its services and capital works whilst remaining financially sustainable. • Workforce Planning - ensures that Council has the resourcing capacity with the required skills and experience to deliver current services and operational needs for the community now and in the future. • Asset Management Planning - aims to predict infrastructure consumption and renewal needs, as well as consider infrastructure requirements to meet future community needs. These interrelated plans give consideration to the capacity of Council to deliver its responsibilities within the Community Strategic Plan that fall under the auspices of Council. Each element informs the Delivery Plan which outlines the strategies in place to meet these responsibilities. Wagga Wagga City Council’s Long Term Financial Plan is a 10 year financial planning document with an emphasis on long-term financial sustainability. Financial sustainability is one of the key issues facing local government, due to several contributing factors, including growing demands for community services and facilities, constrained revenue growth and ageing infrastructure. The Long Term Financial Plan is formulated using a number of estimates and assumptions, to project the future revenue and expenditure required of Council to deliver those services, projects and programs expected by the community. In doing so, it addresses the resources that impact Council’s ability to fund its services and capital works whilst remaining financially sustainable. Council has reviewed the previous Long Term Financial Plan and adjustments have been made as part of this process. The proposed budget for 2021/22 is balanced with the remaining financial years projecting deficits for the 10-year rolling plan.
LONG TERM FINANCIAL PLAN 2021-2022
WA G G A WA G G A C I T Y C O U N C I L
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