Developing our long term financial and asset management road map
Published on 26 August 2024
Council is looking for feedback on two long-term plans which underpin how we govern and support residents now and into the future.
The Financial Plan considers both the current financial situation and future projections to ensure council’s financial viability in the long term while supporting the delivery of projects, initiatives and programs our community think are most important for our City.
The Asset Plan plays an important role in informing the Financial Plan to ensure Council’s long term financial sustainability. It guides the efficient and effective management of community assets, such as buildings, roads, and drainage system, through to footpaths, bike paths and parks and ovals.
Both plans look out ten years, and are integral, and interconnected, in determining the acceptable and agreed level of service Council will deliver during this period.
Council spends more on the maintenance and renewal of assets, from roads and footpaths to open spaces, libraries and recreational facilities, than anything else.
While these assets are valued by our community, Mayor, Cr Cuc Lam, says they also come with responsibility and financial burdens for current and future generations, and like other councils across Victoria Maribyrnong is struggling to align cost and quality with community needs.
“Just as residents are dealing with increasing cost of living expenses, Council finances have also been impacted by rising costs.
“Given most of our funding comes from rates, this has made balancing the books increasingly challenging for Council in the face of increased costs of service delivery and infrastructure development, at a time when our community is asking more and more of us,” Mayor Lam said.
Council is looking for direction around what compromises, if any, the community might be prepared to accept to balance our obligations in maintaining, upgrading and renewing Council-owned assets to a quality standard while managing costs.
Additionally, the community is encouraged to consider Council’s spending priorities across the various services proposed to be delivered over the next ten years, and if they have any appetite for rationalising or reducing services to reduce costs.
The review of the Asset and Financial plans is being undertaken in concert with a review of the Community Vision and creation of a new Council Plan. Together these documents inform the future strategic direction of Council and determine future service delivery.
Council is also starting an initial conversation to help inform the Municipal Health and Wellbeing Plan.
Previously this has been incorporated into the Council Plan, but this year will be delivered as a stand-alone document.
Find more information about the Financial, Asset and Health and Well-being plans, upcoming in-person events and other ways to be involved at https://www.yourcityyourvoice.com.au/communityplan
Feedback closes Sunday 15 September 2024.
Maribyrnong News
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