Proposed 2023-24 Budget
Our budget focuses on delivering services and investing in things that matter to our community.
Public Agenda - Submissions Review Panel Hearing
2023-24 to 2026-27 Proposed Budget and Revenue and Rating Plan
Date: Tuesday, 6 June 2023 6.00pm
Wednesday, 7 June 2023 6.00pm
City Hall, 57 Little Malop Street, Geelong
Live streamed on the City's website: www.geelongaustralia.com.au/meetings
Welcome
Like many other governments and organisations, the City of Greater Geelong is feeling the impacts of inflation and rising costs.
Our projects and services are under enormous financial pressure, meaning the development of our 2023-24 Budget has been challenging.
We’ve had to focus, first and foremost, on being financially responsible. To set ourselves up for long-term financial sustainability, it is vital that we balance our books and concentrate on affordability.
We have examined all parts of our organisation to find savings and free up funds to invest back into the community. However, we have had to make a number of difficult decisions that we understand will cause disappointment.
We will continue to serve the community through investment in new facilities and infrastructure, and maintenance of our existing assets. But, with costs rising at a rapid rate, we have had to be realistic about what we can deliver in the short-term.
Our capital works program will remain an area of focus and investment – our capital budget of $616.2 million over the next four years has been maintained at previously budgeted levels.
In 2023-24 we will deliver a wonderful range of new or upgraded community assets. Unfortunately though, cost escalations of approximately $130 million mean that a number of planned projects have been placed on hold for now and do not feature in this budget.
While they are all still on our agenda, we will need to find affordability or secure external funding before they can be delivered.
We have also looked closely at our corporate expenses, as well as our external grants, sponsorships and funding.
Further tough decisions in these areas have allowed us to budget for an operating surplus of $1.28 million, which is in line with Council’s 10-year financial plan and is important for our financial sustainability.
We aim to be a high performing council that provides outstanding value to its community, and this budget, while difficult, will set the platform for us to do that in a sustainable way in the future.
We invite feedback from the public on all topics, with the submission period closing at 5pm on Wednesday 24 May 2023.
Submissions are closed for review - Thank you
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