Wednesday, 29 May 2019
Bunbury City Council gave the tick of approval to the City of Bunbury’s 15-Year Integrated Financial Plan (IFP) on Tuesday evening providing the community with a plan to deliver the vision, goals and objectives of the Strategic Community Plan.
The IFP also demonstrates Council’s capacity to deliver services, provide facilities and manage assets that will sustain the community in the future. It is a living document which is updated annually.
The IFP provides a fully-funded budget for the next 15 years for operating and capital programs.
Bunbury Mayor Gary Brennan said the IFP would allow for the future growth of Bunbury with dedicated projects identified and included in the 15-year timeframe.
“The City has identified productivity savings which contribute to $37.8 million over the 15 years to go toward future major City projects,” Mayor Brennan said.
“These projects will undergo a rigorous process with the development of business cases to prove the viability of projects prior to being included in the IFP as it is annually updated.”
A major achievement of the IFP is the closing of the asset management funding gap over the 15 years of the plan. This means the city can replace its aging assets when due for replacement.
Aging assets which will be renewed over the 15-year period include:
- City playgrounds $5.9million
- Hay Park sporting infrastructure $4.8million
- Forrest Park Pavilion $1.5million
- Michael Eastman Pavilion $725,000
- Footpaths $7.6million
- City building maintenance $15million
The Annual Budget will now be prepared based on the IFP including a property rate increase of 3% which will include 1% specifically for asset renewal.
Council will adopt the Annual Budget in June.