The Geelong Council has recently accepted its 2023-24 Financial Report and Performance Statement, highlighting significant financial challenges and strategic priorities. The report, which underwent a rigorous audit process, reveals a deficit of $18.453 million, primarily due to the transfer of assets to the Great Ocean Road Coast and Parks Authority. Despite this, the council remains committed to addressing asset renewal and improving financial stability in the coming years.
Financial Deficit and Asset Transfers
The financial report indicates a substantial deficit for the year, amounting to $18.453 million. This deficit is largely attributed to the one-off transfer of assets valued at $24.5 million to the Great Ocean Road Coast and Parks Authority. Councillor Gary Allen emphasized that this transfer was a significant factor in the deficit, but it is now complete. The balance sheet shows that the total value of non-current assets, including property and infrastructure, exceeds $1.2 billion. This highlights the need for a robust asset renewal program to ensure the sustainability of council assets over the next decade.
Councillor Paul Barker noted that while the interest received has more than tripled, this is an anomaly due to external government funding for projects like the Winchelsea pool. He stressed the importance of improving asset renewal to prevent future generations from facing unmanageable levels of asset renewal. The council’s commitment to tightening its financial management is crucial for long-term stability.
The report also mentions that rates and charges have increased by around five percent over the rate cap, partly due to supplementary rates from new properties. This increase is necessary to support the council’s financial health and ongoing projects. The council aims to submit the report and statements to the Auditor-General, who will then provide the Minister with a copy of the audit report and audited statements.
Strategic Priorities and Community Impact
The financial report not only outlines the council’s financial position but also highlights its strategic priorities and community impact. The council’s four-year Our Community Plan 2021-25 focuses on achieving key strategic goals and improving community services. The report showcases the council’s efforts in various areas, including environmental sustainability, infrastructure development, and community engagement.
One of the significant achievements highlighted in the report is the rollout of energy-efficient LED streetlights. The council has replaced 14,000 residential streetlights and installed 130 new lights, contributing to a 29 percent reduction in operational carbon emissions. This initiative aligns with the council’s commitment to environmental sustainability and reducing its carbon footprint.
The report also details the council’s investment in capital works projects, amounting to $174.2 million. These projects include new and upgraded buildings, swimming pools, parks, roads, footpaths, and drainage systems. The council’s focus on infrastructure development aims to enhance the quality of life for residents and support the growing community.
Community engagement is another key area of focus for the council. The report highlights various initiatives, such as youth programs, public Wi-Fi services, and customer service improvements. The council has hosted numerous events and programs to engage with the community and address their needs effectively.
Future Outlook and Challenges
Looking ahead, the Geelong Council faces several challenges in maintaining financial stability and achieving its strategic goals. The financial deficit and asset renewal program are significant concerns that require careful planning and management. The council’s commitment to improving financial health and addressing these challenges is crucial for long-term success.
Councillor Gary Allen emphasized the importance of a significant commitment to the asset renewal program over the next ten years. The council aims to prioritize asset renewal to ensure the sustainability of its infrastructure and prevent future financial burdens. This proactive approach is essential for maintaining the quality of services and infrastructure for the community.
The council also plans to focus on improving financial management and exploring new revenue streams. This includes optimizing existing resources, enhancing efficiency, and seeking external funding opportunities. By adopting a strategic approach to financial management, the council aims to achieve a balanced budget and support its ongoing projects and initiatives.
In conclusion, the Geelong Council’s acceptance of the 2023-24 Financial Report and Performance Statement marks a significant step in addressing financial challenges and strategic priorities. The council’s commitment to asset renewal, community engagement, and environmental sustainability reflects its dedication to serving the community and ensuring long-term stability.
