Boroondara is to be debt free by 2026.
The focus of the 2016-17 Budget and Annual Plan continues to deliver on our commitment to maintain quality services, reduce the debt incurred to undertake a program of major infrastructure projects 2010-16 and on continued investment in upgrading community facilities. The good news is that waste fees aren’t increasing this year and we have kept the rate increase to the capped amount of 2.5 per cent.
Council is also paying off its loans faster, and making significant interest payment savings, with a forecast that it will be debt free by 2026. During this Council’s term we have reduced debt by $9.77 million.
We live in a great City and it takes a strong partnership of community, staff and elected representatives to keep it that way. Our work and budget priorities are set by what our community have told us they expect. So thanks also to the many who give us feedback on their needs, wants and priorities for our City throughout the year – it’s encouraging to be part of such an engaged community.
We know that ratepayers expect value for money and prudent management of our financial resources. We have applied the Victorian Government imposed Consumer Price Index based rate cap. Sadly, the government has completely ignored the connection between community services, facilities and rates. Productivity gains will offset some of the impact but ultimately something has to give and the community will experience the impact of reduced revenue.
We will be calling on all citizens over the next financial year to contribute to a plan for the City which will guide our future work, budget priorities and service level for 2017-21.
With best wishes,
Councillor Jim Parke
Mayor of Boroondara