Council has officially adopted its budget for the coming financial year.
This marks a significant milestone – our first budget as a new council group, and one shaped by extensive community consultation.
Crafting this budget was a balancing act, and I believe we have struck it perfectly.
We have delivered a financially responsible and sustainable plan that will stimulate our local economy while genuinely considering the cost-of-living pressures facing our community.
We have worked to create a budget that has the capacity to respond to the opportunities and challenges that will inevitably arise as our region continues to grow, safeguarding the long-term prosperity of our city.
This budget, and its associated four-year plan, will see us significantly reduce our debt as we commit to no new loans over the coming four years.
Remarkably, we have managed to increase our capital work expenditure while maintaining a rate increase below the state government’s rate cap.
Our capital works program will remain a key priority, with a forecasted investment of $765 million over the next four years.
We have managed to do all of this and forecast an operating surplus of just over $500,000 thanks to further refinement of our budget estimates.
Any of these achievements in isolation would be a success; combined, I am stunned by the balance we have struck as a council.
I challenge anyone in any level of government to achieve every one of those markers.
This budget boasts plenty of exciting initiatives that will support our community groups and households.
We have increased our funding of the Sports Lighting Program to $1 million, committed $95,000 to North Shore Football Netball Club to install safety nets and increased our funding support for the much-loved multicultural Pako Festa.
A core focus of this budget was to ensure we continue delivering our many essential council services while actively easing the financial pressures our community currently faces.
Beyond the increased funding, I want to highlight the charges we are removing or reducing.
We have scrapped a range of fees to stimulate our economy, events and creative projects with the removal of the Permit to Burn Fee, Low Impact Film Fee and Community Event Permit for less than 100 people.
Furthermore, the annual rate increase is set at 2.5 per cent, which is lower than the state government’s 3 per cent rate cap, providing crucial support for essential services while keeping costs manageable for households.
One of the most significant wins in this budget, and a direct response to extensive community advocacy, is the introduction of a free two-hour parking session in all 2P on-street spaces during weekdays in central Geelong.
As part of our efforts to revitalise central Geelong, we hope that free parking will improve accessibility to the area while encouraging locals and visitors to support our central business district, bolstering support for our homegrown businesses.
Additionally, we have allocated funding to support a central Geelong market initiative, which we anticipate will go a long way in revitalising the Market Square precinct.
I am extremely proud of the end result of this year’s budget. We are the only level of government with this level of community consultation as part of the budget process, and I thank everyone for their feedback.
To view the budget in its entirety, visit geelongaustralia.com.au/budget
