Addendum to Long Term Financial Plan 2022/23 – 2031/32 This addendum is to supplement the adopted Long Term Financial Plan (LTFP) for 2022/23 - 2031/32 for Federation Council. Following the development in 2022 of the draft Strategic Asset Management Plan (SAMP) 2022-2032, specific asset financial ratios have been calculated to provide additional information on the impact of the proposed Special Rate Variation (SRV) on Council’s financial sustainability, should it be endorsed by Council and approved by IPART. Capital works projections have been updated to more clearly define the asset categories that would be prioritised for additional investment if the proposed SRV application is submitted and approved. This would enable more funds to be committed to asset renewal on sealed local roads, unsealed local roads and urban drainage with the investment increasing as the proposed SRV is phased in. In addition, financial statements containing financial projections, consolidated and by fund, for a scenario with no SRV have been included to display the financial performance and position of Council if it does not receive IPART approval for the SRV, or alternatively if Council decides not to proceed with the proposed SRV application. This updates the no SRV scenario previously included in the previous year’s LTFP and is referred to as the Baseline scenario. It is effectively consistent with the LTFP’s alternate scenario 2 with service reductions in discretionary services, however it does not include additional funds arising from an SRV. This scenario if adopted as proposed, being if the SRV was not approve or Council did not apply, would see the reduction of library hours, customer service hours, swimming pool hours, street presentation and parks & gardens service levels, reduction of community grants and community programs, reduction of tourism and council communication. In addition, this scenario would result in Council’s infrastructure assets continuing to deteriorate. This scenario only affects the General Fund while Water, Sewer and Waste Fund results remain unaffected.
Federation Council Long Term Financial Plan 2022/23 – 2031/32 Addendum
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