Long Term Financial Plan 2023-33

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Consultation has concluded

The Long Term Financial Plan 2023-33 was adopted by Council at the Ordinary Council Meeting on Tuesday 19 September 2023. All submissions received were considered and responded to. You can read the report to Council, along with the submissions and Council's response to each here (see page 113).  

One of the main components of Randwick Council's strategic planning process is the Long Term Financial Plan (LTFP); a 10-year rolling plan that informs decision-making and demonstrates how the objectives of the Community Strategic Plan and commitments of the Delivery Program and Operational Plan will be resourced and funded.

The LTFP ensures sound financial planning, proactive asset management, continuous improvement in the application of technology, and the development of a strong workforce.

The LTFP helps Council in its decision making, priority setting, and problem-solving. It is a guide for future action, to be reviewed regularly (LTFP was last reviewed in 2021-22 financial year), and addresses:

  • How Council will survive future financial pressures
  • Opportunities for future income and economic growth and whether Council can afford what the community requests
  • How council can achieve outcomes agreed with the community

What's in the LTFP?

  • Projected income and expenditure, balance sheet, and cash flow statement
  • Planning assumptions
  • Sensitivity analysis - highlighting factors and assumptions most likely to impact the LTFP
  • Financial modelling for different scenarios
  • Methods of monitoring financial performance
  • Major capital and operational expenditure implications

The financial objectives of the Council include the delivery of operating surpluses each financial year, and that the LTFP has a healthy before capital revenue operating surplus, combined with strong budget management and control.

Over the life of this LFTP, Council is projected to maintain a strong financial position and meet all of its financial performance measurement indicators. Council is also predicted to be financially sustainable in accordance with the information contained in this plan.

This position can be maintained long-term, where Council continues to fund the existing services and provides for additional funding should it decide to introduce new services. An allowance has been made to recognise the new and expanded services provided at the Heffron Centre.

Council is forecasting its budget performance in surplus over the life of the plan, which also considers the condition and maintenance requirements of assets in the process.

All the Asset Management ratios are forecasted above benchmark, which ensures that the community has confidence in the management of our infrastructure..

Read the Long Term Financial Plan 2023-33

HAVE YOUR SAY

Have your say on the draft Long Term Financial Plan 2023-33 by:

Public exhibition period: 5 July to 5pm, 2 August 2023.

All submissions will be considered before finalising the Long Term Financial Plan 2023-33 .

The Long Term Financial Plan 2023-33 was adopted by Council at the Ordinary Council Meeting on Tuesday 19 September 2023. All submissions received were considered and responded to. You can read the report to Council, along with the submissions and Council's response to each here (see page 113).  

One of the main components of Randwick Council's strategic planning process is the Long Term Financial Plan (LTFP); a 10-year rolling plan that informs decision-making and demonstrates how the objectives of the Community Strategic Plan and commitments of the Delivery Program and Operational Plan will be resourced and funded.

The LTFP ensures sound financial planning, proactive asset management, continuous improvement in the application of technology, and the development of a strong workforce.

The LTFP helps Council in its decision making, priority setting, and problem-solving. It is a guide for future action, to be reviewed regularly (LTFP was last reviewed in 2021-22 financial year), and addresses:

  • How Council will survive future financial pressures
  • Opportunities for future income and economic growth and whether Council can afford what the community requests
  • How council can achieve outcomes agreed with the community

What's in the LTFP?

  • Projected income and expenditure, balance sheet, and cash flow statement
  • Planning assumptions
  • Sensitivity analysis - highlighting factors and assumptions most likely to impact the LTFP
  • Financial modelling for different scenarios
  • Methods of monitoring financial performance
  • Major capital and operational expenditure implications

The financial objectives of the Council include the delivery of operating surpluses each financial year, and that the LTFP has a healthy before capital revenue operating surplus, combined with strong budget management and control.

Over the life of this LFTP, Council is projected to maintain a strong financial position and meet all of its financial performance measurement indicators. Council is also predicted to be financially sustainable in accordance with the information contained in this plan.

This position can be maintained long-term, where Council continues to fund the existing services and provides for additional funding should it decide to introduce new services. An allowance has been made to recognise the new and expanded services provided at the Heffron Centre.

Council is forecasting its budget performance in surplus over the life of the plan, which also considers the condition and maintenance requirements of assets in the process.

All the Asset Management ratios are forecasted above benchmark, which ensures that the community has confidence in the management of our infrastructure..

Read the Long Term Financial Plan 2023-33

HAVE YOUR SAY

Have your say on the draft Long Term Financial Plan 2023-33 by:

Public exhibition period: 5 July to 5pm, 2 August 2023.

All submissions will be considered before finalising the Long Term Financial Plan 2023-33 .

  • CLOSED: Submissions have closed.

    Draft Long Term Financial Plan 2023-33

    13 responses

    Council welcomes comments and submissions on the draft Long Term Financial Plan 2023-33. All submissions will be considered before finalising the plan. To make a submission via Your Say Randwick you need to be registered on this site. 

    Privacy: Your privacy is important to us. We will not make public your personal details, but we may use excerpts of your comments and feedback (without identifying details) as part of our community consultation analysis and in reporting the outcomes of this consultation to Council for their consideration.

    Consultation has concluded
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