Updated Long Term Financial Plan 2023-33

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Consultation has concluded.

The updated Long Term Financial Plan 2023-33 was adopted at the Extraordinary Council meeting on 6 February 2024. 

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 Attachment 5, page 89).  

Since 2004, Randwick Council's sustainability initiatives and environmental improvements have been funded by an Environmental Levy. We are proposing to continue the levy permanently so we can continue to fund important projects such as increasing urban our tree canopy, water conservation and completing the Coastal Walkway.

We are currently consulting with the community to determine the level of support for a permanent Environmental Levy and will report the outcomes of the consultation as part of our application for a permanent special rate variation to IPART in February 2024. Click here for more on the Environmental Levy.

As part of our application to IPART, Council's Long Term Financial Plan 2023-33 (LTFP) has been updated to show the financial impact on Council for two possible scenarios:

Scenario 1 - A balanced budget based on a continuation of the Environmental Levy:

Council’s projected financial outlook remains sound and sustainable on the assumption of the continuation of the environmental levy. Council is expected to continue with a strong balance sheet demonstrated through the robustness of working capital and sound liquidity through healthy cash flow generation. Council’s anticipated cash reserves and financial performance means that Council is in a good financial position.

Scenario 2 - Discontinuation of the Environmental Levy:

Council will see a loss of $29.6m in income from 2024-25 for the next 5 years if the Environmental Levy is discontinued. Council would need to reduce services, projects, initiatives and infrastructure levels provided to the community. Council would also need to reprioritize services and projects to offset the reduction into the future.

What has been updated?

Part 5 of the Long Term Financial Plan has been updated to include income statements, statement of financial position and cashflow statements for both scenario 1 (continuation of the levy) and scenario 2 (discontinuation of the levy). All financial assumptions and figures remain the same in the LTFP.

READ THE UPDATED LONG TERM FINANCIAL PLAN 2023-33

HAVE YOUR SAY

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

Public exhibition period: 9am 29 November 2023 to 9am 19 January 2024.

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

The updated Long Term Financial Plan 2023-33 was adopted at the Extraordinary Council meeting on 6 February 2024. 

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 Attachment 5, page 89).  

Since 2004, Randwick Council's sustainability initiatives and environmental improvements have been funded by an Environmental Levy. We are proposing to continue the levy permanently so we can continue to fund important projects such as increasing urban our tree canopy, water conservation and completing the Coastal Walkway.

We are currently consulting with the community to determine the level of support for a permanent Environmental Levy and will report the outcomes of the consultation as part of our application for a permanent special rate variation to IPART in February 2024. Click here for more on the Environmental Levy.

As part of our application to IPART, Council's Long Term Financial Plan 2023-33 (LTFP) has been updated to show the financial impact on Council for two possible scenarios:

Scenario 1 - A balanced budget based on a continuation of the Environmental Levy:

Council’s projected financial outlook remains sound and sustainable on the assumption of the continuation of the environmental levy. Council is expected to continue with a strong balance sheet demonstrated through the robustness of working capital and sound liquidity through healthy cash flow generation. Council’s anticipated cash reserves and financial performance means that Council is in a good financial position.

Scenario 2 - Discontinuation of the Environmental Levy:

Council will see a loss of $29.6m in income from 2024-25 for the next 5 years if the Environmental Levy is discontinued. Council would need to reduce services, projects, initiatives and infrastructure levels provided to the community. Council would also need to reprioritize services and projects to offset the reduction into the future.

What has been updated?

Part 5 of the Long Term Financial Plan has been updated to include income statements, statement of financial position and cashflow statements for both scenario 1 (continuation of the levy) and scenario 2 (discontinuation of the levy). All financial assumptions and figures remain the same in the LTFP.

READ THE UPDATED LONG TERM FINANCIAL PLAN 2023-33

HAVE YOUR SAY

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

Public exhibition period: 9am 29 November 2023 to 9am 19 January 2024.

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

  • CLOSED: Submissions have closed.

    Updated Long Term Financial Plan 2023-33

    11 responses

    Council welcomes comments and submissions on the updated 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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