Council releases 2022/23 draft budget

The draft 2022/23 Annual Business Plan and Budget outlined a net capital expenditure of $9,327,100 and an operating deficit of $649,600. There was a proposed rate increase of 4.7 per cent, inline with the recommended consumer price index (CPI) increase.

Stage four of the main street precinct upgrade was marked as a major project with $5,296,500 set aside. Other key projects include the Regional Community, Sport and Recreation Precinct design ($900,000), stage one of the arts and culture centre design ($300,000) and work on the Keen Road Bridge($726,000) and Horse Tram Stables ($453,000).

Monies were also set aside for the Bluff Boat Ramp toilets ($70,000), Jagger Road reconstruction ($680,000) and upgrades to the Giles Street Stormwater system ($477,200).

There is money in the draft budget for Bluff Boat Ramp channel markers ($350,000), a junior scooter park construction ($350,000) and Investigator car park toilets ($75,000). A further $150,000 has been set aside for the local government elections.

The operating deficit ratio of -2 per cent is within target; the net financial liabilities ratio of 56.1 per cent is below council's proposed target; and asset renewal funding ratio of 153.8 per cent is above target.

Capital expenditure of $14,843,100 will be funded through grants, sale of replaced assets, reserves and loans. Grants totalling $5,015,500 were included in the budget as well as $500,500 for sale (trade-in) of plant and machinery. The document outlined that reserves and loan borrowings would be used to fund the remaining capital expenditure.

Loan borrowings will be as per Council's Treasury Management Policy, with cash advance debentures used to minimise long term borrowings in accordance with cashflow requirements. No new loans facilities are anticipated

Public consultation on the plans will end at 5pm on Monday, June 13, with a public meeting on June 9 at the civic centre from 6.30pm to 8pm. Check www.yoursay.victor.sa.gov.au for ways to provide feedback.