In December 2016 the Victorian Government announced that the rate cap for Victorian councils would be reduced to a maximum of 2 per cent for 2017/2018.
While the cumulative impact of rate capping will have a significant impact on Council’s long term financial position, over the medium term Bayside continues to be well placed to absorb the impacts.
Bayside Mayor Alex del Porto said that strong financial management meant that Council will continue to transform Bayside’s community infrastructure without negatively impacting services.
"Over the next decade every sports pavilion and every playground will be upgraded or replaced, along with a major renovation of the Brighton and Sandringham libraries, work towards a new library in Highett, and renovations to our shopping strips," Cr del Porto said.
"For some years now Council has been on an efficiency drive.
"This has seen Bayside closely evaluating its services and examining how it can deliver the best value to our community.
"Council has also been working to pay down debt and is projected to be debt free by 2018."
Alongside financial savings Council has also developed an infrastructure fund that is allowing Bayside to make significant investments in community infrastructure without incurring further debt.
"Over the next 10 years Council will be undertaking an unprecedented program of works that will transform our community’s infrastructure to create better and more opportunities for residents," he said.
"Visible investments will be complemented by less obvious ones such as major drainage projects and upgrades to footpaths which help to make Bayside safer and better equipped to handle the impacts of climate change, flooding and major weather events.
"Investments like these are a key way that Council is working to ensure that Bayside continues to be one of the most liveable parts of one of the world’s most liveable city.
The draft budget for 2017/2018 will be adopted at the Special Meeting of Council on 26 April.