Wednesday, June 20, 2018
Bayside City Council formally adopted its 2018/19 Budget last night, confirming a healthy financial position while making a record $52.4 million investment in community infrastructure.
The Budget sets out Council’s capital investment program for the 2018/9 year. This includes $9 million to purchase land for the establishment of a new library and community facility in Highett on the former CSIRO site.
Other budget highlights include investment in seven new sporting pavilions ($8.4 million) and a major upgrade of Sandringham Library ($3.88 million).
Mayor Laurence Evans said the Budget reflects Council’s strategy of strong economic management, paying down debt and identifying productivity and efficiency savings to fund community investment.
“Council is on its way to building a better Bayside through an accelerated program of infrastructure upgrades that will have a significant impact on improving the lives our community”, he said.
“Our strong position is the result of a long term financial program to free Council of historic debt while keeping pressure off rates,” said Cr Evans.
Bayside rates will increase 2.25 per cent on average in 2018/19, in line with the Victorian Government’s cap on rates. Individual property rates may increase more or less than 2.25 per cent depending on movements in value compared with other properties in Bayside.
Over the past two years the value of Bayside property overall has increased by an average of 18.8 per cent.
“Households with properties whose value has increased by more than the average may see a rates increase greater than 2.25 per cent, while those with properties with a less than average increase in value may find their rate increase is less than 2.25 per cent. Overall, Bayside rates are firmly within the rate cap,” Cr Evans said.
Council is required by legislation to use property valuations to set rates and 2018/19 is a property revaluation year. Rates and charges make up 73 per cent of Council’s revenue, with the remainder from fees, grants and subsidies.
As a result of the global recycling crisis, Council will increase waste charges to fund additional recycling costs. Where Bayside previously received $500,000 per annum from recycling, Council now faces a cost of $1.7 million for 2018/2019. These impacts will result in an increase of $92.75 in the Bayside waste management charge for a 140ml standard bin in 2018/19.
Council also adopted its 2018 review of the Council Plan 2017-2021, Strategic Resource Plan 2018-2022 and the 2018/19 – 2025/26 Long Term Financial Plan which establishes long term financial strategies and performance indicators for the next decade.