ordinary meeting of council to be held on tuesday, 26 april 2005 at ...

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Figure 16 Additional funding transferred <strong>to</strong> the works <strong>of</strong> direct community <strong>be</strong>nefit arising from reductions in borrowings $'000 Reduction in Borrowing Costs Allocated <strong>to</strong> Works <strong>of</strong> Direct Community Benefit each year until 2012/2013 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 If Council was <strong>to</strong> undertake additional borrowings <strong>to</strong> assist in the delivery <strong>of</strong> works identified in this application, funding for capital works programmes/projects currently funded under the framework <strong>of</strong> the organisation’s 10 year financial model will <strong>be</strong> adversely affected. As stated above, during the period 2001/02 <strong>to</strong> 2013/14, Council will transfer a <strong>to</strong>tal <strong>of</strong> $23,265,000, <strong>be</strong>ing reductions in principal and interest loan repayments <strong>to</strong> capital works programmes and projects. This amount is based on restricting 100% <strong>of</strong> accumulated principal and interest loan repayment reductions from the base year <strong>of</strong> 2001/02. Any decision <strong>to</strong> increase loans as a means <strong>of</strong> funding the environmental works identified in this application will increase required principal and interest repayments in future years and hence, reduce the commitment <strong>to</strong> associated programmes which are currently funded. On the basis that works identified in this application will not generate any recurrent income stream <strong>to</strong> Council, the organisations ability <strong>to</strong> fund capital programmes will actually <strong>be</strong> reduced in real terms <strong>to</strong> the extent <strong>of</strong> interest repayments required in association with undertaking additional borrowings. Section 94 Income For the 2005/2006 Financial Year Council’s Capital Works Programme will not <strong>be</strong> funded by any Section 94 income. Council has adopted a new Section 94 Plan, associated with recent gazettal <strong>of</strong> LEP 194. In future years these funds will <strong>be</strong> applied <strong>to</strong> the following projects/programmes: Construction <strong>of</strong> a Childcare Centre $3,500,000 Multipurpose Community Centre $5,800,000 Library Books $286,000 Park Acquisitions/Em<strong>be</strong>llishments $30,000,000 484671 Page 25
Sportsgrounds Works $6,500,000 Aquatic Centre $135,000 Traffic/Pedestrian/Cycleway Networks $145,000 Public Domain Study $250,000 Whilst this plan will generate additional revenue for Council and reduce rates and charges as a proportion <strong>of</strong> <strong>to</strong>tal income, this plan will in no way assist in funding works associated with this application for the following reasons: • The initiatives requiring funding under the auspices <strong>of</strong> this application are current. As such, no nexus can <strong>be</strong> drawn <strong>to</strong> the levying <strong>of</strong> Section 94 changes against future development <strong>to</strong> assist in funding. • The population <strong>of</strong> the Council is anticipated <strong>to</strong> increase by 16,000 people over the next 10 – 20 years. This will act <strong>to</strong> intensify pressures/effects on the natural environment, making it critical that issues identified in this application are addressed as soon as possible. Commercial opportunities for Funding With a high reliance on revenue from general rate sources, Council is investigating opportunities for greater commercial returns on its assets and other commercial opportunities with relatively low levels <strong>of</strong> risk <strong>to</strong> the community. Council has recently entered in<strong>to</strong> arrangements for the display <strong>of</strong> advertising on bus shelters and is looking at other similar initiatives for its golf courses and seeking reputable <strong>of</strong>fers for further and new, commercially focussed opportunities within our open space network. Similarly, Council is initiating a review <strong>of</strong> its property portfolio, particularly within <strong>to</strong>wn centres that are subject <strong>to</strong> requirements for increased housing density. There is an expectation that where the community supports such redevelopment, additional resources will <strong>be</strong> required <strong>to</strong> <strong>be</strong> reinvested in these areas over and above that which can <strong>be</strong> achieved through Section 94 funds and for compensa<strong>to</strong>ry purchases <strong>of</strong> land or facilities elsewhere. Accordingly, works undertaken <strong>to</strong> upgrade community facilities in Council’s <strong>to</strong>wn centres have the potential <strong>to</strong> create an additional impost on Council’s short term cash reserves. Reliance on external grants <strong>to</strong> fund the extent and scope <strong>of</strong> works identified is not realistic or feasible. Although there is State and Federal Government funding available <strong>to</strong> assist in the implementation <strong>of</strong> projects, the terms and conditions <strong>of</strong> most <strong>of</strong> these grants rely on Councils matching funding, typically on a 1:1 basis or greater. A key <strong>be</strong>nefit in the obtaining the special rate variation will allow Council greater capacity <strong>to</strong> apply for this funding <strong>to</strong> supplement the <strong>be</strong>nefits <strong>of</strong> the identified projects. In recent years, Council has not <strong>be</strong>en successful in attracting large infrastructure or res<strong>to</strong>ration grants <strong>of</strong> the type identified in the proposed programme. However, with the expansion <strong>of</strong> the capital works programme through applying saving <strong>to</strong>wards works <strong>of</strong> direct community <strong>be</strong>nefit, it was able <strong>to</strong> leverage $87,000 from the State Government’s Envir<strong>of</strong>und <strong>to</strong> assist in the regeneration <strong>of</strong> bushland adjacent <strong>to</strong> an oval in St Ives that is part <strong>of</strong> the sports field and catchment management capital works fund. This is nevertheless a sole example and given the extent <strong>of</strong> the environmental issues facing Ku-ring-gai, a multiple funding strategy is necessary. 484671 Page 26
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