Delivery Program 2009–2012 - Rockdale City Council - NSW ...

Financial PlanExecutive SummaryUnder the New South Wales Local Government Act (LGA) 1993, Council is required to prepare and adopt an annualbudget by 30 June each year.A Financial Plan has been developed to assist Council in adopting the budget within a longer-term financial framework.The plan provides information and recommendations on a number of financial issues and highlights options in terms ofstrategic direction in a number of key areas such as: Long-term Financial Sustainability; Capital Works Program; Sale of Assets; Rating Policy; Annual Charges Policy; Pricing Policy; Loan Borrowing Policy; and Cash Reserves Policy.The planned budget for 2009/2010 presented in this plan has been developed through a rigorous process ofconsultation and review with Council and staff. It is Council’s opinion that the budget is financially responsible andputs forward the framework for Council to achieve the objectives and actions outlined in the 2009/2018 CommunityStrategic Plan. It is forward looking and it fits within a longer-term framework which seeks to achieve financialsustainability.The Financial Plan has been developed within an overall planning framework which guides Council in identifyingcommunity needs and aspirations over the next three years through the City Plan and short-term goals andobjectives. The Financial Plan outlines the financial resources required and how they will be used to achieve our goalsand objectives.The 2009/2010 plan forecasts a deficit in unrestricted cash of $577,870. This ‘funding gap’ is illustrated in the followingpages in the section titled ‘Long-term Financial Sustainability’. As with many councils in NSW, Rockdale is faced withthe dilemma of costs increasing at a greater rate than our revenue base. However, to achieve a balanced budget is oneof the key objectives in Council’s financial planning process. This ‘funding gap’ will be addressed during the 2009/2010financial year by way of productivity and efficiency savings. It is important that Council continues to maintain thenecessary service levels. To achieve this, a significant Capital Works Program in line with Council’s direction for thenext three years has been developed.Delivery Program 2009-2012 | 19