3 March 2017 – Media Release
Cumberland Council’s new financial policy is currently on public exhibition for 28 days, following Council’s 1 March meeting. The draft Financial Planning and Sustainability Policy on exhibition is a blueprint for the long term financial health of the area and comes out of the sharp learning curve of creating a single budget from the three former Council areas.
The policy identifies nine key principles that will ensure the projected surplus of $1.9M at the end of the financial year continues to grow, while delivering high quality services and maintaining the Council’s many assets.
Key to the new financial plan is for Council to live within its means. Under the proposed policy Cumberland Council would maintain a surplus, collect enough revenue to cover its operational expenditure, provide a fully funded capital works program, allocate money to cover the cost of depreciating assets (keeping them functional long-term) and ensure the financial effects of Council decisions are borne by present day ratepayers and not their children.
Council will also get on the financial front-foot by managing a conservative investment portfolio, limiting occasions for borrowing and carefully maintaining its many assets. It is hoped that the cumulative result will be Council consistently exceeds the financial sustainability indicators provided by the Office of Local Government.
“The new financial plan builds upon the great work already done, while providing a solid foundation for the future,” Interim General Manager, Malcolm Ryan said.
“By getting our finances in order early, we are better positioned to keep delivering improved services and infrastructure, now and into the future.”
“Greater financial sustainability means there are more opportunities for Council to invest in exciting community infrastructure projects, like the $20 million community centre in Granville, or new play equipment at the Auburn Botanic Garden and Central Gardens in Merrylands,” said Mr Ryan.
