The City of Adelaide has endorsed a new 10-year financial plan for community feedback.
The Long-Term Financial Plan (LTFP) is based on Council’s Strategic Plan 2024-2028 and a range of informed assumptions about the future.
It is tool to help monitor the City of Adelaide’s future financial sustainability and ability to deliver services while maintaining and upgrading the city’s infrastructure.
Lord Mayor Jane Lomax-Smith has consistently said we need to seriously work on budget repair following a range of challenges, including having to navigate through a global pandemic.
“There has been underinvestment in assets and Council must address a backlog in maintaining the infrastructure that makes our city function,” said the Lord Mayor.
“This Council has decided to take a responsible approach rather than kick it down the road which is a challenging task – especially so during a cost-of-living crisis.
“The LTFP will see us take on debt over coming years to help responsibly deliver a major capital program while minimising the impact on current ratepayers. This is an approach supported by our independent Audit and Risk Committee.
“The LTFP is a roadmap for the future using the best information we have at this time. Not everyone will agree with all the elements of the plan and that’s why we want our community to have its say.”
City Finance and Governance Committee Chair Councillor Mark Siebentritt said projections show the City of Adelaide is currently financially sustainable and can remain so for the next decade.
“Preparing a 10-year financial plan isn’t easy and I thank Council and the administration for the hard work to date. The result is a strong plan that has the support of the independent Audit and Risk Committee,” said Dr Siebentritt.
“In particular, it has endorsed our approach to debt management and the work we will undertake to return to 100 per cent renewal of community assets, such as footpaths, roads, electrical infrastructure and stormwater drainage.”
The Local Government Act requires councils to develop and adopt LTFPs which must be updated annually.
Community consultation begins on 30 September and will be open until 20 October.
Visit from Monday 30 September to have your say.
