New 2024/25 Budget and Long Term Financial Plan
We invite you to view our draft Long Term Financial Plan 2024/25 - 2033/34 and draft Operational Plan 2024/25, including budget, rating structure and fees and charges.
These documents are on public exhibition from 1-29 May 2024. Members of the community are invited to make public submissions expressing their views on the draft Plans during the public exhibition period to be considered by Council. Public submissions received during the exhibition period will be considered by Council in June 2024 and any necessary changes made before adopting the final Plans to commence 1 July 2024.
What is a Long Term Financial Plan?
Council needs to maintain a financially sustainable position over time so we can provide services and renew infrastructure for the benefit of our community. The Long Term Financial Plan (LTFP) helps us develop a plan to achieve this. Council’s LTFP is a tool to aid decision making, priority setting and problem solving. The LTFP expresses in financial terms the activities Council proposes to undertake in the short, medium and long term. Using this, we can identify if we can continue to pay for our services and maintain our infrastructure in good condition (i.e. community buildings, parks, roads and business centres) with the income that we expect to receive.
The LTFP is a 10-year rolling plan which is updated annually, it captures financial implications of asset management and workforce planning. Financial planning over a 10-year horizon is challenging and relies on a range of assumptions, many of which are largely outside of Council's control. For example the rate peg that determines how much rates will change for the following financial year, are set by the Independent Pricing & Regulatory Tribunal (IPART). We therefore closely monitor our LTFP and update it to reflect these changing circumstances. We also look at what would be the impact on our finances if trends were to worsen. We do this through a sensitivity analysis using the key assumptions most likely to affect the LTFP.
What is an Operational Plan?
The Operational Plan is a one-year plan that spells out the detail of our current Delivery Program for the Council term, identifying the individual projects and activities that will be undertaken in a specific financial year to achieve the commitments made in the four-year Delivery Program.
The Operational Plan must include the council’s detailed annual budget, along with the council’s Statement of Revenue Policy, which includes the proposed rates, fees and charges for that financial year.
How do I make a submission?
Take a look at the Draft LTFP and Draft Operational Plan and provide any feedback via one of the following methods:
- Online: Complete the form below
- Email: records@woollahra.nsw.gov.au, quoting reference - SC1774-03
- Mail: Letter addressed to the General Manager at Woollahra Council, PO Box 61, Double Bay NSW 1360, quoting reference - SC1774-03
Submissions close at 11.59pm, Wednesday 29 May 2024.
See privacy note under FAQs on this page.
