Financial Plan overview
The 10 year Financial Plan is used by Council and the community to ensure the long-term viability and sustainability of the Council. It supports the achievement of the Community Vision and establishes financial thresholds in alignment with Council’s Financial Policies.
Financial Plan 2021-2031
Our draft 10 year Financial Plan outlines how we can fund the Council Plan to achieve the Community Vision in a financially sustainable way. It is developed in the context of these strategic planning principles:
- An integrated approach to planning, monitoring and performance reporting
- Addressing the Community Vision by funding the aspirations of the Council Plan
- Articulating the 10 year financial resources necessary to implement the goals and aspirations of the Council Plan to achieve the Community Vision
- Identifying and addressing risks to effective implementation of the Financial Plan
- Ongoing monitoring progress and reviewing so the Financial Plan can identify and adapt to changing circumstances
In developing the Financial Plan, we have sought input from the community panel through the deliberative engagement process and incorporated their feedback where possible.
Further, there is an integration between the Asset Plan and the Financial Plan.
- The Asset Plan informs the 10 year Financial Plan by identifying the amount of capital renewal that is required over the life of each asset category, as well as necessary funding for backlog and maintenance.
- The Financial Plan determines how much funding is available to support City of Melbourne’s assets. It incorporates knowledge if the condition of our assets, and risk assessment issues, as well as the impact of reviewing and setting intervention and service levels for each asset class identified by the Asset Plan.
Together the Financial Plan and Asset Plan seek to balance projected investment requirement against project budgets.
Asset Plan 2021-2031
Our draft Asset Plan outlines the Council’s high-level asset management priorities for the next 10 years and how the Council proposes to manage its portfolio of assets to achieve the best outcomes through the strategic delivery of our services and the realisation of our Community Vision. It includes information about the ‘maintenance, renewal, acquisition, expansion, upgrade, disposal and decommissioning in relation to each class of infrastructure assets under the control and management of Council.
Our draft Asset Plan 2021-2031 aims to provide:
- An overview of how assets are managed here at the City of Melbourne
- An outline of the operating context and key challenges that shape this approach
- A policy and governance framework that describes our key principles, commitments and accountabilities
- A management plan for each of our major categories of infrastructure assets
- A four year improvement plan and how we intent to monitor and evaluate the plan.