5 YEAR FINANCIAL PLAN 2011/ /2016

(1)

5 YEAR FINANCIAL PLAN

2011/2012 – 2015/2016

(2)

PAGE NO.

i - viii

Introduction

ix - xi

Key Projects

FINANCIAL INFORMATION

1 Financial Summary

2 Summary of Expenditure for Significant Activities

3 Summary of Funding for Significant Activities

SIGNIFICANT ACTIVITIES

4 - 5

Community Relations and Information

6 - 7

Social Development

8 - 9

Economic Development, Marketing, Events, Tourism & Visitor Servicing

10 - 11

Library Services

12 - 13

Construction of New Bunbury Visitor Centre

14 - 15

Stirling Street Arts Centre / Queens Garden Upgrade

16 - 17

Development Assessment

18 - 19

Strategic & Environmental Planning

20 - 21

Community Law & Safety

22 - 23

Infrastructure Maintenance (Transport, Drainage, Lighting and Recreation)

24 - 25

Infrastructure Development

26 - 27

Bunbury Airport

28 - 29

Depot Construction

30 - 31

Waste Management

32 - 33

South West Sports Centre

34 - 35

Building Maintenance

36 - 37

Major Recreation Projects

38 - 39

Asset Acquisition and Replacement

40 - 41

Corporate Services

42 - 43

Rating

44 - 45

Land Development

SUPPLEMENTARY & SUPPORTING INFORMATION

46 Community Relations & Information

46 - 48

Social Development (Inc. Bunbury Regional Entertainment Centre Enhancement &

- Withers Action Plan)

49 - 50

Economic Development, Marketing, Events, Tourism & Visitor Servicing

51 - 52

Library Services

53 Development Assessment

54 - 56

Strategic Planning & Environmental Planning

57 - 61

Road Program (Including - Roads, Traffic Management and Reseals)

62 Stormwater Drainage Program

63 - 66

Paths Expansion and Slab Replacement Program

67 - 68

Urban Landscape & Precinct Program

69 Marine & Bridges

70 - 71

Parking Facilities Program

72 Map - City of Bunbury Suburbs

73 South West Sports Centre

74 - 75

Rating

76 Information Technology & Land Development

77 Major Recreation Projects

78 Loan Debt Analysis

79 - 80

Performance Measures (Financial Ratio's)

(3)

CITY OF BUNBURY

5 YEAR FINANCIAL PLAN 2011/2012

–

2015/2016

The City of Bunbury’s 5 Year Financial Plan has been developed by Councillors with input

from the Executive Management Team in order to meet the requirements of the Local

Government Act 1995. Whilst the Plan is intended to guide the financial management of

the Council over the upcoming five year period, it is based on the achievement of the

strategic priorities and projects identified in Council’s Strategic Plan.

The key Projects totalling $103.11(M) over this period cover spending on essential

Council infrastructure including roads, footpaths, drainage, lighting, public open space

development, car parking and a new depot. In addition there is funding allocated for

community infrastructure including the Bunbury Regional Entertainment Centre, Stirling

Street Arts Centre and the Queens Gardens Upgrade, a new Visitor Centre and Sports

Grounds Building improvements.

The following provides an overview of the allocation of capital works proposed for the

period of the Plan.

Breakdown of Capital Expenditure

Council Facilities, 8%

Core Infrastructure, 51% Cultural, 23%

Infrastructure (other), 7%

Sporting, 11%

The 5 Year Financial Plan ensures Council continues its commitment to sound financial

management, debt management and asset management programs.

This Plan provides a balance of spending on existing assets and the development of new

assets across all facets of Council responsibilities. The Plan provides a responsible

approach to the management of the City’s asset base and recognises the importance

that the City plays in the broader regional context.

The total capital and operating expenditure over the 5 financial years from 2011/2012 to

2015/2016 is $341.6 million. During this period the loan repayment to operating revenue

ratio is held between 5.04% and 6.41%.

The capital revenues included in this 5 Year Plan are derived from general revenue;

reserve funds; loan funds; land sales and government grants. The government grants

include State Government Royalties for Regions; Country Local Government Fund

(regional Grants Scheme); Regional Community Fund; Regional Infrastructure and

Headwork’s Fund; Special Regional Grants and the Federal Government’s ongoing

Regional Development Australia Fund. The breakdown of this expenditure is shown in the

(4)

Source

Amount

(11/12-15/16)

% Total

General Revenue

$20.69(mil)

20.88%

Reserve Funds

$13.73(mil)

13.85%

Loan Funds

$10.41(mil)

10.50%

Land/Asset Sales

$15.85(mil)

15.99%

Grants and Subsidies

$38.42(mil)

38.77%

Key Highlights

1. The 5 Year Financial Plan provides a balanced budget of all operating and capital

expenditure and revenue for the next 5 years.

2. Expenditure on key projects within this plan total $103.11 (mil).

3. The total Capital and Operating Expenditure over financial years 2011/2012 –

2015/2016 is $341.6(mil).

4. Depreciation of approximately $8.5 (mil) per annum is included within the costing

of operational forecasts.

5. The 5 Year Financial Plan provides for receipt of Government Grants totalling

$36.4(mil) and Council will continue to make grant applications during the term

of the plan under the State Government’s Royalties for Regions Program; Country

Local Government Fund (Regional Grants Scheme); Regional Community Fund;

Regional Infrastructure and Headwork’s Fund; Special Regional Grants together

with the Federal Governments ongoing Regional Development Australia Fund.

6. The plan provides specific loan funding for:

a.

Parking Improvements of $0.875 (mil);

b.

Depot $0.5 (mil);

c.

Waste Transfer Station $1.4 (mil);

d.

Multi Purpose Sporting Pavilion Hay Park $0.932 (mil);

e.

Stirling St Art Centre & Queens Gardens $2.56 (mil);

f.

City Vision Implementation $0.5 (mil);

g.

Dog Pound $0.3 (mil); and

7. In addition, general loan borrowings of $3.9(mil) are included over the duration

of this plan.

8. The 5 Year Financial Plan addresses the important issue of Asset Management by

contributing $98.95(mil) towards Asset Renewal and Asset Replacement.

Furthermore, the 5 Year Plan provides additional funds of $1.5(mil) to ensure

Council’s Asset Management Plan is maintained.

9. Capital projects identified in the future years have a cost escalation of between

5% and 10% to allow for annual capital project cost CPI increase.

(5)

CITY OF BUNBURY

5 YEAR FINANCIAL PLAN 2011/2012

–

2015/2016

Key Finance Performance Indicators

1. The following Key Financial Performance Indicators are maintained during the

period under review:

i)

Loan Repayment to Operating Revenue Ratio between 5.04% and 6.41%.

ii)

Reserve fund balances are maintained between $5.4(mil) - $9.7 (mil) and

includes $1.3(mil) to assist council’s asset management program.

iii)

Financial Ratio targets to be maintained are as follows:

Actual

Ratio

2008

2009

2010

Budget

2011

5Yr

F/Plan

Current Ratio

100.61%

114.65%

102.84%

100.00%

>100%

Debt Ratio

7.92%

6.49%

7.04%

7.28%

<10 %

Debt Service Ratio

6.9%

7.47%

5.72%

5.20% 4% - 8%

Rate Coverage Ratio

50.44%

51.85%

50.31%

51.60% >50.00%

Outstanding Rates Ratio

6.43%

3.74%

2.11%

3%

<3%

Key Financial Assumptions

The 5 Year Financial Plan has been developed on the following assumptions:

1. The Consumer Price Index (CPI) has been calculated at 3.0% each year over the next 5

years.

2. Salaries and Wages will increase in line with CPI.

3. Operating expenditure has been held at current levels with no increase for CPI where

possible. However where cost increases are unavoidable, operating expenditure

increases range from 2.5% to 4% each year over the next 5 years. For example utility

costs including electricity, gas, water and insurance increases exceed CPI.

4. Fees and Charges will increase by the forecasted CPI of 3% each year, other than those

fees and charges which are prescribed by legislation.

5. Rate revenue is expected to increase by 6.65% in 2011/12. This is in addition to a

1.5% p.a. increase due to the growth of Gross Rental Valuations from new buildings

and building improvements.

6. Revenue from identified land sales is required to fund the following projects in this

Plan: a new works depot, upgrade to the Bunbury Regional Entertainment Centre, a

new Visitor Information Centre, new soccer facilities, Bunbury Timber Jetty and a new

(6)

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(11)

N

BU

RY

N

AN

CI

AL

P

L

AN

2011/

2012 - 2015/

2016

JECT

S

5 Y

r Total

2012

2013

2014

2015

2016

2012 -2016

P

age

N

os

.

$ (M

il

)

$ (M

il

)

$ (M

il

)

$ (M

il

)

$ (M

il

)

$ (M

il

)

24 - 25

9.08

9.28

8.46

10.22

12.22

49.26

pe ra ti ons 24 - 25 1.53 1.57 1.64 1.69 1.74 8.16 57 - 61 4.66 4.73 4.07 5.69 6.92 26.07 ra ina ge Cons truc ti on 62 0.65 0.55 0.60 0.68 0.83 3.31 w ays 63 - 66 0.60 0.86 0.95 0.96 1.05 4.42 ca pe & P re ci nc t P rogra m 67 - 68 1.02 0.87 0.83 0.75 1.07 4.53 dge s 69 0.08 0.17 0.07 0.07 0.10 0.49 s ide of t he CBD 71 0.25 0.23 0.01 0.08 0.21 0.78 ion P la n 47 0.30 0.30 0.30 0.30 0.30 1.50

0.40

ry 34 - 35 0.15 0.15 ze ns Bui ldi ng 34 - 35 0.25 0.25 ra nt s -S ta te $400(k)

6 - 7, 48

10.00 -

-

10.00 12 - 13, 50

-

7.12 -

-

7.12 C

en

tr

e

: A

Counc

il

Com

m

it

te

e w

as

form

ed i

n F

ebrua

ry 2008 t

o

a

nd re

port

on s

ui

ta

bl

e s

it

es

(a

nd ot

he

r c

ons

ide

ra

ti

ons

) t

o a

cc

om

m

oda

te

e bui

lt

Bunbury Re

gi

ona

l V

is

it

or Ce

nt

re

. P

re

li

m

ina

ry c

os

t e

st

im

at

es

) of w

hi

ch t

w

o t

hi

rds

fundi

ng w

il

l be

s

ought

from

a

gove

rnm

ent

l

and

gre

em

ent

. A

ne

w

bui

lt

Bunbury Re

gi

ona

l V

is

it

or Ce

nt

re

i

s re

qui

re

d t

o

e

xpe

ct

ed t

ouri

sm

grow

th a

nd i

nc

re

as

ing vi

si

tor num

be

rs

.

F

undi

ng:-

$7.12 (m

)

Y

ear

En

d

ed

30 Ju

n

e

re

D

eve

lop

me

n

t (Tr

an

sp

or

t, D

rai

n

age

, En

vi

ron

me

n

tal

an

d

: T

o provi

de

e

ffi

ci

ent

a

nd e

ffe

ct

ive

de

si

gn, c

ons

truc

ti

on of roa

ds

,

th, l

ight

ing, c

ar pa

rki

ng, publ

ic

ope

n s

pa

ce

, c

oa

st

al

fore

shore

&

e

nvi

ronm

ent

al

progra

m

s.

F

undi

ng :- G

rant

s - F

ede

ral

$2(m

)

) L

oan F

unds

$3.9(m

) Muni

F

unds

$28.66(m

)

il

d

in

g I

mp

rove

me

n

ts

: P

re

li

m

ina

ry Conc

ept

P

la

ns

a

nd/

or P

roj

ec

t W

orks

publ

ic

bui

ldi

ngs

for t

he

fol

low

ing.

egi

on

al

En

te

rtai

n

me

n

t C

en

tr

e

:

Bunbury Re

gi

ona

l E

nt

ert

ai

nm

ent

Counc

il

ow

ne

d bui

ldi

ng, m

ana

ge

d by t

he

BRE

C Boa

rd of M

ana

ge

m

ent

he

Ci

ty. T

he

Boa

rd re

que

st

s Counc

il

s a

ss

is

ta

nc

e t

o e

xpa

nd t

he

Ce

nt

re

de

i

nc

re

as

ed a

nd i

m

prove

d fa

ci

li

ti

es

, i

nc

ludi

ng a

ful

ly i

nt

egra

te

d

re

nc

e fa

ci

li

ty. T

he

c

os

t t

o m

ana

ge

t

he

c

ent

re

w

il

l be

c

ont

ai

ne

d w

it

hi

n

ra

ti

ona

l budge

t. (T

ot

al

proj

ec

t c

os

t i

s $10 m

il

).

F

undi

ng :- G

rant

s

-) L

and Sal

es

$2.5(m

)

( xi

)

5 YEAR FINANCIAL PLAN 2011/ /2016