On Tuesday 30 June, Council unanimously endorsed the 10-Year Financial Plan and accompanying draft Asset Management Strategy to guide how Council manages its finances and assets over the next 10 years.
Lord Mayor Robert Doyle said the plans were developed to make sure Melbourne remained one of the world’s most liveable cities for generations to come.
The 10-Year Financial Plan is heavily influenced by the recommendations proposed by Council’s People’s Panel, a 43-member citizens jury convened to advise on spending and revenue priorities for the next decade. Over six sessions from September to November 2014, the panel was asked to make recommendations to Council.
The 10-Year Financial Plan has taken on board the majority of the 11 key recommendations made by the citizen’s jury. From planning for more public open space to continuing to deliver a high standard of events and the redevelopment of the Queen Victoria Market.
Council could not meet the recommendation to increase rates by CPI plus up to 2.5 per cent for the next 10 years due to State Government plans to introduce a rates capping policy for all Victorian councils.