City of Stirling Corporate Business Plan

Long-Term Financial Plan The City of Stirling’s Long-Term Financial Plan is an integral

The goal of the Long-Term Financial Plan is to optimise and balance the City’s service delivery, service amenity and financial sustainability to provide the best outcomes for the community. The annual budget and the proposed impact on rates are detailed in the summarised rate setting statement on page 56. The City’s Long-Term Financial Plan has been reviewed in conjunction with the major and minor review of the Strategic Community Plan in 2018 – 2028 and the annual Corporate Business Plan review during 2020/21.

minimum standard to fund operational and project requirements. The 2019/20 – 2028/29 Long-Term Financial Plan ensures this performance can be maintained over the next 10 years, with a balanced budget and modest rate increases underpinning the forecast estimates. A key assumption in the development of this plan is the continuation of current service offerings over the forecast period. It is expected there will be minimal changes to the City’s service offering, and that demand for services will grow in line with the assumed inflation factors underpinning the forecast.

component of the Integrated Planning and Reporting Framework. It provides the financial link between the Annual Report, Strategic Community Plan, Corporate Business Plan, Workforce Plan and Asset Management Plans to ensure the City can deliver its strategic objectives over the next 10 years. The cumulative vision of these plans is that the City of Stirling will be a place where people choose to live, work, visit and invest as a ‘City of Choice’. To date, the City has maintained sustainable financial performance, targeting a balanced budget as a

2020/2021 Budget $m

2021/2022 Forecast $m

2022/2023 Forecast $m

2023/2024 Forecast $m

Four-year strategic capital projects

Rights of Way program

3.9 0.6 5.0 6.4

4.6 2.1 0.5 9.6

4.6

4.6

Inglewood Oval and Hamer Park Redevelopment Hamersley Golf Course Redevelopment Stage 3 of the Recycling Centre Development (Waste Transfer Station Redevelopment) Robinson Reserve Master Plan Implementation Redevelopment of Stirling Leisure Centre – Terry Tyzack Aquatic Centre – Inglewood

–

–

1.0

2.5

–

–

0.1 3.5

1.0 3.5

–

–

0.2

3.0

Bina Parkland Development

1.6*

–

–

–

*Net of capital income

Asset Management Framework Many of the services the City delivers to its community are reliant on its infrastructure assets and it is imperative that the City manages the full life-cycle of these assets in the most cost-effective manner. As a result, the provision and maintenance of infrastructure assets and associated services is at the Infrastructure assets such as roads, stormwater drainage, buildings, parks and pathways present particular challenges as they have long lives and high values. Long-term financial forecasts are significant and require planning for peaks and troughs in expenditure to ensure the City has the available funds to renew and replace such assets. The demand for new and improved services from these existing assets adds to the complexity of planning and financial forecasting. The creation of new assets also presents challenges in terms of the additional funding required for the heart of the City’s long-term commitment to its community.

The City’s Asset Management Policy demonstrates its commitment to aligning asset management with the International Standard ISO 55000. The City’s Asset Management Strategy is a ‘higher-level’ enabling document (with a detailed four-year implementation plan) that underpins the Asset Management Policy. The City has developed Transport, Drainage, Buildings and Parks and Open Space Asset Management Plans that outline the asset activities and programs for each service area and resources applied to provide a defined level of service in the most cost-effective manner. The City’s Asset Management Framework is reviewed in conjunction with the Strategic Community Plan and Corporate Business Plan. In summary, the integrated planning mechanism adopted by the City links all its service delivery options to the Strategic Community Plan’s vision and objectives and the Corporate Business Plan.

ongoing operating and replacement costs necessary to provide the required level of service over the assets’ full life-cycle. The goal of the City’s Asset Management Framework is to address these challenges and provide an appropriate level of service for present and future customers through the development of skills, governance, processes, systems and data; the productive use of resources; and the management of assets in the most cost-effective manner. The City’s Asset Management Framework has been prepared under the guidance of the ISO 55000 International Standards for Asset Management, the City’s Strategic Community Plan and the Corporate Business Plan. As a result, the framework is well-aligned to deliver the City’s vision, objectives and strategies in providing cost-effective, transparent, quality and affordable service levels in accordance with community expectations.

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