Adopted 2019-20 Budget
The 2019-20 budget will see Council continue to deliver services and infrastructure that help make Stonnington an inclusive, healthy, creative, sustainable and smart community.
Commitments outlined in the budget are in response to community feedback received through our online engagement program last year, and an analysis of relevant trends.
The initiatives funded through the budget fall under the Council Plan 2017-2021 key pillars of Community, Environment, Liveability and Economy, and the Strategic Resource Plan.
Highlights of the $83.5 million capital works program include:
|Percy Treyvaud Masterplan implementation
|Completion of the Cato Street redevelopment, Prahran
|Strategic property acquisitions to increase open space
|Road, footpath and drainage works
|Prahran Town Hall redevelopment
|Community building renewal and improvement works
|Parks, open space, recreation renewal and improvement works
|Harold Holt Swim Centre Masterplan implementation
|Toorak Park and Victory Square Masterplan implementation
|Chapel Street streetscape Masterplan implementation
|Prahran Market utilities infrastructure works
|Tennis Facility Renewal Program
|Princes Gardens Masterplan implementation
|Yarra River and Gardiners Creek Biodiversity project
|Forrest Hill Masterplan implementation
|Windsor Siding Masterplan implementation
|Cycling strategy implementation
|Building and facility energy efficiency program
View Council’s Adopted 2019-20 Budget(PDF, 2MB).
Surplus and borrowing – explainer
Financially sustainable operating surpluses assist in funding the City of Stonnington’s capital works program. Recent projects made possible by maintaining healthy operating surpluses are Prahran Square, improvement works at Harold Holt Swim Centre and the revitalisation of Greville Street.
Council’s annual operating surplus also comprises open space contributions income. These contributions are a levy placed on major developments and can only be used for the future acquisition, creation and enhancement of open space within Stonnington. Although this money sits within our operating surplus, money in the reserve can only be committed to acquire, create or enhance open space in the suburb the levy is collected from. For example, an open space levy in Glen Iris can only be used to acquire, create or enhance open space in Glen Iris. $15m of open space contributions income is budgeted for this financial year alone.
At times, Council chooses to borrow money to assist in funding major community infrastructure projects that provide inter-generational benefit. Interest rates are at record lows in Australia and all levels of government are being encouraged to borrow to invest in significant long term infrastructure projects. The maximum planned tenure of any borrowings is ten years, with the flexibility to pay down borrowings sooner if conditions permit.
Importantly, our borrowings balance is well within the healthy recommended limits recommended by the Victorian Auditor-General’s Office and Local Government Victoria.