This section is our primary means of advising the Boroondara community about our operations and performance during the financial year. For further detail, download the full Annual Report.
Economic factors
The Council is currently dealing with a tough economic situation, with rising costs due to high inflation affecting everything from construction to everyday services. This means things are getting more expensive so we've had to adjust our budget and financial plans accordingly. Residents might be feeling the pinch too, with higher living costs impacting household budgets and spending.
Despite these challenges, we've managed our finances well and ended the year positively. This is crucial as it helps us keep up with the need to update and maintain our community facilities.
In the construction sector, costs have gone up since COVID-19, which affects our infrastructure projects and maintenance work. We're also facing a shortage of skilled workers, which, along with the rising costs of materials, makes it tough to keep up with the demand for new housing and other essential services.
Our leisure and aquatic facilities are slowly seeing more people come back after COVID-19, but numbers are still not as high as they were before the pandemic. We're working hard to boost community involvement and make the most of these spaces. Also, the roof collapse at the Kew Recreation Centre has delayed its reopening, which affects our income.
The Victorian State Government has big plans to build 2 million new homes by 2051 to provide affordable housing and manage the growing population. This will increase the demand for our parks, sports facilities, and other infrastructure, requiring careful planning and resources.
On a positive note, higher interest rates mean we're earning more from our cash reserves, and our fixed-rate loans give us stability in our repayments.
In short, Boroondara is facing increased costs that are putting pressure on our services and facilities. At the same time, we need to keep our assets in good shape. The challenge is even greater because of the revenue cap imposed by the State Government, a cap that doesn't apply to them.
Major projects
Our major projects included:
- Kew Recreation Centre redevelopment ($1.5 million in FY2023-24)
- Tuck Stand ($1.29 million in FY2023-24)
- Kew Library Redevelopment ($423k in FY2023-24)
- Canterbury Community Precinct ($924k in in FY2023-24).
Performance by priority themes
The Boroondara Community Plan 2021–31 (the Plan) outlines 7 themes our community told us were important in 2017. In 2020-21, our community told us these themes still represent what they want us to focus on over the next 10 years.
Highlights of our FY2023-24 performance are on the following pages.