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Summary of our financial position

Summary of our financial position

This summary provides important information about our:

  • rate increase
  • operating result
  • service levels
  • cash and investments
  • capital works
  • financial sustainability.

The following graphs show the 2023–24 forecast actual, which is marked with an F before the date.

The graphs also show the budget for 2024–25, 2025–26, 2026–27 and 2027–28. These are marked with a B before the date. 

Rate percentage increases

In 2024–25, rates will increase by 2.75%.

Total rates and charges (including waste and interest) increased to $220.40 million (4.40%), including $900,000 generated from supplementary rates on new and redeveloped properties. Special rates and charges levied through special rate schemes will total $1.55 million.

The Victorian Government introduced a cap on rate increases from 2016–17. The cap for 2024–25 has been set at 2.75% by the Minister for Local Government. Future years are estimated using Department of Treasury and Finance forecasts of the consumer price index.

In 2024–25 waste service charges will increase on average by 9.4%. The Victorian Government waste levy is expected to increase from $129.27 to $132.76 per tonne in 2024–25.

You can find out more on our Rates 2024–25 page.

Operating result

The operating result recognises all revenue and spending for Council to operate and includes non-cash items like depreciation.

We expect our operating result for the 2024–25 year to be a surplus of $14.53 million. This is a $7.90 million decrease from the forecast surplus result of $22.43 million for 2023–24.

The operating result and future years can change depending on the number of priority projects planned.

Our adjusted underlying result is a surplus of $8.36 million, which is an increase of $1.12 million over 2023–24. The adjusted underlying result doesn’t include items such as capital grants, non-cash contributions and cash capital contributions.

The forecast underlying result for the 2023–24 year is a surplus of $7.24 million. The 2024–25 adjusted underlying result doesn’t include capital grants and contributions totalling $6.17 million. 

When we talk about a surplus or deficit, this isn’t a measure of ‘profit’. It tells us about the capacity we have to fund future capital works.

A graph that shows council's operating result from the 2023-24 financial years to the 2027-28 financial years. In 2023-24, the forecast actual was $22.43 million. In 2024-25, the budget is $13 million. In 2025-26, the budget is $15.46 million. In 2026-27, the budget is $18.96 million. In 2027-28, the budget is $19.91 million.

Services we deliver to the community

The net cost of services we deliver to the community includes the net costs to run services after receiving income from them, as well as net spending on priority projects. For the 2024–25 year, we expect the net cost of services we deliver to be $164.23 million. This is an increase of $3.53 million over 2023–24. 

A graph that shows council's net cost of services delivered to the community from 2023-24 financial years to 2027-28 financial years. In 20223-24 the forecast actual was $160.70 million. In 2024-25 the budget is $164.23 million. In 2025-26 the budget is $161.03 million. In 2026-27 the budget is $165.26 million. In 2027-28 the budget is $173.68 million.

Cash and investments

We use cash and investments to fund the Capital Works Program and repay existing borrowings.

In our budget, we have decreased cash and investments by $22.52 million to $124.39 million for the year ending 30 June 2025. 

We aren’t proposing any new borrowings during the 2024–25 financial year.

A graph that shows council's cash and investments from 2023-24 financial years to 2027-28 financial years. In 2023-24 the forecast actual was $146.91 million. In 2024-25 the budget is $123.02 million. In 2025-26 the budget is $111.80 million. In 2026-27 the budget is $97.90 million. In 2027-28 the budget is $90.62 million.

Capital Works Program

Our commitment to capital works will reach $88.12 million for the 2024–25 financial year. Of this amount, $4.16 million is for commitments we carried over from the 2023–24 year. These commitments are fully funded from the 2023–24 Budget. 

To achieve our commitment to capital works, we have committed to spend $58.79 million for renewal projects. We have also committed to spend $29.33 million for new, upgrade and expansion projects. This includes commitments we have carried over.

A graph that shows council's capital works program gross expenditure from 2023-24 financial years to 2027-28 financial years. In 2023-24 the forecast actual was $68.25 million. In 2024-25 the budget is $87.95 million. In 2025-26 the budget is $77.01 million. In 2026-27 the budget is $82.93 million. In 2027-28 the budget is $71.37 million.

How we spend money across services

We have broken down how we spend money across the main services we deliver. For every $100 we spend:

  • $34.27 is for Capital works and priority projects
  • $14.63 is for Environment and waste management
  • $10.19 is for Parks, gardens and sportsgrounds 
  • $8.56 is for Health, aged community and family services
  • $6.73 is for Library, arts and cultural services
  • $5.58 is for Planning and building 
  • $5.62 is for Local laws enforcement
  • $4.29 is for Roads, footpaths, safety and drainage
  • $4.08 is for Communications and customer service 
  • $2.41 is for Engineering and traffic
  • $1.63 is for Rates and property services
  • $1.12 is for Leisure and recreation and civic centres
  • $0.89 is for Economic development.
A pie chart providing a visual representation of how we spend our money