Our Long Term Financial Plan options

The updated Long Term Financial Plan takes into consideration the same financial principles as Council’s draft Annual Budget.

Residents are encouraged to view the draft Long Term Financial Plan 2024-2034(PDF, 2MB).

Within the Long Term Financial Plan, four scenarios have been developed:

  • Baseline – models the financial impact of delivering current services with some minor service reductions, renewing assets in accordance with Council’s Strategic Asset Management Plan and no future increase above the rate peg to general rates.
  • Baseline with intervention – models the financial impact of delivering current services with some minor service reductions, renewing assets at 50% of the level recommended in Council’s Strategic Asset Management Plan and no future increase above the rate peg to general rates.
  • Planned – models the financial impact of delivering current services with some minor service reductions, renewing assets in accordance with Council’s Strategic Asset Management Plan and a cumulative 80% increase to general rates over two years (50% in 2025/26, effectively including the temporary 19% and 17% SRV increases, and 20% in 2026/27).
  • Alternate – models the financial impact of delivering current services with some minor service reductions, renewing assets in accordance with Council’s Strategic Asset Management Plan and a cumulative 112% increase to general rates over three years (50% in 2025/26, effectively including the temporary 19% and 17% SRV increases, 20% in 2026/27 and 10% in 2027/28) to provide a financially sustainable solution for the ten years of the LTFP.

Both the Planned scenario and Alternate scenario contain significant permanent general rate increases. It is important to note that these increases effectively include the 19% increase applied in 2023/24 and 17% as planned for 2024/25. Professor Drew will be conducting his own analysis of Council’s Long Term Financial Plan, inclusive of the above scenarios and other strategic documents before engaging with the community on SV options in May 2024 and July 2024. 

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