Toowoomba Regional Council has today adopted its 2024-25 Budget, Operational Plan and Revenue Statement.
Mayor, Geoff McDonald said Council’s $703.6 million financial plan would allow it to maintain and upgrade existing facilities and services while planning for a brighter future for current and successive generations.
“The Budget reflects the priorities outlined in the Operational Plan (for the 2024-25 financial year) and Council’s Corporate Plan (2024-2029), which comes into effect on July 1,” Mayor McDonald said.
“We remain mindful of the cost-of-living pressures that continue to challenge families right across the Toowoomba Region.
“That is why we’ve delivered a cautious and considered financial plan with a responsible rate rise.”
The general rate will rise 5% with the majority of urban residential ratepayers facing an average increase of $3.91 per week.
“We’ve reviewed and streamlined the levies we apply to each property, putting a pause on two levies, and replacing them with a Public Transport Levy. This new levy has been introduced taking into consideration community feedback over many years,” said Mayor McDonald.
“The new levy will give Council greater leverage in advocating to the State Government on improvements that are much needed to our Region’s public transport network.
“Our $703.6 million operational and capital works program once again delivers projects and services to support our growing communities across the Toowoomba Region.”
The Council will spend $231 million in this Budget on capital projects.
“Projects like the Kearneys Spring Clubhouse and amenities building, continuing the roll-out of smart water meters, replacing timber bridges in key rural locations, upgrading formed and unformed lower order roads, renewing playground equipment in the parks of our regional towns, and undertaking a business case exploring options for the future location and functionality of the Toowoomba Regional Art Gallery, are all included in this year’s Budget.”
“We’re spending $472 million on our core Council operations to deliver essential services to our residents ensuring waste is collected, parks and gardens are maintained, libraries and recreation facilities remain open and that clean, safe drinking water flows from the taps of homes across the Region.”
The Mayor said Council remains committed to implementing a responsible and calculated financial approach in its Budget planning and delivery and has budgeted for a surplus of more than $937,000 this coming financial year.
“Council’s obligation to maintain our existing infrastructure and our ability to manage our $6.2 billion asset base across 13,000km² is a key performance indicator by which we are evaluated by the Queensland Treasury Corporation, which has recently affirmed our financial position as Sound with a Neutral outlook.”
“$98.2 million is set aside in this Budget for Capital Works Projects across the Region, plus a further $22.5 million for the ongoing Disaster Recovery Funding Arrangements (DFRA) Flood Recovery Program and $110.6 million for the Cressbrook Dam Safety Improvement Project.
“Cost increases to materials and services are having significant impacts on our operations, with Council continuing to shoulder many price rises on behalf of our ratepayers.
“A key example of this is how Council expects our insurance premiums to increase almost $900,000 in 2024-25, an increase of more than 30% across some of our insurance products. This is an increase that is simply unavoidable, but ultimately effects our bottom line. An extra $100,000 is also allocated this year for Council to deal with the continued rise in electricity costs.
“Despite many external demands, Council continues to work in accordance with our long-term financial sustainability parameters to ensure we budget for essential capital works and services that support our communities for the coming year and into the future.
“Council’s overall operational and capital expenditure parameters are based on our 10-year Long Term Financial Forecast (LTFF), which is not only adopted by Council, but overseen by the Department of Local Government, the Queensland Treasury Corporation and Queensland Audit Office.
“Despite the continued decrease in sustainable funding for local governments right across Australia, we are confident that our cautious financial approach, and our planning for the future, means that our Region will continue to grow and prosper with our Rich Traditions and Bold Ambitions,” Mayor McDonald said.
For full details of the 2024-25 Budget, visit www.tr.qld.gov.au/budget.
