Wednesday, May 22, 2024

Yarra City set to endorse State-first financial strategy

City of Yarra Council is poised to endorse a new Financial Sustainability Strategy when it meets tomorrow – the first strategy of its kind for a Victorian Council.

The final draft of the Strategy will be presented to Council for endorsement following a four-week community engagement process.

“Financial sustainability means consistently having sufficient reserves available to meet unforeseen or emergency expenses, without relying on borrowing or compromising essential services,” Council said in a statement.

“Like most Councils, Yarra currently has a Long-Term Financial Plan which helps inform Council planning and predicts the funding we will need to fulfil the needs of our community, along with where we are expected to be financially in the next 10 years. 

“The Financial Sustainability Strategy looks at those predicted numbers and identifies strategic ways to address them, so that we are in an improved financial position and can deliver for our community both now and into the future.”

It sets out strategic reforms to ensure that future investment decisions are based on need, underpinned by evidence, and guided by informed strategies. It also includes practical and achievable actions and outcomes, the Council said.

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