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What does the Financial Sustainability Project Plan include?

Council at its Strategic Planning Committee meeting held on 28 March 2013 considered and adopted a number of strategies to restructure operations, reduce debt, invest in business activities, rationalise the property portfolio, and look for opportunities to raise new sources of recurrent revenue and reduce recurrent expenditures.

These key strategies were supported by Council and are now included in the Financial Sustainability Project Plan and include:

  • a re-structure of Council’s operations to enable capacity building
  • rationalising Council’s property portfolio and associated investment strategies
  • an accelerated plan for debt reduction
  • investing in Council’s business activities such as caravan parks, and
  • examining opportunities for raising additional revenue from Byron’s growing tourist and visitor market
  • reducing operational expenditure

The objectives of the Financial Sustainability Plan are as follows:

  • improve the financial sustainability of Council
  • address the asset renewal funding gap
  • retire outstanding debt and progressively increase the capacity of Council to borrow for infrastructure renewal projects
  • identify and realise viable and sustainable commercial opportunities
  • identify and pursue new and recurrent revenue sources including opportunities arising from the strong tourism/visitor market
  • increase resource sharing through collaboration with government agencies and community stakeholders 
  • improve the overall financial performance of Council