Have your say on the 2020-2030 Long Term Financial Plan
It is imperative that Lithgow City Council is financially sound. Service delivery must be matched to financial capacity. There is also the need to plan long term as circumstances will change from year to year.
The Council has endorsed its Draft 2020-2030 Long Term Financial Plan (LTFP). We invite all residents of the Lithgow LGA to get involved and have their say on this document.
The plan is a key component of Council’s strategies and supports delivery of the Community Strategic Plan.
The Plan forecasts Council’s revenue and expenditure, balance sheet and cash flow for the coming 10 year period, based on a set of assumptions. Three scenarios were modelled:
- A base case – maintaining the status quo.
- An improvement plan – with ongoing improvement opportunities.
- A sustainable Council case – with additional asset renewal and strategies to enable financial sustainability benchmarks to be met over the term of the 10 year plan.
The Sustainable Council scenario includes the following strategies to enable Council to achieve financial sustainability over the term of the plan:
- Management of employment costs to save $100,000 p.a. from the 2021/22 year.
- Internal plant hire rates will be increased by at least 10% from July 2021 to rebuild the plant replacement reserve.
- Consideration of an additional permanent 5% SRV from 1 July 2023. Alternatives to a 5% SRV will continue to be explored over the next twelve months.
If you would like to know more about 2020-2030 Long Term Financial Plan please visit www.haveyoursay.lithgow.com
The Draft 2020-2030 Long Term Financial Plan will be on exhibition until midnight, Tuesday 27 October 2020. Following this, submissions will be reported to Council for consideration before the plan is formally adopted.