Executive Summary – Devonport City Council, retrieved 30 June 2023
2023/24 Budget Estimates and Annual Plan
The 2023/24 Budget Estimates and Annual Plan is the first by the newly elected Devonport City Council. It builds on the sound financial base established by previous councils and importantly starts to deliver the vision of the new council to continue to strengthen Devonport as a thriving regional city.
With current ‘cost of living’ pressures, the strong financial position of Council has created the enviable position of being able to minimise rate increases without compromising on the delivery of services to the community or negatively impacting the organisation’s long-term sustainability.
The budget is based on a general rate increase of 3.9%- approximately half the current rate of inflation. In dollar terms for the average residential property this represents an annual increase of $62. Along with a $15 increase to the waste management service charge and the State Government Fire Levy, the increase for the average residential property will be less than $1.50 per week.
With Devonport undergoing a revaluation during 2021/22, this budget represents the second based on new property values which shifted the rate burden between individual properties. To avoid excessive increases for properties which increased significantly in value, change caps were applied last year to phase in the appropriate rate and Council has again applied these caps.
The capital expenditure budget totals $13.9 million, ensuring important community infrastructure is maintained, with several significant asset renewal projects including Kelcey Tier redevelopment ($1.9m) and upgrades at the Waste Transfer Station ($0.5m) to optimise resource recovery.
Reflecting plans for the next several years, the capital program includes allocations to commence planning and design for a number of new initiatives such as a major redevelopment of the Bluff playground, the beautification of Stewart Street (Rooke to Fenton) and the exciting new development of an indoor multipurpose sports complex for the city. This will be a major focus for Council over the next four years with planning and design for approvals and engagement with both levels of Government to finalise project funding anticipated in the next 12 months.
From an operating budget perspective, total income for2023/24 is estimated at $49.16 million with expenditure of $46.03 million resulting in a budgeted nett operating surplus of $3.12 million. With the removal of the noncash share of profit due to Council’s ownership in the Dulverton Regional Waste Management Authority, the estimated surplus reduces to $0.76 million.
The 2023/24 budget contains no new borrowings with debt repayments to continue as planned reducing total debt to an estimated $44.6 million by June 2024.
Read the full budget here: https://www.devonport.tas.gov.au/download/3602/annual-plan-2023-24/59232/budget-reports-fy2024.pdf.
