2.1 FINANCIAL PLANNING Corporate Plan 2018-2023 and Operational Plan 2021 / 22
Corporate Plan ( What we aim to do ) Operational Plan 2021 / 22
2.1.1 Integrate financial planning documents into how we do business providing a line of sight for current and future residents from the elected Council ’ s vision through to delivery of services and projects :
• a 5-year corporate plan
• a long-term asset management plans
• a long-term financial forecasts
• an annual operational plan .
• an annual budget including revenue statement . ( Section 104 ( 5 ) ( a ) of the Local Government Act 2009 )
Annual review of corporate plan .
Update / development of long-term asset management plans .
Third party certification that our asset management system is compliant with Standard ISO 55001:2014 .
Long-term financial forecast adopted with the annual budget and consistent with the long-term asset management plans .
Implementation of financial modelling software .
Preparation and adoption of the annual operational plan .
Adoption of the annual budget including revenue statement before 1 August to fund Council ’ s operational plan for the year .
2.1.2 Implement initiatives to strengthen Council ’ s financial sustainability by : Planning for : - responsible surpluses - sufficient investment in asset renewals - net financial liabilities which can be serviced by our operating revenues .
Measure / track indicators of financial sustainability on long term forecasts .
Request QTC credit / sustainability review .
Using key indicators of sustainability to measure progress over the short , medium and longer-term .
2.1.3 Consider both the short-term and longer term financial impacts of Council ’ s policy development , plans , projects and decisions , on behalf of current and future residents .
2.1.4 Actively identify and apply for grant and subsidy opportunities to assist in funding capital works and provide services to the community .
2.1.5 Develop and implement additional communication initiatives to keep our community and stakeholders updated about Council ’ s financial plans .
2.1.6 Implement financial modelling software and continue to enhance financial projections .
2.1.7 Maintain financial and internal reserve accounts ( restricted cash ) for business activities to strengthen long term financial sustainability and assist with long term planning and budget decisions .
2.1.8 Rebuild our financial system so that monitoring of budgets can be undertaken both regionally and locally for the new organisational structure .
2.1.9 Provide budget reports to enable the elected Council and the management team to examine the budget from different perspectives .
2.1.10 Document service levels and monitor changes to ensure service levels are affordable now and in the future - to maintain a responsible surplus .
Annual service
Preparation of outline business cases for smaller projects .
More detailed business cases for larger investment decisions .
Annual service
Development of a “ taxi rank ” of shovel ready projects for advocacy and funding applications .
Annual service
Identification of additional initiatives through a proposed transparency hub on Council ’ s website .
Rates revenue modelling including analysis of the State ’ s annual valuation of all unimproved land and other financial forecasts .
Annual service
New structure from 1 September 2021 .
Report budgets by : – Responsibility ( local and regional ) – Fund ( source – e . g . General rates and water / sewerage / waste / special charges ) – Function ( e . g . Roads and drainage ) – Whole of council ( legislative )
Annual review of services by function / Identification of any budget impacts .
84 Our plans for 2021 / 22
( Done in conjunction with the annual operational plan and budget preparation ).
2.1.11 Engage locally as part of planning regionally . Preparation draft plans and budgets for Council consideration with local and regional input from our teams .
Development of a snapshot of local priorities and challenges ( e . g . Top 10 ) pre and post amalgamation .