2.1 FINANCIAL PLANNING
Our business partners , stakeholders and customers
Queensland Government Department of State Development , Infrastructure , Local Government and Planning Queensland Audit Office
Australian Government
Other Community Ratepayers External auditors Internal auditors Audit Committee External valuers
How we are managing the key operational risks
Risk
• Financial sustainability over the longer term
Actions underway / planned
• Measure progress having regard to the relevant local government financial sustainability measures that are determined by the Queensland Government :
- Budget for a responsible operating surplus each year . - Plan for sufficient investment in the renewal of our infrastructure assets .
- Ensure our net financial liabilities can be serviced by our operating revenue .
• Use borrowing capacity for asset management and intergenerational projects in an affordable manner and in line with Debt Policy .
• Seek opportunities to diversify our improve revenue streams .
• Actively pursue grant and subsidy opportunities with ‘ shovel ready ’ projects , supported by business cases .
• Actively monitor and invest cash to supplement rates and charges .
• Use rate modelling software to analyse valuation movements , model rating options and forecast revenue .
• Develop and implement an Efficiency Policy .
• Periodically request a QTC credit / sustainability review to monitor progress .
• Asset management planning identifies a growing infrastructure backlog that requires funding
• Annual review of the asset management plans to : - develop a better understanding of the remaining useful lives of our asset base ; - finetune whole of life costs ; - integrate asset planning with budgeting and forecasting ; - determine funding requirements .
• Benchmark our Asset management - Management system is compliant with Standard ISO 55001:2014 .
• Maximise asset reliability , availability and performance through asset data collection , performance monitoring and proactive maintenance .
86 Our plans for 2021 / 22