proportion of Council's revenue the use of the funds from these charges is restricted to their specific purposes only. Reallocation of the existing Council’s current budget allocations reflect the community's operational budget priorities. If the budget is reallocated to fund some or all of the environmental programs there will be an impact on the quality of life enjoyed by the residents. Funding projects such as water and water quality improvements means less money for street and beach cleaning, park mowing, maintenance of our roads and footpaths and/or library and community programs. Business as usual - Major upgrades and construction of sections of the Coastal complete the capital work Walkway require additional capital funding and would have to with existing budgets compete each year for scarce capital funds with road, footpath and building priorities. Without the additional funding through the environment levy, completion of the coastal walkway south of Malabar could take an additional 30 years. Interest & investment The Council has a investment portfolio that is subject to revenue movements in interest rates. Investments are placed and managed in accordance with the Council’s adopted Investment Policy in compliance with the Local Government Act. As a custodian of the community’s funds, the Council ensures funds are invested with the same care, diligence and skill that a prudent person would exercise. Installation of parking Many councils receive substantial revenue from parking charges, for example in 2012 Waverley received $12.4 million in additional meters income from this source. Randwick Council has considered this as an option and in 2005 Council undertook extensive consultation with our community on the matter of implementing parking meters in five areas. There was overwhelming rejection by the community of this proposal and Randwick Council continues to respect the community’s view in relation to the installation of parking meters. Grants and contributions The amounts of grants from State and Federal Governments are difficult to predict and are dependent on other levels of government. Development contributions are restricted in their usage and cannot be used to fund Council general operations. Loans The Council has been debt free 2001 and has adopted a debt free strategy. Borrowing is not a sustainable funding alternative for the Council’s recurrent programs When the various alternative funding options listed above were considered it was considered that the most effective option for the Council to fund the planned environmental improvements and sustainability initiatives over the next five years is to apply to IPART for a special variation to rates. A 6% SRV (environmental levy) applied in the first year and maintained for five years will fund the environmental programs for the same period.
proportion of Council's revenue the use of the funds from these charges is restricted to their specific purposes only. Reallocation of the existing operational budget Council’s current budget allocations reflect the community's priorities. If the budget is reallocated to fund some or all of the environmental programs there will be an impact on the quality of life enjoyed by the residents. Funding projects such as water and water quality improvements means less money for street and beach cleaning, park mowing, maintenance of our roads and footpaths and/or library and community programs. Business as usual - complete the capital work with existing budgets Major upgrades and construction of sections of the Coastal Walkway require additional capital funding and would have to compete each year for scarce capital funds with road, footpath and building priorities. Without the additional funding through the environment levy, completion of the coastal walkway south of Malabar could take an additional 30 years. Interest & investment revenue The Council has a investment portfolio that is subject to movements in interest rates. Investments are placed and managed in accordance with the Council’s adopted Investment Policy in compliance with the Local Government Act. As a custodian of the community’s funds, the Council ensures funds are invested with the same care, diligence and skill that a prudent person would exercise. Installation of parking meters Many councils receive substantial revenue from parking charges, for example in 2012 Waverley received $12.4 million in additional income from this source. Randwick Council has considered this as an option and in 2005 Council undertook extensive consultation with our community on the matter of implementing parking meters in five areas. There was overwhelming rejection by the community of this proposal and Randwick Council continues to respect the community’s view in relation to the installation of parking meters. Grants and contributions The amounts of grants from State and Federal Governments are difficult to predict and are dependent on other levels of government. Development contributions are restricted in their usage and cannot be used to fund Council general operations. Loans The Council has been debt free 2001 and has adopted a debt free strategy. Borrowing is not a sustainable funding alternative for the Council’s recurrent programs When the various alternative funding options listed above were considered it was considered that the most effective option for the Council to fund the planned environmental improvements and sustainability initiatives over the next five years is to apply to IPART for a special variation to rates. A 6% SRV (environmental levy) applied in the first year and maintained for five years will fund the environmental programs for the same period.