2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 $M $M $M $M $M Net Assets 1,620.5 1,703.9 1,856.2 1,914.0 1,987.7 Capital Program Council aims to ensure that it is able to maintain its infrastructure assets at the expected levels, while at the same time continuing to deliver the services needed by the community. In order to maintain infrastructure, Council has an extensive capital works program to renew, upgrade and provide new assets. In 2014-2015, capital works expenditure totalled $106.7 million. This included a total of $23.9 million on renewal works (22.4 per cent), $9.3 million on upgrade works (8.7 per cent) and $73.5 million on new assets (68.9 per cent). 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 $M $M $M $M $M Capital 62.7 65.3 60.0 72.9 106.7 Expenditure Investments Investments have increased to $91.9 million. This covers long service leave obligation and Council’s provides funds to complete carry over capital works 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 $M $M $M $M $M 66.3 74.2 71.4 75.3 91.9 Future Planning The City of Greater Geelong has many demands on funding. The recent Financial Sustainability Review found that the City of Greater Geelong is a financially sustainable organisation, however, like many other councils, it faces challenges with its capacity to deliver the capital works programs and services in the long term future. Strategic Resource Plan is updated annually as part of the annual City Plan update. It contains Council’s the principles that underpin the financial management of Council operations as well as guiding the long term financial plan. Importantly, financial performance is sound and being managed responsibly and the Council’s assets are well managed. community’s Our financial accounts were audited and have been issued an unqualified audit opinion by the Victorian Auditor-General. Refer to pages173-221 for the full Annual Financial Report.
2010-2011 $M 2011-2012 $M 2012-2013 $M 2013-2014 $M 2014-2015 $M Net Assets 1,620.5 1,703.9 1,856.2 1,914.0 1,987.7 Capital Program Council aims to ensure that it is able to maintain its infrastructure assets at the expected levels, while at the same time continuing to deliver the services needed by the community. In order to maintain infrastructure, Council has an extensive capital works program to renew, upgrade and provide new assets. In 2014-2015, capital works expenditure totalled $106.7 million. This included a total of $23.9 million on renewal works (22.4 per cent), $9.3 million on upgrade works (8.7 per cent) and $73.5 million on new assets (68.9 per cent). 2010-2011 $M 2011-2012 $M 2012-2013 $M 2013-2014 $M 2014-2015 $M Capital Expenditure 62.7 65.3 60.0 72.9 106.7 Investments Investments have increased to $91.9 million. This covers Council’s long service leave obligation and provides funds to complete carry over capital works 2010-2011 $M 2011-2012 $M 2012-2013 $M 2013-2014 $M 2014-2015 $M 66.3 74.2 71.4 75.3 91.9 Future Planning The City of Greater Geelong has many demands on funding. The recent Financial Sustainability Review found that the City of Greater Geelong is a financially sustainable organisation, however, like many other councils, it faces challenges with its capacity to deliver the capital works programs and services in the long term future. Council’s Strategic Resource Plan is updated annually as part of the annual City Plan update. It contains the principles that underpin the financial management of Council operations as well as guiding the long term financial plan. Importantly, Council’s financial performance is sound and being managed responsibly and the community’s assets are well managed. Our financial accounts were audited and have been issued an unqualified audit opinion by the Victorian Auditor-General. Refer to pages173-221 for the full Annual Financial Report.
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