Stonnington’s budget for 2024-2025 continues to ensure long-term financial stability despite ongoing cost escalations and challenging economic conditions.
Adopted by Council on 24 June, the Budget will deliver an operating surplus of $9.22 million while addressing the need for long-term financial stability to address future growth.
City of Stonnington Mayor, Cr Joe Gianfriddo, said Council was proud to deliver a budget developed in close consultation with the community.
“Through careful planning, we have been able to deliver a responsible budget that will set Council up for future growth and deliver on what our community needs,” he said.
“It carefully considers the higher-cost environment currently impacting both Council and the community and focuses on how we can ensure financial stability for long-term growth of our City.”
Consultation with the community has helped shape this year’s budget, including the importance of core Council services, the value of parks and open space to our community and the need to ensure ongoing renewal of new and existing infrastructure.
Highlights of this Budget are:
Delivering more open space, including a land purchase in Glen Iris and three new pocket parks
Addressing community safety through the delivery of the Safer Stonnington Community Safety Plan, and doubling weekend nighttime patrols and introducing additional cleaning for Chapel Street
Uplifting our technology, making it easier for people to interact with Council and strengthening our cyber security to keep our information safe
Implementation of our Climate Emergency Action Plan to reduce Council and community emissions
Continued investment in roads, footpaths, bridges and drainage works; and
Progressing facility upgrades including at Toorak Park, Prahran Market, Prahran Town Hall, Harold Holt and Chapel Off Chapel.
Stonnington CEO Dale Dickson said Council had delivered a surplus budget, which compares favourably to the 2023-2024 Forecast of $6.15 million, despite increased cost-shifting from the State Government and a range of other external cost pressures beyond Council’s control.
“Council is generating one-off cost savings and permanent cost efficiencies while re-invigorating existing facilities and precincts and maintaining our assets,” he said.
“We continue to deliver on new infrastructure, including redeveloped facilities at Toorak Park, while investing in replacing outdated technology to ensure our services are relevant, convenient and responsive to our community.”
Rates increase
- The budget has carefully considered the broader higher cost environment impacting on both Council and our community and how we can retain financial stability for the long-term growth of our city, given Stonnington already has one of the lowest rate charges per property value in Victoria.
- To enable an operating surplus position, the budget has proposed to increase rates within the parameters of the State Government cap on Council’s rate revenue which is 2.75 per cent for the 2024-25 financial year, as well as generate cost savings and efficiencies, with over $2 million in savings proposed within the 2024-25 Budget through a value for money program.
Capital Funding
- The 2024-25 Budget headlines an end of year operating surplus of $9.22 million, which compares favourably to the 2023-24 Forecast of $6.15 million. Borrowing limits that are retained within the limits applied to us from Treasury Corporation Victoria (TCV) and cash reserves closing above $45 million at the end of next year.
- The surplus will be used to partly fund a new capital works program worth $43.27 million, one that primarily delivers on renewal and upgrade of our core infrastructure assets. There are several new infrastructure projects that will be completed in 2024-25, including the redeveloped facilities at Toorak Park in Armadale and the settlement of a large parcel of land in Glen Iris for open space.
Community consultation
- Consultation with the community has helped shape this year’s budget, ensuring that Council is prioritising projects and initiatives that reflect the vision of its diverse municipality both now and into the future.
- A total of 185 people engaged with this year’s ‘fund it’ tool via Stonnington Connect and a further 98 people provided submissions to the survey or the draft budget over the community consultation phases.
- Community engagement is the best form of validation of our Budget to ensure we have funding and resources allocated to the areas that are important to our community.
- Our community has told us that open space, roads and street maintenance, transport initiatives, waste services and community safety are important areas of focus. As a result of community feedback, Council has allocated an additional $2 million within footpath renewal alone for 2024-25.
