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Council decisions

Since 2021, Council has endorsed a number of key decisions and directions have been endorsed to improve the ongoing impacts of financial sustainability.

In this meeting Council discussed how financial sustainability has been achieved through a range of strategies, including the Long Term Financial Plan, prior to 2020. Due to the impacts of the COVID-19 pandemic, Council's financial position has been affected and new strategies would need to be adopted to continue to provide a financially sustainable future.

The result of this meeting was that Council would support the key actions for continued financial sustainability as stated in the report, endorse the establishment of the Prosperity Fund and that Council would receive a report within 6 months to endorse associated governance processes for the Prosperity Fund.

Due to the COVID-19 pandemic and the consequences of lockdowns, over the past 2 years Council saw a loss of $8 million to the operating bottom line. A key strategy, The Long Term Financial Plan, determined that in 2018-2019 the 2022 financial year would see Council facing financial pressures before the pandemic began.

Recommendations for Council were to note and support this report and the Communications and Engagement Plan – Our Funded Future. It was also recommended that an engagement process with the community would commence, discussing the financial sustainability of Council over the next 10 years. Options for the community to consider include the prospect of submitting a Special Rate Variation to the Independent Pricing and Regulatory Tribunal (IPART) for consideration for the 2023-2024 financial year.