Redland City, QLD – With a strong financial position and a solid credit rating, Redland City Council is poised to explore long-term funding options for new infrastructure projects.
Redland City Council’s Robust Financial Health Opens Doors for Long-Term Infrastructure Development
Prudent and equitable asset investment on Redlands Coast has enabled the Council to accelerate plans for new infrastructure, ensuring the community receives equitable access to assets and services.
Although the Council aims to minimise borrowings, it strategically finances certain projects through debt to distribute the costs of long-life assets fairly among those who will benefit now and in the future.
This approach ensures that future generations of ratepayers, who will directly benefit from Council-owned infrastructure, contribute to its cost, rather than placing the financial burden solely on current ratepayers.
A Council spokesperson highlighted the benefits of this approach, noting that responsible financial management has kept the Council’s debt levels low.
“Using debt in this manner ensures future generations share the costs of infrastructure that will benefit them,” the spokesperson said. “It’s a form of ‘fiscal fairness’ and helps maintain our strong financial position.”
The Council’s Budget engagement sessions with Councillors this year have been extensive, focusing on fiscal efficiency while continuing to deliver high-standard services and facilities.
Infrastructure investment is a significant portion of the Council’s budget.
Last year, the largest single commitment in the $430 million Budget was $40.5 million for the Wellington Street / Panorama Drive road duplication project in Thornlands, representing nearly a tenth of the total budget.
Additional infrastructure investments totalled $33.85 million, funding projects outlined in “Our Future Redlands – A Corporate Plan to 2026 and Beyond.”
This included works at the Weinam Creek hub in Redland Bay and restoration projects at the Willards Farm in the Birkdale Community Precinct.
These catalyst projects are set to bring lasting benefits to the Redlands Coast community.
The Council’s Financial Strategy 2023-2033 emphasises financing key intergenerational infrastructure that spreads the financial burden over several years, ensuring it does not adversely impact current or future ratepayers.
Redland City Council is finalising its capital works program for the 2024-25 financial year, ahead of the Special Budget Meeting scheduled for Thursday, June 27, 2024.
News source: Redland City Council
