Agenda - Byron Shire Council - NSW Government

BYRON SHIRE COUNCIL
ORDINARY MEETING 9 MAY 2013 (51)
Report
Council at its Ordinary meeting held on 18 April 2013 resolved (in part) as follows:
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13-170 Resolved:
“6. That Council establish a Infrastructure Renewal Reserve and that any proceeds realised
from sale of the developed lots of the Roundhouse Subdivision in excess of the
construction cost be transferred to the Infrastructure Renewal Reserve…
10. That in conjunction with the proposed establishment of an Infrastructure Reserve Fund as a
repository for revenue derived from Council asset sales (as recently endorsed by the
Council's Strategic Planning Committee), Council include Ocean Shores infrastructure
renewal projects listed in the Council's Asset Management Plans as high priorities in the
expenditure of those Reserve funds.”
Council having established the Infrastructure Renewal Reserve via 13-170, should establish the
criteria for the operation of the Reserve.
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The recommended criteria for the operation of the Reserve are detailed below:
Purpose
This reserve was created to restrict funds to fund General Fund infrastructure renewal works other
then for Waste Management Infrastructure.
Source of funds
The funds restricted in the reserve will be sourced from:
1. Sale proceeds generated from the development and/or sale of land, that are in excess of
the development and/or sale costs.
2. Revenue generated from the development of land and/or property that are in excess of the
annual operational costs.
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3. Revenue derived from new and recurrent sources as determined by Council from time to
time.
4. Interest generated annually from the investment of the funds held in the reserve.
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Projects funded
The reserve will be used to fund infrastructure renewal projects that meet the following criteria:
1. Infrastructure renewal projects identified in the Asset Management Plan and meet the
criteria determined in the Asset Management Plan for funding as a renewal project.
2. Projects that meet the criteria in 1. above, included in the Capital Works Schedule
adopted by Council, as a component of the annual Operational Plan.
3. Development of land and/or property assets for the purpose of generating revenues as a
funding source for the Reserve.
4. Projects prior to being endorsed by Council are to be subject to an assessment under the
Capital Expenditure Guidelines issued by the Division of Local Government, and any
other applicable Guidelines issued by the Division, where the projects meet the
applicable criteria.
Ordinary Meeting Agenda 09/05/13