Yarriambiack Shire Council Budget – 2010/2011

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9.4 General revaluation of propertiesDuring the 2009/10 year, a revaluation of all properties within the municipality was carried out and willapply from 1 January 2010 for the 2010/11 year. The outcome of the general revaluation has been achange in property valuations throughout the municipality. Overall, property valuations across themunicipal district have increased by 5%. Of this increase, residential properties have increased by6.5%, commercial properties by 11% and rural properties by 5.9%.The following table summarises the valuation changes between the 2008 and 2010 generalrevaluations for residential, commercial and rural properties by ward together with the rating changesbetween the 2009/10 and 2010/11 years based on a 7.3% average rate increase and the valuationmovements listed.WardValuationChange(Decrease)RatingChange(Decrease)Residential Properties by WardHopetoun 6.6% 6.0%Warracknabeal 5.4% 5.0%Dunmunkle 8.5% 8.0%Average Residential 6.5% 6.0%Rural Properties by WardHopetoun 8.7% 8.0%Warracknabeal 6.7% 6.0%Dunmunkle 2.0% 2.0%Average Rural 5.9% 6.0%Commercial Properties by WardHopetoun 3.9% 3.0%Warracknabeal 8.7% 8.0%Dunmunkle 22.8% 21.0%Average Commercial 11.0% 10.0%Total Average 7.8% 7.3%In deliberating over the setting of the differential rate structure for the 2010/11 year, Council has beenmindful of the increase in property valuations.In view of the outcomes of the general revaluation of all properties within the Council’s municipaldistrict during the 2009/10 year, Council has chosen not to make any changes to the existing ratedifferential. Therefore, in aggregate total rates and charges will increase by 5.7% compared to2009/10.Yarriambiack Shire Council Budget – 2010/2011 40
10. Other strategiesThis section sets out the strategies that have been developed and incorporated into theStrategic Resource Plan including borrowings, infrastructure and service delivery.10.1 BorrowingsIn developing the Strategic Resource Plan SRP (see Section 8), borrowings was identified as animportant funding source for capital works programs. In the past, Council has borrowed to financelarge infrastructure projects.For the 2010/11 year, Council has decided not take out any new borrowings to fund the capital worksprogram and therefore, after making loan repayments of $151,000, will reduce its total borrowings to$205,000 as at 30 June 2011. However it is likely that in future years, borrowings will be required tofund future infrastructure initiatives. The following table sets out future proposed borrowings, based onthe forecast financial position of Council as at 30 June 2010.YearNewBorrowingsPrincipalPaidInterestPaidBalance30 June$’000 $’000 $’000 $’0002009/10 91 266 14 3562010/11 0 151 34 2052011/12 0 100 35 1052012/13 0 60 36 452013/14 0 26 38 1910.2 InfrastructureThe Council has developed an Infrastructure Strategy based on the knowledge provided by variousAsset Management Plans, which sets out the capital expenditure requirements of the Council for thenext 10 years by class of asset, and is a key input to the SRP. It predicts infrastructure consumption,renewal needs and considers infrastructure needs to meet future community service expectations.The Strategy has been developed through a rigorous process of consultation and evaluation. The keyaspects of the process are as follows:• Long term capital planning process which integrates with the Council Plan, Strategic ResourcePlan and Annual Budget processes• Identification of capital projects through the preparation of asset management plans• Prioritisation of capital projects within classes on the basis of evaluation criteria• Methodology for allocating annual funding to classes of capital projects• Business Case template for officers to document capital project submissions.A key objective of the Infrastructure Strategy is to maintain or renew Council’s existing assets atdesired condition levels. If sufficient funds are not allocated to asset renewal then Council’sinvestment in those assets will reduce, along with the capacity to deliver services to the community.At present, Council is similar to most municipalities in that it is presently unable to fully fund assetrenewal requirements identified in the Infrastructure Strategy.In updating the Infrastructure Strategy for the 2010/11 year, the following influences have had asignificant impact:• Reduction in the amount of cash and investment reserves to fund future capital expenditureprograms• Availability of significant Federal funding for upgrade of roads• The enactment of the Road Management Act 2004 removing the defense of non-feasance onmajor assets such as roadsYarriambiack Shire Council Budget – 2010/2011 41
Page 8: Budget processesThis section lists
Page 12 and 13: Key strategic activitiesStrategic A
Page 14 and 15: ActivitiesActivityInformation Servi
Page 16: ActivityWelfareDescriptionThis serv
Page 21 and 22: eing a budgeted Income Statement, B
Page 24 and 25: 4.3 Operating expenditureExpenditur
Page 26 and 27: 5. Analysis of Budgeted Cash Positi
Page 28 and 29: 6. Analysis of Capital BudgetThis s
Page 30 and 31: 6.2 Funding sourcesSources of Fundi
Page 32 and 33: 7. Analysis of budgeted financial p
Page 34 and 35: 8. Strategic Resource Plan and Key
Page 36 and 37: 8.3 Key financial indicatorsThe fol
Page 38 and 39: 9. Rating StrategyThis section cons
Page 42 and 43: The following table summarises Coun
Page 44 and 45: Appendix ABudgeted standard stateme
Page 46 and 47: Appendix ABudgeted Standard Balance
Page 48 and 49: Appendix ABudgeted Standard Capital
Page 50 and 51: Appendix BStatutory disclosuresThis
Page 52 and 53: Appendix B2.6 The basis of valuatio
Page 54 and 55: Appendix BThe characteristics of pl
Page 56 and 57: Appendix CCapital Works ProgramFor
Page 58 and 59: Appendix C3. SummaryExternally Inte
Page 60 and 61: Appendix DKey Strategic ActivitiesF
Page 62 and 63: COMMUNITY SERVICESHACC 2009/10 2010
Page 64 and 65: Other FeesTransfer Inspection FeeTo
Page 66 and 67: ENGINEERINGSale Yard Levies 2009/10
Page 68 and 69: ADMINISTRATIONFunction Room (Warrac
Page 70: Report & Consent 2009/10 2010/11Pla

Yarriambiack Shire Council Budget – 2010/2011

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