2021-2022 o t 204-202 25

Corporate Business Plan 2021-2022 to 2024-2025

ACKNOWLEDGEMENT OF COUNTRY

The City of Bunbury (“the City”) recognises the Wardandi Noongar people as the traditional owners of the land upon which the City is situated and respects the ongoing relationship these original custodians have with their land.

The City is committed to achieving genuine reconciliation in the community through strong relationships, recognition of traditional landowners and celebration of our rich cultural diversity and history.

The City acknowledges the cultural importance of Welcome to Country and Acknowledgement of Country for Wardandi Noongar people and its importance to Bunbury’s heritage and identity.

Corporate Business Plan 2021‐22 to 2024‐25

1

Contents Mayor’s Message .......................................................................................................................................................... 2

CEO’s Message .............................................................................................................................................................. 2

Vision and Core Values ................................................................................................................................................. 3

Our Integrated Planning and Reporting Framework .................................................................................................... 4

Engaging Our Community ............................................................................................................................................. 4

Community Profile ........................................................................................................................................................ 5

Building a Better Bunbury ............................................................................................................................................ 6

Bunbury’s Economic Future .......................................................................................................................................... 7

Risk Management Outline ............................................................................................................................................ 8

Workforce Plan ............................................................................................................................................................. 9

Asset Management ..................................................................................................................................................... 10

What We Plan to Deliver for Our Community ............................................................................................................ 12

Our Community and Culture .................................................................................................................................. 12

Our Economy .......................................................................................................................................................... 13

Our Place and Spaces .............................................................................................................................................. 14

Our City ................................................................................................................................................................... 15

Financial Summaries ................................................................................................................................................... 16

Rate Setting Statement ........................................................................................................................................... 16

Cash Backed Reserves ............................................................................................................................................. 17

Loan Borrowings ..................................................................................................................................................... 17


2

Mayor’s Message On behalf of the Bunbury City Council I am pleased to present the updated City of Bunbury Corporate Business Plan. While external factors are likely to impact on the next four years, City staff have used their best endeavours to present this plan to Council taking into account the aspirations of the community. The Corporate Business Plan converts the City’s objectives as determined by our residents and ratepayers, into the delivery of services, programs and capital projects that will become the focus of the next four years.

Recent reporting indicates the national economy has recovered to pre‐COVID times with both national and international growth expected over the next few years. With a diverse economic base and access to major services and transport infrastructure, Bunbury has the potential and the capacity to become one of Australia’s fastest growing regional centres. I have confidence that Bunbury is well positioned to take full advantage of this in collaboration with both State and Federal Governments and with the investment the private sector has and continues to make.

As this plan outlines, the City continues to provide infrastructure and services for the greater Bunbury region through its current operating expenditure. A key challenge for future Councils is to increase the City’s rate base in order to spread the investment costs broader than our current population and land ownership allows.

I commend this Corporate Business Plan to you.

CEO’s Message

The 2022 – 2025 Corporate Business Plan (CBP) identifies the major projects and the wide range of services delivered by the City of Bunbury on behalf of our community. It details when they are allocated over the next four years and the proposed funding models and revenue projections for each project or program.

Each year the City undertakes significant work to better understand the asset preservation works required for our existing infrastructure, what new infrastructure or programs need prioritising, and how these many competing demands can be delivered within the City’s available financial resources.

The investments the City makes are also carefully considered based on their potential to have a significant and positive impact for Bunbury. Importantly, this includes the creation of local jobs and the engagement of local suppliers for our required goods and services.

The City will continue to use appropriate levels of debt to deliver capital projects, primarily for intergenerational assets. We have reduced the level of debt to be drawn down in 2020/21 through self‐funding some projects and through the necessary deferral of other projects which have been pushed into next year.

Our City continues to provide significant infrastructure that is utilised by the wider Bunbury Geographe community. The City intends to escalate the conversation at a State Government and at a sub‐regional level to seek more equitable contributions to assist the City in delivering the regional and sub‐regional infrastructure that is provided in Bunbury.

Bunbury is going through a renaissance and is attracting substantial private and government investment that brings more attention and greater visitation to our great City. The many new projects underway or about to begin are signs of optimism for Bunbury.

I look forward to the City delivering on its commitment to the preservation of our existing assets, delivering new developments, seeing growth in our cultural scene and further enhancement of our environment. Furthermore, our focus remains on building a better Bunbury and to the community by the services and programs we provide.

I encourage you to view the CBP and to give feedback to the City on the 2022 – 2025 version. During 2021 we will embark on a review of the Community Strategic Plan for the next four years and I hope that you will take the time to participate and to tell us what are the most important issues to you and what else you would like the City to focus on into the future.


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Vision and Core Values

Core Values

WE ARE OPEN

We are open to opportunities We actively listen and think things through We are inclusive and treat everyone equally

We are honest and open in our communications We are open to feedback to improve our performance

WE ARE BRAVE

We lead the change, we own it! We trust and empower each other

We have the difficult conversations early We hold ourselves to the highest standard

We have the courage to improve and simplify

WE ARE COMMUNITY

We are one team We keep each other safe

We display empathy and respect We have fun and celebrate our successes

We work together to achieve great outcomes

Bunbury – welcoming and full of opportunities


4

Our Integrated Planning and Reporting Framework

“The future is not some place we are going to, but one we are creating” – John H. Schaar

Engaging Our Community In order to develop our Strategic Community Plan, we have sought the views of as many members of our community as possible. Our community was invited to provide input into a major review of our Strategic Community Plan through a series of surveys and questionnaires, interactive workshops, and focus groups. Each workshop and discussion was conducted by a professional and independent facilitator. This plan encompasses the views sought during this period and strives to be inclusive while balancing diverse views within our community. Maintaining equilibrium between competing community priorities and limited resources will be a focus for the City of Bunbury during the life of the plan.

Community Engagement

Measurement and Reporting

Outputs: Plan monitoring and annual reporting

Finance Assets Workforce Services Issue specific strategies

Strategic Community Plan

Corporate Business Plan

Annual Budget

Informing Strategies


5

Community Profile Bunbury is an accessible and inclusive City, where all people are valued equally. The City of Bunbury has a resident population of 32,684 (2017 Census) and is located in the south west of Western Australia, about 180km south of the State capital, Perth. The Bunbury Geographe region includes the City of Bunbury and the Shires of Capel, Dardanup, and Harvey, and has a population of about 90,000 residents. The South West region, to which Bunbury acts as a hub, has a total population of 175,904. Bunbury is a beautiful place to live, work and visit and has something for everyone. The quality of life is one of its biggest attractions offering residents a variety of amenities, schools, shops, beaches, and nightlife, all within easy reach. It has everything a family needs including public and private schools, tertiary education, and a range of health services, not to mention an extensive and diverse events calendar. The City of Bunbury will continue to grow, develop, and improve thanks to these qualities and the massive potential for investment and growth in our region.

Significant Local Events

Skyfest Australia Day Celebrations

Christmas in the City Bunbury Fringe Fest Chef’s Long Table Lunch Bunbury Show CinefestOz Bunbury Cup Country Coastal Junior Soccer Association Carnival

Nina’s Women’s Triathlon Relay for Life Targa Bunbury Sprint Surf to Surf Fun Run Groovin’ the Moo 3 Waters Running Festival Pridefest South West Bunbury Markets Bunbury Biennale South West Art Now Noongar Country Bunbury Summer School Tree Street Art Safari

NAIDOC Week WA Performing Arts Eisteddfod

Grand Families Day South West Junior Hockey Championships

State Youth Games Bunbury City Classic Triathlon

SWAS Fun Run Barrett Bunbury Swim Thru

South West Multicultural Festival

Shift Youth Festival Krikke Boys Shootout Chinese New Year Festival

Bunbury Beer & Cider Festival

Stakes Day Artisan Fayre Bunbury Trotting Club New Year’s Eve Fireworks

South West Seniors Expo

Diversity

Median age: 41 Aboriginal and/or Torres Strait Islander People: 3.5%

Born overseas: 28.8%

Home Life

Average people per household: 2.3

Families: 8,265 Average children per family for families with children: 1.8

Top Industry Sectors (GRP contribution) 1. Manufacturing 2. Construction 3. Retail Trade 4. Electricity, Gas, Water and Waste Services 5. Rental, Hiring and Real Estate Services 6. Health Care and Social Assistance 7. Transport, Postal and Warehousing 8. Mining

Population

32,684 Electors

22,549 Private Dwellings

15,406

Median Weekly Household Income

$1,197 Median Weekly Rent

$295

Gross Regional Product (GRP)

$3.338 billion

100% of dwellings within a

5km radius of the coastline and/or waterways


5 min walk (300m) of the coastline and/or waterways

87% of dwellings within a 5km radius of the CBD

General Snapshot

Source: 2017 Census


6

Building a Better Bunbury The year 2020 presented many challenges and in many ways re‐defined ways in which we all live and work. In response to these challenges the City has established a clear focus on the future and on transformation for a better Bunbury. Transformation refers to not only Bunbury itself through key projects and services but also empowering and enabling the organisation to be better and more effective to help lead this change. Now is no better time to consider the impacts of the last year and work to establish a clear and simple approach to how as a City we will go about getting things done and what success looks like in the future. To bring about its vision of a better Bunbury, the City will prioritise the delivery of improved and innovative services and enhance overall value to the community. This vision for a better Bunbury will only be achieved with these considerations:

Outlining a clear purpose which simplifies the City’s strategies and planning, focusing on what is important. Ensure the organisation has the capability to meet goals and deliver on community expectations. Creating a culture that allows the organisation to be more responsive and effective. Build on the City’s reputation by delivering and doing what we say we will do.

A more effective and efficient organisation will afford more time and ability to support the community. Decision making and actions will need to reflect this and strive for the greatest positive impact to the Bunbury community. Looking ahead, the City has outlined key projects and focuses for the immediate 12 months including the development of the Youth Precinct, exploring the feasibility of an Ocean Pool, and improving facilities at Hands Oval. Other objectives to enhance the City include an action plan for Boulters Heights, implementing a Greening Bunbury plan and improving the visual appeal of entry roads into Bunbury. Further to these project and industry developments, plans for a new City website that will include a community login and streamlined access to information and services.


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Bunbury’s Economic Future

Bunbury has a diverse economic base and is the service centre for the south west corner of Western Australia.

In 2018 Premier Mark McGowan announced investment would continue Bunbury’s transformation into a vibrant city and strengthen its status as the state’s second city.

The State Government went on to support this position with the creation of the Bunbury Development Committee and projects such as Transforming Bunbury’s Waterfront.

It is important to acknowledge that economic development is not just about financial prosperity but also social well‐being. A community’s relative attractiveness as a place to live is integral to its attractiveness as a place to invest and do business.

Together these two factors help build community sustainability and resilience.

For Bunbury to have a thriving business sector that benefits the local community, acknowledgement of its traditional economic base is an important component and one that requires continued support.

Nonetheless, based on increased Bunbury‐Geographe population growth and global technological advances, the outlook has shifted in recent years.

Those primary industries prone to future automation and digital disruption including horticulture, livestock, food production and processing, timber, mining, energy generation, port and marine, heavy rail, road freight, oceanography and aquaculture are all on Bunbury’s doorstep.

Through foundations of lifestyle and affordable living, regional Western Australia, in particular Bunbury has the unique potential to attract talent, investment, and industries to the regions where the quality of life for workers is a key consideration.

It is important that the City continues to advocate and provide the infrastructure and leadership to attract new businesses and support the industries of the future.

This long‐term focus on Bunbury’s ongoing transformation into a vibrant, modern city, supporting regional innovation will only help to strengthen its status as the state’s second city.


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Risk Management Outline The City’s Risk Management Framework creates the environment in which the City’s risk management processes operate enabling us to be better informed, more decisive and move with increased confidence to the achievement of our Strategic Community and Corporate Business Plans. The framework, as shown below, sets up how we assess our exposure to risk, as well as the administrative, human and financial resources required to manage our risks while meeting our objectives.

City of Bunbury

Risk Management Framework Risk Management Policy Risk Management Strategy Risk Management Plan

Risk Profiles

Risk Reporting Quarterly internal risk reporting Biennial Report Risk management Internal controls Legislative compliance

Organisational Programs Asset management Business continuity planning Contract management Emergency management Governance Internal control Legislative compliance Occupational safety and health

Performance management Policy framework Project management Strategic and business planning

Risk Management Standards

Risk Management Standard

AS/NZ ISO 31000:2009 Risk management principles and guidelines Audit Regulation 17

Appropriateness and effectiveness Risk management Internal controls Legislative compliance

Audit Committee


9

Workforce Plan The City of Bunbury’s (the City) Workforce Plan aims to forecast the strategic direction needed in Human Resource and Organisational Development management. The current plan highlights the steady state in relation to FTE (full‐time equivalents) and a consolidation on employee costs. It aims to explore the current internal workforce profile and define the way forward. A high‐level strategic approach has been taken to workforce planning, with a key focus on how the City can look internally to work as efficiently and effectively as possible. A commitment to review all services provided to the community, not only by internal employees but also those that the City contracts to deliver work, will be undertaken during the current plan. The key outcome from this is to ensure that the best value for money and service delivery is achieved for the Bunbury community. Workforce planning is one of the core components of the WA Department of Local Government Integrated Planning and Reporting Framework and is "a continuous process of shaping the workforce to ensure that it is capable of delivering organisational objectives now and in the future”.1 The Workforce Plan will allow the City to set its priorities within its resourcing capacity and deliver short, medium, and long‐term community priorities and aspirations. It is a plan that is continually evolving to ensure the City has the right people in the right place at the right time. The City of Bunbury is administered through a structure of four directorates containing 10 departments and more than 30 service delivery units. These units are managed by a Chief Executive Officer, Directors, Managers and Team Leaders. The structure is adjusted when the City embarks on new opportunities, divests itself of service functions or when there is a need to reorganise functions into different units for better management. It is an exciting time for Bunbury. There is a great deal of growth in the region along with the City itself. A positive culture internally, along with a strong focus on the delivery of quality outcomes for the community, will result in the City living up to its vision of being “Welcoming and full of opportunities.” The structure also ensures that the City complies with its legal obligation “…to ensure that there is an appropriate structure for administering the local government.”2 The City of Bunbury undertook the below process to develop the City’s 2018 – 2022 Workforce Plan:

This structure has been developed to guide flexibility in service delivery, while maintaining what has been identified as the core services and activities of the City.

1 Australian National Audit Office (2004), ANAO Audit Report No. 55 2004‐05: Workforce Planning, Commonwealth of Australia. 2 State of Western Australia, Local Government Act 1995 – Sect 5.2

Step 1 CEO / Council

review of

Executive Structure

Step 2 Analysis of current Workforce

and environment

Step 3 Analysis of

challenges facing City of Bunbury

Workforce Planning

Step 4 Analysis of

workforce implications of Strategic Community

Plan and other external demands

Step 5 Development

of Outcomes

and Action Plan


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Asset Management Management of Community Assets As the population grows and the residential density increases so does the demand on the community’s infrastructure. As the City continues to promote itself as a destination to live, invest and visit we must be prepared for the impact that this will have on our asset network. The City has invested significant time collecting and developing our asset information including installation dates, replacement costs, useful lives, construction materials, condition, and physical location. By understanding what we own and maintain and by assessing the criticality and risk of asset failure, the City is able to calculate asset renewal and replacement at the appropriate time. The following is a summary of community assets:

The City owns and maintains

an infrastructure network valued at

$498,694,524 for the community

1. Bridges

2. Marine

3. Open Space

4. Other

5. Pathways

6. Public Art

PROPERTY PLANT & EQUIPMENT

1. Land

2. Buildings

3. Plant & Vehicle

4. Equipment

Valued at

$304,187,025

OPEN SPACE Pathways – 218 kilometres

Valued at $63,684,382 $21.5 million of public

recreation and irrigation

STORMWATER assets move water from properties & roads to alleviate flooding.

Current replacement cost of $102,619,637

15 BRIDGES valued at $8,981,319

PUBLIC ART

62 individual pieces valuing $5,918,391

$27,302,128

MARINE

assets including 3.92 km of seawalls

The City owns and maintains

an infrastructure network valued at

$498,694,524 for the community

1. Bridges 2. Marine

3. Open Space 4. Other 5. Pathways 6. Public Art 7. Roads 8. Stormwater

9. Structures

PROPERTY PLANT & EQUIPMENT

1. Land 2. Buildings 3. Plant & Vehicle 4. Equipment 5. Furniture & Fittings 6. Art & Culture

Valued at

$304,187,025

102 individual buildings (excluding heritage)

$148,229,652

Airport road infrastructure currently valued at $7,024,676

With over 13,000 aircraft movements annually

Source: 2019 Asset Management Plan (review due 2021)


11

46 built playgrounds across NINE suburbs with 246 individual

items of play equipment valuing

$2,577,204

130 x bicycle racks

54 x drink fountains

39 x barbecues

326.94 km of sealed roads

14,000 + street trees

57 individual carparks

CITY ART COLLECTION

1,015 items valuing $2,268,189

240

solar panels installed at the

South West Sports Centre to continually heat the

50m lap pool

ROAD NETWORK

Current replacement cost

$242,260,927

STRUCTURES

Replacement value $14.7M

Marlston Lookout Tower: $1M

Retaining Walls: 13km

Public Shelters: 88

$3 million in bin / refuse assets

‐ Household rubbish bins ‐ Recycling rubbish bins ‐ Organic rubbish bins ‐ Park rubbish bins ‐ Big Belly bins ‐ Bus Stop bins ‐ Bin surrounds

maintains

54.5 hectares of grass sports

playing surfaces valued at $5,849,165

30 public toilet

blocks

OTHER ASSETS

valued at $9.45 million

1. Lights 2. Refuse 3. Services 4. Signage 5. Public Transport

9Heritage Listed

Buildings

Home to 31 various sporting clubs and organisations

57 individualcarparks

Source: 2019 Asset Management Plan (review due 2021)


A safe, healthy and cohesive community, with a rich cultural life, and supportive social environment

****

**

Sporting operations, services and programs, and sports building maintenance and renewal $20.87M

Renew playground equipment, and maintain sports and recreation grounds andopen space infrastructure $10.65M

Renew and refurbish community and corporate buildings $6.02M

Deliver library services and programs $5.97M

Construct Youth Precinct $5.24M

Community events, arts and culture, and community grant funding and coordination $4.80M

City street lighting, facilities and nightscape lighting, parks and reserves lighting $4.79M

Replace Forrest Park Pavilion $4.63M

Bunbury Regional Art Gallery programs, events and exhibitions $3.93M

Bunbury Wildlife Park operations, programs and maintenance $2.75M

Financial support and building maintenance for Bunbury Regional Entertainment Centre $2.74M

Concept design and redevelopment of Hands Oval infrastructure $2.48M

Construct Hay Park North Pavilion $2.42M

Community safety, emergency management, CCTV, SES and volunteer fire services support, crime prevention initiatives $1.81M

Develop and maintain community partnerships; seniors, youth, disability access inclusion, and reconciliation action plan $1.69M

Bunbury Museum and Heritage Centre programs, events and exhibitions $1.41M

Replace Hay park athletics track $995K

Maintain and renew boardwalks, lookouts and beach shelters $786K

Develop and support friendship and sister city relationships $735K

Financial support and building maintenance for Stirling Street Arts Centre $520K

community together.Establish Bunbury as the most accessible regional city in AustraliaA community that provides for the particular needs of the young and old

The City of Bunbury has prepared its Strategic Community Plan and Corporate Business Plan using the following themes,goals and objectives:

Our Community and Culture

A community where people are safe and feel safeAn active community, able to access a wide range of sporting, recreation and leisure optionsA welcoming community, where diverse cultures are valued, and residents have a sense of belongingArts, culture, heritage and events that enrich our understanding and enjoyment of life, celebrate our identity and bring the

21/22 22/23 23/244‐Year

Forecast24/25

12


A thriving and dynamic economy, that plays to its strengths, and confidently presents to the world

**

Administer community and commercial property leases $1.99M

Business innovation, development and digital transformation $1.16M

City promotion, marketing and public relations $2.24M

City strategic analysis and service reviews and development $1.83M

Implement Economic Development Strategy $375K

Investigate land development and undertake market valuations $102K

Maintain and develop commercial and business relationships $934K

Provide visitor information services $1.48M

Research and support for City Growth and Major Development $902K

Review and development of City Strategic Community Plan $40K

Review and update City corporate branding and awareness $50K

Seed funding support to establish long‐term sustainable regional and iconic events $240K

South West Sports Centre promotion and marketing $324K

Sports Marketing Australia event partnership initiative $400K

Support Bunbury Geographe Economic Alliance $100K

Support Bunbury Geographe Tourism Partnership $625K

Support Business South West $40K

Support Regional Cities Alliance $60K

Update digital promotional resource library $6K

Bunbury is known far and wide for its strengths as a place to live, visit and do businessBunbury builds on its competitive advantages, supports innovation and celebrates business success


Our Economy 21/22 22/23 23/24 24/254‐Year

Forecast

13


A natural and built environment that reflects Bunbury's core values

***

****

Provide waste collection and disposal services, road and path sweeping, and recycling centre operations $14.22M

Renew, upgrade and expand road network $13.04M

Engineering design programs, traffic management plans, and general maintenance of road and path networks $8.49M

Maintain landscape structures, trees and horticultural areas $8.01M

Maintain and renew irrigation and reticulation systems $5.41M

Administer and enforce acts and local laws $4.70M

Urban design, environmental planning, and natural resource management $4.09M

Drainage catchment studies and inspections, and maintenance of gutters, drains and stormwater network $3.90M

Administer and enforce public health legislation, assess and licence food businesses and street trading applications $3.87M

Renew, upgrade and expand footpaths and cycleways $3.66M

Process planning applications and subdivisions $3.00M

Renew and upgrade pump stations, stormwater and drainage assets and infrastructure $2.50M

Renew and upgrade waste collection, disposal and recycling assets and infrastructure $2.40M

Rehabilitate and maintain seawalls and marine infrastructure $1.71M

Process building permit applications, certifications and inspections $1.29M

Manage airport and maintain grounds, buildings and runways $1.09M

Implement renewable energy and energy efficient measures $416K


Our Places and Spaces 21/22 22/23 23/24 24/254‐Year

Forecast

A City that is easy to get around with attractive streetscapes and pathwaysAn irresistible City Centre, with thriving businesses and a vibrant inner‐city residential communityHigh‐quality urban design, well‐planned neighbourhoods with housing choice, and appropriate provision for diverse land uses to meet the community's needsMinimised risk of flooding through effective management that has regard to the impacts of climate changeEfficient use of resources, particularly water and energy, with minimum waste and efficient disposalThe public health and amenity of the community is protectedManagement of significant natural areas which provides for human enjoyment while protecting habitat and environmental values for generations to come

14


Civic leadership, partnerships and sound governance in delivering with and for the community

****

Department management, strategy implementation and resource development $13.34M

Executive leadership, strategy development and decision‐making $7.55M

Renew and maintain City digital assets, technology, and network infrastructure $5.90M

Financial services, administration and statutory reporting $5.43M

Coordinate employee recruitment, payroll, learning and development programs, and support services $4.91M

Depot and administration building operations and maintenance $4.82M

Asset planning, assessments, plans, and insurances $4.26M

Council meetings, leadership and support $4.10M

Renewal and maintenance of corporate vehicles, plant and machinery $3.88M

Corporate information, governance, risk management and customer service $3.19M

Coordinate rating and ratepayer customer services $1.81M

Coordinate recruitment, training and support for City traineeships $1.71M

Coordinate incident and hazard investigations, and occupational health and safety programs $1.11M

GRV property revaluations in accordance with legislation $830K

Replace information, communication and technology equipment $510K

Replace fire cladding for administration building to meet safety standards $250K

Administrative support for regional committees and alliances $220K

Undertake mayoral and councillor elections $217K

Renew asset data collection and assessment equipment $45K


Our City 21/22 22/23 23/24 24/254‐Year

Forecast

A passionate advocate for the community, with strong partnerships to amplify the outcomes that can be achieved

customer service

Trusted leadership and robust decision‐makingA highly‐engaged and involved community, working together on strategy development and implementation

A skilled organisation, which exercises responsible asset stewardship, sound financial management, and exemplary

15


Operating Revenues

Rates 40,889,213 41,450,779 41,991,382 42,552,493 Operating Grants and Subsidies 2,231,588 2,161,363 2,030,000 2,030,000 Fees and Charges 12,186,841 12,186,841 12,186,841 12,186,841 Contributions, Reimbursements, Donations 617,933 614,046 634,121 517,925 Interest Earnings 1,084,000 1,084,000 1,084,000 1,084,000 Other Revenue 256,505 256,505 256,505 256,505

57,266,080 57,753,534 58,182,849 58,627,764

Operating Expenditure

Employee Costs (28,843,302) (28,828,302) (28,796,155) (28,781,155)Materials and Contracts (14,353,517) (13,228,198) (13,283,065) (13,294,833)Insurance (660,750) (660,750) (660,750) (660,750)Interest Expense (463,550) (518,140) (558,345) (509,893)Utilities (2,545,950) (2,545,950) (2,545,950) (2,545,950)Other Expense (2,152,728) (2,117,603) (2,110,890) (2,092,274)

(49,019,797) (47,898,943) (47,955,155) (47,884,855)

Investing ActivitiesGrants & Contributions for Asset Development 3,843,924 1,166,314 724,963 1,325,000 Proceeds from Self Supporting Loans 46,403 47,468 48,559 17,852 Proceeds on Disposal of Assets 198,677 279,047 258,247 394,347 Acquisition of Assets (18,404,824) (13,952,253) (9,009,002) (10,010,432)

(14,315,820) (12,459,424) (7,977,233) (8,273,233)

Financing Activities

Proceeds from New Debentures 4,750,000 5,120,000 2,000,000 1,500,000 Transfers (to) from Reserves 3,535,076 294,745 (1,281,216) (1,356,938)Repayment of Debentures (2,289,981) (2,815,950) (2,949,975) (2,618,354)

5,995,095 2,598,795 (2,231,191) (2,475,292)

Opening Cash Balance 84,197 9,755 3,717 22,987

Estimated Closing Cash Balance 9,755 3,717 22,987 17,371

Financial Summary 21/22 22/23 23/24 24/25

16


Airport 388,485 478,640 584,480 696,031 Asset Management and Renewal 1,050,751 330,615 207,272 13,554 Building Restoration and Maintenance 250,000 ‐ ‐ ‐ Bunbury Museum and Heritage Centre 11,007 11,007 11,007 11,007 Canal Management 624,435 656,033 698,147 730,782 City Arts Collection 35,836 35,836 35,836 35,836 City Growth and Major Development 2,183,211 2,791,443 3,613,673 4,652,788 City of Bunbury General Parking 7,284,965 7,160,828 7,574,273 7,672,718 College Grove Subdivision Amended Joint Venture 8,074 8,574 9,074 9,574 Disaster Relief Fund 100,000 100,000 100,000 100,000 Employee Entitlements and Insurance 606,566 606,566 606,566 606,566 Hay Park Regional Athletics Track 110,665 210,665 310,665 410,665 Heritage Building Maintenance 27,500 27,500 27,500 27,500 Infrastructure Development 247,949 162,863 132,777 252,691 Land Subdivision and Development 135,723 135,723 135,723 135,723 Local Planning Policy Framework 192,874 242,874 192,874 242,874 Meat Inspection 340,010 337,614 335,218 332,822 Plant and Equipment 41,131 41,131 41,131 41,131 Public Art 148,536 173,536 198,536 223,536 Refuse Collection and Waste Minimisation 1,249,474 1,230,999 1,208,911 1,184,803 Road Upgrade Contributions 171,704 171,704 171,704 171,704 Town Planning Scheme Land Acquisition and Compensation 132,505 132,505 132,505 132,505 Withers 272,641 272,641 272,641 272,641

Closing Balance as at 30 June 15,614,041 15,319,296 16,600,512 17,957,450

Community Amenities 1,250,539 985,423 712,727 432,212 Recreation and Culture 7,371,411 9,557,945 7,918,480 6,802,910 Transport 1,759,889 2,714,162 4,219,940 5,032,811 Other Property and Services 3,449,676 2,975,778 2,480,745 1,963,459 Self Supporting ‐ Community Groups 161,870 114,402 65,843 47,991

Outstanding Principal as at 30 June 13,993,385 16,347,709 15,397,735 14,279,381

Loan Borrowings 21/22 22/23 23/24 24/25

Cash Backed Reserves 21/22 22/23 23/24 24/25

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www.bunbury.wa.gov.au

4 Stephen Street, Bunbury WA 6230 PO Box 21, Bunbury WA 6231

T: (08) 9792 7000 TTY: 13 36 77 F: (08) 9792 7184

E: [email protected]

Long Term Financial Plan

2021-2022 to 2032-2033

Appendix DSOP-10

ACKNOWLEDGEMENT OF COUNTRY

The City of Bunbury (“the City”) recognises the Wardandi Noongar people as the traditional owners of the land upon which the City is situated and respects the ongoing relationship these original custodians have with their land.

The City is committed to achieving genuine reconciliation in the community through strong relationships, recognition of traditional landowners and celebration of our rich cultural diversity and history.

The City acknowledges the cultural importance of Welcome to Country and Acknowledgement of Country for Wardandi Noongar people and its importance to Bunbury’s heritage and identity.

Long Term Financial Plan 2021‐22 to 2032‐33

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Contents Mayor’s Message ............................................................................................................................................... 2 CEO’s Message ................................................................................................................................................... 2 Introduction ....................................................................................................................................................... 3

Purpose of the Long Term Financial Plan (LTFP) ................................................................................................... 3 Our Integrated Planning and Reporting Framework ............................................................................................ 3 Performance Management Framework ............................................................................................................... 4

Community Profile ............................................................................................................................................. 5 Strategic Context ............................................................................................................................................... 6

Community Engagement ...................................................................................................................................... 6 Our Vision and Values ........................................................................................................................................... 6

Our Focus ........................................................................................................................................................... 7 Building a Better Bunbury ..................................................................................................................................... 7 A Centre for Regional Innovation ......................................................................................................................... 8

Long Term Financial Plan – Key Considerations .................................................................................................. 9 Summary ............................................................................................................................................................... 9 Financial Statements ........................................................................................................................................... 10

Comprehensive Income Statement ............................................................................................................. 10 Rate Setting Statement ............................................................................................................................... 10 Cash Flow Statement ................................................................................................................................... 10 Financial Position Statement ....................................................................................................................... 10 Changes in Equity Statement ...................................................................................................................... 10

Other Financial Summaries ................................................................................................................................. 11 Reserves ....................................................................................................................................................... 11 Loan Borrowings .......................................................................................................................................... 11 Capital Expenditure ..................................................................................................................................... 11

Financial Ratios ................................................................................................................................................... 12 Operating Surplus Ratio .............................................................................................................................. 12 Own Source Revenue Ratio ......................................................................................................................... 12 Debt Service Cover Ratio ............................................................................................................................. 12 Current Ratio ............................................................................................................................................... 12 Asset Consumption Ratio ............................................................................................................................ 13 Asset Sustainability Ratio ............................................................................................................................ 13 Asset Renewal Funding Ratio ...................................................................................................................... 13

Financial Statements ......................................................................................................................................... 16 Comprehensive Income Statement .................................................................................................................... 16 Rate Setting Statement ....................................................................................................................................... 17 Cash Flow Statement .......................................................................................................................................... 18 Financial Position Statement .............................................................................................................................. 19 Changes in Equity Statement .............................................................................................................................. 20

Other Financial Schedules ................................................................................................................................. 21 Capital Works Summary ...................................................................................................................................... 21 Cash Backed Reserves ......................................................................................................................................... 22 Loan Borrowings ................................................................................................................................................. 26 Financial Ratios ................................................................................................................................................... 32


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Mayor’s Message On behalf of the Bunbury City Council I am pleased to present the updated Long Term Financial Plan. The City of Bunbury's Long Term Financial Plan (LTFP) details activities over the next ten to twelve years which will ensure the City remains in a sound financial position. The LTFP is reviewed on an annual basis in line with the budget process and aligns with both the City’s Strategic Community Plan and the Corporate Business Plan.

We are in uncertain times at the moment with the global pandemic impacting on long‐term planning and the expectations of the community. While these external factors are likely to continue to have an impact in the years to come, City Council and staff will continue to plan and prioritise projects and services with the community’s aspirations in mind. Recent reporting indicates the national economy is recovering with both national and international growth expected over the next few years. I have confidence that Bunbury is well positioned to take full advantage of this in collaboration with both the State and Federal Government and with continued investment from the private sector. While the current investment into Bunbury is encouraging, an ongoing challenge for the City is to provide the services, infrastructure and manage assets utilised by the Bunbury Geographe region. Regional facilities such as the South West Sports Centre, Bunbury Regional Art Gallery and Bunbury Regional Entertainment Centre all continue to be heavily subsidised by the Bunbury ratepayers. As a City we will continue to advocate for Bunbury and for the support of Government to provide funding for these regional facilities and other services enjoyed by the broader region.

At the same time, current and future Councils need to continue to focus on growing Bunbury’s rate base and promoting this great city as a place to live, visit and do business. I am excited for Bunbury’s future and encourage you to take the time to read this plan.

CEO’s Message Bunbury is going through a renaissance and is attracting substantial private and government investment that brings more attention and greater visitation to our great City. The many new projects and developments underway or about to begin are signs of optimism for Bunbury. From the City’s perspective, our focus will remain on building a better Bunbury through the delivery of services, programs, and infrastructure to support our community.

The Long Term Financial Plan is used to guide these important decisions, ensuring the City retains the financial capacity to deliver on our objectives and community expectations into the future. Each year the City undertakes significant work to better understand our existing infrastructure and what new infrastructure or programs need prioritising. We apply a long‐term view to our decisions and any investments made by the City are carefully considered based on what will deliver the greatest positive impact to the community. We understand that investment into capital projects creates local jobs and often leads to the engagement of local suppliers for goods and services. Where needed, the City will continue to use appropriate levels of debt to deliver these capital projects for the community to enjoy in the future. An ongoing priority for the City is to engage the State Government and seek more equitable contributions to assist in delivering projects and programs that benefit the greater region. On a final note, during 2021 we will embark on a review of the Strategic Community Plan. I hope the community will take the time to participate and tell us what the most important issues are and what the City should focus on into the future.


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Introduction

Purpose of the Long Term Financial Plan (LTFP) The City of Bunbury’s Long Term Financial Plan is aligned to our Strategic Community Plan and details what the Council proposes to do over the next 12 years to ensure the City’s financial viability. Information contained in our Asset Management Plan and Workforce Plan has informed the Long Term Financial Plan, which will form the basis for the preparation of our Annual Budget. The Long Term Financial Plan is a dynamic document that analyses financial trends over a 12 year period, based on a range of decisions and assumptions which provide the City with information to assess resourcing requirements to achieve its strategic objectives and ensure its future financial viability. The Long Term Financial Plan covers the period 2021‐22 to 2032‐33. The plan is based on a high level of detail in the first four years underpinned by a number of assumptions and resolutions of Council. The remaining years are shown with indicative forecasts. It is important to note that the Long Term Financial Plan will be reviewed on an annual basis, in line with the budget process, for each ensuing financial year. This will ensure that the projects included reflect current Council priorities and anticipated funding availability.

Our Integrated Planning and Reporting Framework

“The future is not some place we are going to, but one we are creating” – John H. Schaar

Community Engagement

Measurement and Reporting

Outputs: Plan monitoring and annual reporting

Finance Assets Workforce Services Issue specific strategies

Strategic Community Plan

Corporate Business Plan

Annual Budget

Informing Strategies


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Performance Management Framework

Vision

Strategic Performance Measures

Strategic Community Plan Themes Goals Objectives

Corporate Business Plan Themes Goals Objectives Activities Projects

Annual Budget Services/Processes Activities Projects

Departmental Business Plan Services/Processes Activities Projects Timeframes Responsibilities

Staff Performance Plans

Corporate and Operational Performance Measures

Individual Staff Performance Measures

Informing Plans and Strategies

For example; Long Term Financial Plan

Risk Management Framework

Asset Management Plan

Economic Development Strategy

Local Planning Scheme 8

Local Planning Strategy

Workforce Plan

Bunbury Geographe Regional Growth Plan

Other Regional and State Plans

Progress Reporting


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Community Profile Bunbury is an accessible and inclusive City, where all people are valued equally. The City of Bunbury has a resident population of 32,684 (2017 Census) and is located in the south west of Western Australia, about 180km south of the State capital, Perth. The Bunbury Geographe region includes the City of Bunbury and the Shires of Capel, Dardanup, and Harvey, and has a population of about 90,000 residents. The South West region, to which Bunbury acts as a hub, has a total population of 175,904. Bunbury is a beautiful place to live, work and visit and has something for everyone. The quality of life is one of its biggest attractions offering residents a variety of amenities, schools, shops, beaches, and nightlife, all within easy reach. It has everything a family needs including public and private schools, tertiary education, and a range of health services, not to mention an extensive and diverse events calendar. The City of Bunbury will continue to grow, develop, and improve thanks to these qualities and the massive potential for investment and growth in our region.

Significant Local Events

Skyfest Australia Day Celebrations

Christmas in the City Bunbury Fringe Fest Chef’s Long Table Lunch Bunbury Show CinefestOz Bunbury Cup Country Coastal Junior Soccer Association Carnival

Nina’s Women’s Triathlon Relay for Life Targa Bunbury Sprint Surf to Surf Fun Run Groovin’ the Moo 3 Waters Running Festival Pridefest South West Bunbury Markets Bunbury Biennale South West Art Now Noongar Country Bunbury Summer School Tree Street Art Safari

NAIDOC Week WA Performing Arts Eisteddfod

Grand Families Day South West Junior Hockey Championships

State Youth Games Bunbury City Classic Triathlon

SWAS Fun Run Barrett Bunbury Swim Thru

South West Multicultural Festival

Shift Youth Festival Krikke Boys Shootout Chinese New Year Festival

Bunbury Beer & Cider Festival

Stakes Day Artisan Fayre Bunbury Trotting Club New Year’s Eve Fireworks

South West Seniors Expo

Diversity

Median age: 41 Aboriginal and/or Torres Strait Islander People: 3.5%

Born overseas: 28.8%

Home Life

Average people per household: 2.3

Families: 8,265 Average children per family for families with children: 1.8

Top Industry Sectors (GRP contribution) 1. Manufacturing 2. Construction 3. Retail Trade 4. Electricity, Gas, Water and Waste Services 5. Rental, Hiring and Real Estate Services 6. Health Care and Social Assistance 7. Transport, Postal and Warehousing 8. Mining

Population

32,684 Electors

22,549 Private Dwellings

15,406

Median Weekly Household Income

$1,197 Median Weekly Rent

$295

Gross Regional Product (GRP)

$3.338 billion


5km radius of the coastline and/or waterways


5 min walk (300m) of the coastline and/or waterways

87% of dwellings within a 5km radius of the CBD

General Snapshot

Source: 2017 Census


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Strategic Context

Community Engagement In order to develop our Strategic Community Plan, we have sought the views of as many members of our community as possible. Our community was invited to provide input into a major review of our Strategic Community Plan through a series of surveys and questionnaires, interactive workshops, and focus groups. Each workshop and discussion was conducted by a professional and independent facilitator. This plan encompasses the views sought during this period and strives to be inclusive while balancing diverse views within our community. Maintaining equilibrium between competing community priorities and limited resources will be a focus for the City of Bunbury during the life of the plan.

Our Vision and Values

Values

WE ARE OPEN

We are open to opportunities We actively listen and think things through We are inclusive and treat everyone equally

We are honest and open in our communications We are open to feedback to improve our performance

WE ARE BRAVE

We lead the change, we own it! We trust and empower each other

We have the difficult conversations early We hold ourselves to the highest standard

We have the courage to improve and simplify

WE ARE COMMUNITY

We are one team We keep each other safe

We display empathy and respect We have fun and celebrate our successes

We work together to achieve great outcomes

Bunbury – welcoming and full of opportunities


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Our Focus

Building a Better Bunbury The year 2020 presented many challenges and in many ways re‐defined ways in which we all live and work. In response to these challenges the City has established a clear focus on the future and on transformation for a better Bunbury. Transformation refers to not only Bunbury itself through key projects and services but also empowering and enabling the organisation to be better and more effective to help lead this change. Now is no better time to consider the impacts of the last year and work to establish a clear and simple approach to how as a City we will go about getting things done and what success looks like in the future. To bring about its vision of a better Bunbury, the City will prioritise the delivery of improved and innovative services and enhance overall value to the community. This vision for a better Bunbury will only be achieved with these considerations:

Outlining a clear purpose which simplifies the City’s strategies and planning, focusing on what is important. Ensure the organisation has the capability to meet goals and deliver on community expectations. Creating a culture that allows the organisation to be more responsive and effective. Build on the City’s reputation by delivering and doing what we say we will do.

A more effective and efficient organisation will afford more time and ability to support the community. Decision making and actions will need to reflect this and strive for the greatest positive impact to the Bunbury community. Looking ahead, the City has outlined key projects and focuses for the immediate 12 months including the development of the Youth Precinct, exploring the feasibility of an Ocean Pool, and improving facilities at Hands Oval. Other objectives to enhance the City include an action plan for Boulters Heights, implementing a Greening Bunbury plan and improving the visual appeal of entry roads into Bunbury. Further to these project and industry developments, plans for a new City website that will include a community login and streamlined access to information and services.


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A Centre for Regional Innovation The City will take a long‐term view and focus on establishing Bunbury as the second city of WA through its Digital City objectives and positioning Bunbury as a hub for regional innovation. Support and advocacy for an Advanced Manufacturing Hub and bringing in additional research and development capabilities are identified as key drivers in generating new industries and employment opportunities for Bunbury. As a City, Bunbury now supports the wider Bunbury‐Geographe population of 104,300 and 41,700 workers, offering an enviable lifestyle and a unique platform to attract and retain a future workforce. Those primary industries prone to future automation and digital disruption including horticulture, livestock, food production and processing, timber, mining, energy generation, port and marine, heavy rail, road freight, oceanography and aquaculture are all on Bunbury’s doorstep. With Bunbury’s access to major services and transport infrastructure such as Bunbury Port, rail, major highways, Busselton‐Margaret River and Bunbury airport, and significant higher education opportunities, health and government services, Bunbury is well positioned to enable one of Australia’s fastest growing regions. Through foundations of lifestyle and affordable living, regional Western Australia, in particular Bunbury has the unique potential to attract talent, investment, and industries to the regions where the quality of life for workers is a key consideration. The opportunity to co‐locate innovators and future services alongside those industries most prone to automation in a regional setting makes perfect sense. Imagine Bunbury as a place where the technology, industry need and people capability co‐exist to create digital solutions, services, regional jobs, and the exports of tomorrow. This long‐term focus on Bunbury’s ongoing transformation into a vibrant, modern city, supporting regional innovation will only help to strengthen its status as the state’s second city.


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Long Term Financial Plan – Key Considerations

Summary The Long Term Financial Plan (LTFP) provides the Bunbury community a plan to deliver the vision, goals, and objectives of the Strategic Community Plan. It fulfills the requirements of the ‘Integrated Planning and Reporting Framework’ and covers the City’s financial plans for the next 12 years. The LTFP demonstrates Council’s financial capacity to deliver services, provide facilities and manage assets that will sustain the Bunbury community into the future. The LTFP also purposely provides funding capacity for future years through the use of reserve funds and loan borrowings for other significant projects that still require further consideration; including: increasing the construction scope of the Hands Oval precinct, upgrade and expansion of the South West Sports Centre, and an Ocean Pool. Key projects over the next four years include:

Construction of a Youth Precinct Replacement of the Forrest Park pavilion Redevelopment of Hands Oval infrastructure Construction of the Hay Park North Pavilion Replacement of the athletics track surface

In each year of the LTFP, the following core activities are included:

Renew, upgrade, and expand road and path networks Renew and upgrade pump stations, stormwater, and drainage infrastructure Provide waste collection services, road and path sweeping and recycling centre operations Sporting operations, services and programs, and sports building maintenance and renewal Renew playground equipment, and maintain sports and recreation grounds and open space infrastructure Renew and refurbish community buildings Deliver library services and programs Community events, arts and culture, and community grant funding Bunbury Regional Art Gallery programs, events, and exhibitions Bunbury Wildlife Park operations, programs, and maintenance Bunbury Museum and Heritage Centre programs, events, and exhibitions Financially supporting the Bunbury Regional Entertainment Centre

The LTFP is funded from the City’s own source of funds which includes rates, fees and charges, and reserve funds. The City is also dependent on external sources of funds including State and Federal Government Grants, contributions, and loan borrowings. Based on previous Council resolutions and agreed key assumptions, the LTFP is a fully funded budget for the next 12 years for operating initiatives and capital programs while achieving:

A small surplus at the end of each year to cover budget contingencies (ranging from $3K to $23K). Cash‐backed Reserves increase over the life of the LTFP; increasing from $15.6M in 2021/22 to $40.7M in 2032/33,

leaving funding capacity for future years for other significant projects. Low reliance on loan borrowings; over the next 12 years total loans will peak in 2022/23 at $16.3M and will

gradually decrease to $552K by 2032/33. Again, leaving funding capacity for future years for other significant projects to be considered.

Rate yield increases over the life of the plan range from 2.5% in 2021/22 to a maximum of 3.5%. This includes an allocation of 1% to be set aside in specific reserves; 0.5% for asset management and renewal, and 0.5% for new major developments.

Allocating the equivalent amount of the reduction in loan repayments in future years (benchmarked from 2019/20) to the City Growth and Major Development Reserve (where possible) for new assets.

Investment in renewable energy efficient projects of $118K p.a. in the first four years and then $90K each year. Financial ratios that are either meeting the Local Government standards or improving over the life of the plan. Capital projects totalling $134M over the next 12 years, averaging $11.2M per annum. (Capital expenditure included

in the LTFP is guided by the Asset Management Plan’s focus on asset renewal to maintain community assets to an acceptable condition).


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Financial Statements

ComprehensiveIncomeStatement The Statement of Comprehensive Income (page 16) includes estimates of all revenues and expenditures that are included in the operating (normal day to day) activities of the City and shows the extent to which operating income has exceeded operating expenditure during the LTFP. Information from this income statement is used to calculate the Operating Surplus Ratio which is one of the statutory measures of financial sustainability. Operating Revenues are forecast to increase each year mainly due to increases in Rate Income, whilst Operating Expenditure will reduce due to lower materials and contract expenditure. In the short‐term, expenditure is greater than income resulting in an Operating Deficit. This improves over the life of the LTFP and by 2030/31 an Operating Surplus is achieved, continuing for the remainder of the plan.

RateSettingStatement The Rate Setting Statement (page 17) includes estimates of operating revenues and expenditures, investing activities (capitals grants, proceeds from asset disposals, and acquisition of assets), and financing activities (principal loan repayments, new loan borrowings, and transfers to or from cash‐backed reserves). This statement also notes the estimated rates revenue required to fund the City’s operations for each year of the plan. Rates Income in 2021/22 of $40.8M steadily increases to $46.9M by 2032/33. Together with other sources of income including grants, fees and charges, interest earnings, and the use of reserve funds and loan borrowings, all the City’s operating and capital expenditure is funded. At the end of each year a small surplus is achieved to cover any operating contingencies.

CashFlowStatement The Statement of Cash Flows (page 18) shows the nature and amount of the City’s cash inflows and outflows expected from planned LTFP activities and demonstrates the projected impact on the overall cash position of the City. Cash held at the beginning of the LTFP is $25.2M and is estimated to increase to $53.0M by the end of 2032/33. These amounts include Cash‐backed Reserves which increase from $15.6M in 2021/22 to $40.8M in 2032/33.

FinancialPositionStatement The Statement of Financial Position (page 19) shows the impact on assets and liabilities of the planned activities in the LTFP and indicates the improvement or decline in the City’s financial position. The City’s financial position at the start of the LTFP ($551M) remains relatively consistent over the life of the plan, reducing slightly to $549M by the end of the LTFP.

ChangesinEquityStatement The Statement of Changes in Equity (page 20) reflects the movements in the Statement of Financial Position and the Statement of Comprehensive Income and shows the cumulative impact on the Community Equity from the planned activities of the LTFP.


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Other Financial Summaries Reserves Cash‐backed Reserves are funds set aside for specific purposes and are an essential funding component of the LTFP. The City holds 23 different reserves with the majority of funds held in the City Growth and Major Development Reserve, Parking Reserve, and Refuse Collection & Waste Minimisation Reserve. At the commencement of the LFTP, Reserves total $15.6M and steadily increase to $40.1M by 2032/33. This increase in reserve funds provides future funding capacity for significant projects that may be considered by Council.

LoanBorrowings The use of loan borrowings to support the City’s funding of inter‐generational capital assets is an important element in determining funding options for the life of the LTFP. Whilst lending interest rates are at historic lows, and the ability to borrow at these fixed rates should be considered, it is important to ensure that the City remains capable of servicing its debt into the future. A key financial indicator for this is the Debt Service Ratio with the City exceeding the minimum standard for all years of the LTFP. Loan borrowings totalling $13.4M will be required in the first four years of the LTFP with no further loans currently planned after this. The balance of loan principal at the start of the LTFP is $11.5M and will peak at $16.3M at the end of 2022/23 before reducing to $552K at the end of this plan. The City forecasts that it has the capacity to borrow up the $20.0M and as the budgeted amounts are less than this, there is the capacity to use additional loan funds for future capital projects that may be considered by Council.

CapitalExpenditure The capital works program varies from year to year and is largely dependent on grant funds obtained from State and Federal Governments. The largest capital works program is planned for 2021/22 with a budget of $18.4M with the remaining LTFP years ranging from $7.6M to 13.2M. Information regarding the capital works program, and the expenditure by asset class and type, is shown on page 21.


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Financial Ratios

OperatingSurplusRatio Ratio formula: Operating Revenue minus Operating Expenditure as a ratio of own source operating revenue.

The Operating Surplus Ratio measures the City’s capacity to meet operational expenses using operational revenues, and the subsequent availability of surplus funds for capital works. The Department of Local Government’s basic standard target is met if this ratio is greater than zero. The City does not meet the basic standard for the first nine years of the LTFP, with ratio projections of (11%) in 2021/22 bettering to a very modest ratio of 3% in 2032/33. To improve this result, the City needs to reduce operating expenditure and/or increase operating revenue. Note: A significant operating expense is asset depreciation which is approximately $14.1M annually.

OwnSourceRevenueRatio Ratio formula: Own source operating revenue as a ratio of operating expense.

This ratio measures the City’s ability to cover operating expenses from revenues generated directly by the City and does not include external funding such as grants and subsidies. The Department of Local Government indicates that a basic standard is achieved if the ratio is between 40% and 60%, with an advanced standard achieved if greater than 90%. The LTFP financials demonstrate that the City meets the intermediate standard during 2021/22 and 2022/23, achieves an advanced standard in 2023/24 and steadily continues to improve each year thereafter.

DebtServiceCoverRatio Ratio formula: Operating Surplus before Interest and Depreciation as a ratio of principal and interest expense for

borrowings.

The Debt Service Cover ratio measures the City’s ability to repay its debt obligations using uncommitted or general‐purpose funds available for its operations. A basic standard is achieved if this ratio is equal to or greater than two, with the Department of Local Government indicating an advanced standard to be greater than five. The higher the ratio is, the easier it is for a local government to obtain a loan. The City comfortably meets this standard, steadily improving its Debt Service Cover ratio each year.

CurrentRatio Ratio formula: Current Assets as a ratio of Current Liabilities.

This ratio measures the City’s liquidity and indicates our ability to meet short‐term financial obligations out of unrestricted current assets. Liquidity refers to how quickly an asset can be converted into cash. A ratio of greater than 1.0 indicates the City has more current assets than current liabilities. Although the preferred ratio is a number greater than 1.00, the Department of Local Government indicates that the basic standard is met if the Current Ratio is greater than 0.80. The LTFP meets this standard and gradually improves each year.


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AssetConsumptionRatio Ratio formula: Depreciated replacement costs of assets as a ratio of current replacement costs of depreciable assets.

This ratio seeks to highlight the aged condition of the City’s physical assets and measures the extent to which depreciable assets have been consumed by comparing their written down value to their replacement cost. The Department of Local Government indicates that the standard is met if the ratio is 50% or greater and is improving if the ratio is between 60% and 75%. The LTFP meets this standard although there is a very gradual decrease each year.

AssetSustainabilityRatio Ratio formula: Capital renewal and replacement expenditure as a ratio of depreciation expense.

The Asset Sustainability Ratio approximates the extent to which assets managed by the City are being replaced as they reach the end of their useful lives. It is calculated by measuring capital expenditure on renewal or replacement of assets, relative to depreciation expense. Expenditure on new or additional assets is excluded. Depreciation expense represents an estimate of the extent to which the assets have been consumed during that period. Measuring assets at fair value is critical to the calculation of a valid depreciation expense value. The Department of Local Government indicates that the standard is met if the ratio is 90% and is improving if between 90% and 110%. The City does not meet this standard and will need to allocate more capital expenditure towards the renewal or replacement of existing assets in order to improve this ratio.

AssetRenewalFundingRatio Ratio formula: Net Present Value (NPV) of planned renewal over 10 years as a ratio of NPV of required capital expenditure

over 10 years

This ratio measures the ability of the City to fund its projected asset renewals or replacements as required and can continue to provide existing levels of services in the future, without additional operating income or reductions in operating expenses. The ratio is calculated from information included the in LTFP and the City’s Asset Management Plan (AMP). The Department of Local Government indicates that the standard is met if the ratio is between 75% and 95%. The City’s LTFP meets this standard, maintaining an average ratio of 90%.


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Operating Revenues

Rates 40,889,213 41,450,779 41,991,382 42,552,493 43,095,241 43,647,520 44,209,568 44,749,570 45,298,399 45,856,262 46,423,376 46,999,959 Operating Grants and Subsidies 2,231,588 2,161,363 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 Fees and Charges 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 Contributions, Reimbursements, Donations 617,933 614,046 634,121 517,925 517,291 516,644 516,202 515,832 515,750 515,750 515,750 515,750 Interest Earnings 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 Other Revenue 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505

57,266,080 57,753,534 58,182,849 58,627,764 59,169,878 59,721,510 60,283,116 60,822,748 61,371,495 61,929,358 62,496,472 63,073,055


Employee Costs (28,905,402) (28,890,402) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255)Materials and Contracts (14,353,517) (13,228,198) (13,283,065) (13,294,833) (12,935,105) (12,777,380) (13,338,160) (12,805,944) (12,921,232) (13,268,525) (12,904,225) (12,787,022)Insurance (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750)Interest Expense (463,550) (518,140) (558,345) (509,893) (463,476) (380,882) (301,008) (227,305) (167,543) (123,807) (80,225) (39,521)Utilities (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950)Depreciation (14,171,511) (14,171,511) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761)Other Expense (2,152,728) (2,117,603) (2,110,890) (2,092,274) (2,098,751) (2,105,328) (2,112,001) (2,118,777) (2,125,652) (2,132,632) (2,139,715) (2,146,906)

(63,253,408) (62,132,554) (62,132,016) (62,061,716) (61,677,048) (61,428,306) (61,930,885) (61,316,742) (61,394,143) (61,689,680) (61,303,881) (61,138,165)

Operating Surplus (5,987,328) (4,379,020) (3,949,167) (3,433,952) (2,507,170) (1,706,796) (1,647,769) (493,994) (22,648) 239,678 1,192,591 1,934,890

Non Operating Revenue and Expenses

Capital Grant Income 3,843,924 1,166,314 724,963 1,325,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 Proceeds from Asset Disposals 198,677 279,047 258,247 394,347 371,219 266,730 251,991 819,100 502,381 243,178 352,831 220,267

4,042,601 1,445,361 983,210 1,719,347 1,096,219 991,730 976,991 1,544,100 1,227,381 968,178 1,077,831 945,267

Net Result (1,944,727) (2,933,659) (2,965,957) (1,714,605) (1,410,951) (715,066) (670,778) 1,050,106 1,204,733 1,207,856 2,270,422 2,880,157

Other Comprehensive Income

Changes on revaluation of non‐current assets ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Total Comprehensive Income (1,944,727) (2,933,659) (2,965,957) (1,714,605) (1,410,951) (715,066) (670,778) 1,050,106 1,204,733 1,207,856 2,270,422 2,880,157

32/3330/31 31/32 Comprehensive Income Statement 26/27 27/28 28/29 29/3021/22 22/23 23/24 24/25 25/26

16


Operating Revenues

Rates ‐ Specified Area 51,087 51,598 52,114 52,635 53,161 53,693 54,230 54,772 55,320 55,873 56,432 56,996 Operating Grants and Subsidies 2,231,588 2,161,363 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 Fees and Charges 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 Contributions, Reimbursements, Donations 617,933 614,046 634,121 517,925 517,291 516,644 516,202 515,832 515,750 515,750 515,750 515,750 Interest Earnings 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 Other Revenue 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505

16,427,954 16,354,353 16,243,581 16,127,906 16,127,798 16,127,683 16,127,778 16,127,950 16,128,416 16,128,969 16,129,528 16,130,092


Employee Costs (28,905,402) (28,890,402) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255) (28,858,255) (28,843,255)Materials and Contracts (14,353,517) (13,228,198) (13,283,065) (13,294,833) (12,935,105) (12,777,380) (13,338,160) (12,805,944) (12,921,232) (13,268,525) (12,904,225) (12,787,022)Insurance (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750)Interest Expense (463,550) (518,140) (558,345) (509,893) (463,476) (380,882) (301,008) (227,305) (167,543) (123,807) (80,225) (39,521)Utilities (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950)Depreciation (14,171,511) (14,171,511) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761) (14,114,761)Other Expense (2,152,728) (2,117,603) (2,110,890) (2,092,274) (2,098,751) (2,105,328) (2,112,001) (2,118,777) (2,125,652) (2,132,632) (2,139,715) (2,146,906)

(63,253,408) (62,132,554) (62,132,016) (62,061,716) (61,677,048) (61,428,306) (61,930,885) (61,316,742) (61,394,143) (61,689,680) (61,303,881) (61,138,165)

Net Result (excluding Rates) (46,825,454) (45,778,201) (45,888,435) (45,933,810) (45,549,250) (45,300,623) (45,803,107) (45,188,792) (45,265,727) (45,560,711) (45,174,353) (45,008,073)

Adjustments

Add back Depreciation 14,171,511 14,171,511 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 Provisions and Accruals 62,100 62,100 62,100 62,100 62,100 62,100 62,100 62,100 62,100 62,100 62,100 62,100

14,233,611 14,233,611 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861 14,176,861

Investing Activities

Grants & Contributions for Asset Development 3,843,924 1,166,314 724,963 1,325,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 Proceeds from Self Supporting Loans 46,403 47,468 48,559 17,852 18,359 14,323 10,128 5,181 ‐ ‐ ‐ ‐ Proceeds on Disposal of Assets 198,677 279,047 258,247 394,347 371,219 266,730 251,991 819,100 502,381 243,178 352,831 220,267 Acquisition of Assets (18,404,824) (13,952,253) (9,009,002) (10,010,432) (7,593,851) (9,519,347) (8,275,784) (10,055,791) (9,726,024) (11,744,384) (12,649,854) (13,168,368)

(14,315,820) (12,459,424) (7,977,233) (8,273,233) (6,479,273) (8,513,294) (7,288,665) (8,506,510) (8,498,643) (10,776,206) (11,572,023) (12,223,101)

Financing Activities

Proceeds from New Debentures 4,750,000 5,120,000 2,000,000 1,500,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers (to) from Reserves 3,535,076 294,745 (1,281,216) (1,356,938) (2,847,531) (1,704,183) (3,122,799) (3,338,678) (4,226,551) (2,254,769) (2,391,084) (2,935,427)Repayment of Debentures (2,289,981) (2,815,950) (2,949,975) (2,618,354) (2,339,404) (2,269,292) (2,118,951) (1,821,803) (1,430,531) (1,383,993) (1,417,828) (945,489)

5,995,095 2,598,795 (2,231,191) (2,475,292) (5,186,935) (3,973,475) (5,241,750) (5,160,481) (5,657,082) (3,638,762) (3,808,912) (3,880,916)

Opening Balance 84,197 9,755 3,717 22,987 17,371 20,854 4,150 2,827 18,703 17,191 18,762 7,279 Estimated Closing Balance 9,755 3,717 22,987 17,371 20,854 4,150 2,827 18,703 17,191 18,762 7,279 15,013

Amount Required to be Raised from Rates 40,838,126 41,399,181 41,939,268 42,499,858 43,042,080 43,593,827 44,155,338 44,694,798 45,243,079 45,800,389 46,366,944 46,942,963

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Rate Setting Statement 21/22 22/23 23/24 24/25

17


CASH FLOWS FROM OPERATING ACTIVITIES

RECEIPTS

Rates 40,889,213 41,450,779 41,991,382 42,552,493 43,095,241 43,647,520 44,209,568 44,749,570 45,298,399 45,856,262 46,423,376 46,999,959 Operating Grants and Subsidies 2,231,588 2,161,363 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 2,030,000 Fees and Charges 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 12,186,841 Contributions, Reimbursements, Donations 617,933 614,046 634,121 517,925 517,291 516,644 516,202 515,832 515,750 515,750 515,750 515,750 Interest Earnings 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 1,084,000 Other Revenue 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505 256,505

57,266,080 57,753,534 58,182,849 58,627,764 59,169,878 59,721,510 60,283,116 60,822,748 61,371,495 61,929,358 62,496,472 63,073,055

PAYMENTS

Employee Costs (Operating Only) (28,321,549) (28,306,549) (28,275,401) (28,260,401) (28,275,401) (28,260,401) (28,275,401) (28,260,401) (28,275,401) (28,260,401) (28,275,401) (28,260,401)Materials and Contracts (14,353,517) (13,228,198) (13,283,065) (13,294,833) (12,935,105) (12,777,380) (13,338,160) (12,805,944) (12,921,232) (13,268,525) (12,904,225) (12,787,022)Insurance (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750) (660,750)Interest Expense (463,550) (518,140) (558,345) (509,893) (463,476) (380,882) (301,008) (227,305) (167,543) (123,807) (80,225) (39,521)Utilities (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950) (2,545,950)Other Expense (2,152,728) (2,117,603) (2,110,890) (2,092,274) (2,098,751) (2,105,328) (2,112,001) (2,118,777) (2,125,652) (2,132,632) (2,139,715) (2,146,906)

(48,498,044) (47,377,190) (47,434,401) (47,364,101) (46,979,433) (46,730,691) (47,233,270) (46,619,127) (46,696,528) (46,992,065) (46,606,266) (46,440,550)

CASH FLOWS FROM OPERATING ACTIVITIES 8,768,036 10,376,344 10,748,448 11,263,663 12,190,445 12,990,819 13,049,846 14,203,621 14,674,967 14,937,293 15,890,206 16,632,505

CASH FLOWS FROM INVESTING ACTIVITIES

CAPITAL RECEIPTS

Grants & Contributions for Asset Development 3,843,924 1,166,314 724,963 1,325,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 Proceeds on Disposal of Assets 198,677 279,047 258,247 394,347 371,219 266,730 251,991 819,100 502,381 243,178 352,831 220,267 Proceeds from Self Supporting Loans 46,403 47,468 48,559 17,852 18,359 14,323 10,128 5,181 ‐ ‐ ‐ ‐

4,089,004 1,492,829 1,031,769 1,737,199 1,114,578 1,006,053 987,119 1,549,281 1,227,381 968,178 1,077,831 945,267

CAPITAL PAYMENTS

Acquisition of Assets (18,404,824) (13,952,253) (9,009,002) (10,010,432) (7,593,851) (9,519,347) (8,275,784) (10,055,791) (9,726,024) (11,744,384) (12,649,854) (13,168,368)(18,404,824) (13,952,253) (9,009,002) (10,010,432) (7,593,851) (9,519,347) (8,275,784) (10,055,791) (9,726,024) (11,744,384) (12,649,854) (13,168,368)

CASH FLOWS FROM INVESTING ACTIVITIES (14,315,820) (12,459,424) (7,977,233) (8,273,233) (6,479,273) (8,513,294) (7,288,665) (8,506,510) (8,498,643) (10,776,206) (11,572,023) (12,223,101)

CASH FLOWS FROM FINANCING ACTIVITIES

CAPITAL RECEIPTS

Proceeds from New Debentures 4,750,000 5,120,000 2,000,000 1,500,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Repayment of Debentures (2,289,981) (2,815,950) (2,949,975) (2,618,354) (2,339,404) (2,269,292) (2,118,951) (1,821,803) (1,430,531) (1,383,993) (1,417,828) (945,489)

2,460,019 2,304,050 (949,975) (1,118,354) (2,339,404) (2,269,292) (2,118,951) (1,821,803) (1,430,531) (1,383,993) (1,417,828) (945,489)

CASH FLOWS FROM FINANCING ACTIVITIES 2,460,019 2,304,050 (949,975) (1,118,354) (2,339,404) (2,269,292) (2,118,951) (1,821,803) (1,430,531) (1,383,993) (1,417,828) (945,489)

Cash movement (3,087,765) 220,970 1,821,240 1,872,076 3,371,768 2,208,233 3,642,230 3,875,308 4,745,793 2,777,094 2,900,355 3,463,915 Cash at beginning of the year 25,205,794 22,118,029 22,338,999 24,160,239 26,032,315 29,404,083 31,612,316 35,254,546 39,129,854 43,875,647 46,652,741 49,553,096

CASH AT THE END OF THE YEAR 22,118,029 22,338,999 24,160,239 26,032,315 29,404,083 31,612,316 35,254,546 39,129,854 43,875,647 46,652,741 49,553,096 53,017,011

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Cash Flow Statement 21/22 22/23 23/24 24/25

18


Current Assets

Cash and Cash Equivalents ‐ Unrestricted 6,503,988 7,019,703 7,559,727 8,074,865 8,599,102 9,103,152 9,622,583 10,159,213 10,678,455 11,200,780 11,710,051 12,238,539 Cash and Cash Equivalents ‐ Restricted 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 40,778,472 Trade and Other Receivables 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 3,321,644 Inventories 112,232 112,232 112,232 112,232 112,232 112,232 112,232 112,232 112,232 112,232 112,232 112,232

25,551,905 25,772,875 27,594,115 29,466,191 32,837,959 35,046,192 38,688,422 42,563,730 47,309,523 50,086,617 52,986,972 56,450,887

Current Liabilities

Trade and Other Payables (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030) (4,611,030)Current Provisions (5,271,717) (5,793,470) (6,314,224) (6,834,978) (7,355,732) (7,876,486) (8,397,240) (8,917,994) (9,438,748) (9,959,502) (10,480,256) (11,001,010)Current Loan Liability (2,815,950) (2,949,975) (2,618,354) (2,339,405) (2,269,293) (2,118,952) (1,821,804) (1,430,532) (1,383,993) (1,417,828) (945,489) (385,268)

(12,698,696) (13,354,474) (13,543,607) (13,785,412) (14,236,054) (14,606,467) (14,830,073) (14,959,555) (15,433,770) (15,988,359) (16,036,774) (15,997,307)

NET CURRENT ASSETS 12,853,209 12,418,401 14,050,508 15,680,779 18,601,905 20,439,725 23,858,349 27,604,175 31,875,753 34,098,258 36,950,198 40,453,580

Non Current Assets

Non Current Receivables 871,160 823,692 775,133 757,281 738,922 724,599 714,471 709,290 709,290 709,290 709,290 709,290 Property, Plant and Equipment 234,727,606 229,812,023 224,953,190 220,094,357 215,235,524 210,376,691 205,517,858 200,659,025 195,800,192 190,941,359 186,082,526 181,223,693 Infrastructure 314,710,403 319,406,728 319,159,802 319,914,306 318,252,229 318,515,648 317,535,504 318,335,367 318,805,463 321,293,919 324,687,845 328,600,285

550,309,169 550,042,443 544,888,125 540,765,944 534,226,675 529,616,938 523,767,833 519,703,682 515,314,945 512,944,568 511,479,661 510,533,268

Non Current Liabilities

Non Current Payables (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204) (12,204)Non Current Provisions (778,387) (840,487) (902,587) (964,687) (1,026,787) (1,088,887) (1,150,987) (1,213,087) (1,275,187) (1,337,287) (1,399,387) (1,461,487)Non Current Loan Liabilities (11,227,710) (13,397,735) (12,779,381) (11,939,976) (9,670,684) (7,551,733) (5,729,930) (4,299,399) (2,915,407) (1,497,579) (552,090) (166,822)

(12,018,301) (14,250,426) (13,694,172) (12,916,867) (10,709,675) (8,652,824) (6,893,121) (5,524,690) (4,202,798) (2,847,070) (1,963,681) (1,640,513)

TOTAL NET ASSETS 551,144,077 548,210,418 545,244,461 543,529,856 542,118,905 541,403,839 540,733,061 541,783,167 542,987,900 544,195,756 546,466,178 549,346,335

EQUITY

Retained Surplus 200,027,131 197,388,217 193,141,044 190,069,501 185,811,019 183,391,770 179,598,193 177,309,621 174,287,803 173,240,890 173,120,228 173,064,958 Reserves ‐ Cash Backed 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 40,778,472 Reserves ‐ Asset Revaluation 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904

TOTAL EQUITY 551,144,077 548,210,418 545,244,461 543,529,856 542,118,905 541,403,839 540,733,061 541,783,167 542,987,900 544,195,756 546,466,178 549,346,335

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Financial Position Statement 21/22 22/23 23/24 24/25

19


Retained Surplus

Balance 1st July 198,436,782 200,027,131 197,388,217 193,141,044 190,069,501 185,811,019 183,391,770 179,598,193 177,309,621 174,287,803 173,240,890 173,120,228 Transfer (to) / from Cash Backed Reserves 3,535,076 294,745 (1,281,216) (1,356,938) (2,847,531) (1,704,183) (3,122,799) (3,338,678) (4,226,551) (2,254,769) (2,391,084) (2,935,427)Net Operating Result (1,944,727) (2,933,659) (2,965,957) (1,714,605) (1,410,951) (715,066) (670,778) 1,050,106 1,204,733 1,207,856 2,270,422 2,880,157 Balance 30th June 200,027,131 197,388,217 193,141,044 190,069,501 185,811,019 183,391,770 179,598,193 177,309,621 174,287,803 173,240,890 173,120,228 173,064,958

Reserves Cash Backed

Balance 1st July 19,149,117 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 Transfer to / (from) Cash Backed Reserves (3,535,076) (294,745) 1,281,216 1,356,938 2,847,531 1,704,183 3,122,799 3,338,678 4,226,551 2,254,769 2,391,084 2,935,427 Balance 30th June 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 40,778,472

Reserves Asset Revaluation

Balance 1st July 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 Transfer to / (from) Asset Revaluation Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Balance 30th June 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904 335,502,904

EQUITY BALANCE 30th JUNE 551,144,077 548,210,418 545,244,461 543,529,856 542,118,905 541,403,839 540,733,061 541,783,167 542,987,900 544,195,756 546,466,178 549,346,335

25/26 Changes in Equity Statement 21/22 22/23 23/24 24/25 32/3326/27 27/28 28/29 29/30 30/31 31/32

20


ASSET RENEWAL AND UPGRADE

Property, Plant and Equipment

Buildings 1,635,000 6,015,470 635,000 735,000 1,517,746 2,144,112 ‐ 50,309 704,472 408,608 1,518,945 922,261 Equipment 490,000 280,000 345,000 635,000 273,141 468,774 1,057,159 428,857 459,224 772,385 466,537 743,590 Plant and Vehicles 1,094,148 1,354,969 1,298,539 1,573,932 1,808,609 1,092,996 1,217,911 3,476,382 1,626,748 1,044,525 1,263,758 984,440

Infrastructure

Bridges 20,000 ‐ ‐ 25,000 ‐ ‐ 12,125 48,805 12,449 ‐ ‐ 25,759 Marine 163,400 545,000 500,000 45,000 58,280 ‐ 503,560 ‐ 269,459 2,000,000 2,000,000 2,063,099 Open Space 1,624,720 805,000 855,000 855,000 378,523 668,970 613,342 592,940 973,192 1,202,028 1,089,970 491,854 Pathways 100,000 300,000 200,000 400,000 141,134 235,404 298,021 218,302 224,904 313,598 231,391 223,358 Roads 3,131,314 2,606,314 2,814,963 3,815,000 1,954,572 2,832,846 2,805,675 3,712,579 3,862,122 3,883,882 3,904,609 4,284,382 Stormwater 810,000 500,000 694,500 500,000 266,605 451,064 424,320 407,294 447,337 440,294 456,726 435,474 Structures 321,000 236,000 186,000 246,000 39,582 1,675 23,358 89,823 114,117 156,619 31,481 109,134 Other Infrastructure 169,000 174,500 170,000 270,500 245,659 713,506 410,313 120,500 122,000 612,445 776,437 1,975,017 Sub Total Asset Renewal 9,558,582 12,817,253 7,699,002 9,100,432 6,683,851 8,609,347 7,365,784 9,145,791 8,816,024 10,834,384 11,739,854 12,258,368

ASSET EXPANSION / DEVELOPMENT

Property, Plant and Equipment

Buildings 2,415,387 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Equipment ‐ 115,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Infrastructure

Open Space 100,000 110,000 100,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Pathways 500,000 720,000 720,000 720,000 720,000 720,000 720,000 720,000 720,000 720,000 720,000 720,000 Roads 500,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Other Infrastructure 5,330,855 90,000 390,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 Sub Total Asset Expansion 8,846,242 1,135,000 1,310,000 910,000 910,000 910,000 910,000 910,000 910,000 910,000 910,000 910,000

TOTAL CAPITAL WORKS PROGRAM 18,404,824 13,952,253 9,009,002 10,010,432 7,593,851 9,519,347 8,275,784 10,055,791 9,726,024 11,744,384 12,649,854 13,168,368

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Capital Works 21/22 22/23 23/24 24/25

21


Airport

Opening Balance 283,992 388,485 478,640 584,480 696,031 812,074 953,117 1,089,160 1,210,203 1,346,246 1,487,289 1,603,332 Transfers to Reserve 141,043 141,043 141,043 141,043 141,043 141,043 141,043 141,043 141,043 141,043 141,043 141,043 Transfers from Reserve (36,550) (50,888) (35,203) (29,492) (25,000) ‐ (5,000) (20,000) (5,000) ‐ (25,000) ‐ Closing Balance 388,485 478,640 584,480 696,031 812,074 953,117 1,089,160 1,210,203 1,346,246 1,487,289 1,603,332 1,744,375

Asset Management and Renewal

Opening Balance 1,754,953 1,050,751 330,615 207,272 13,554 112,198 5,991 472,769 805,255 371,219 1,323,475 75,731 Transfers to Reserve 320,798 529,864 741,657 956,282 1,173,644 1,393,793 1,616,778 2,632,486 2,795,964 5,102,256 5,152,256 3,502,256 Transfers from Reserve (1,025,000) (1,250,000) (865,000) (1,150,000) (1,075,000) (1,500,000) (1,150,000) (2,300,000) (3,230,000) (4,150,000) (6,400,000) (3,000,000)Closing Balance 1,050,751 330,615 207,272 13,554 112,198 5,991 472,769 805,255 371,219 1,323,475 75,731 577,987

Building Restoration and Maintenance

Opening Balance 750,000 250,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers to Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers from Reserve (500,000) (250,000) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 250,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Bunbury Museum and Heritage Centre

Opening Balance 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 Transfers to Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers from Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007 11,007

Canal Management

Opening Balance 583,348 624,435 656,033 698,147 730,782 773,943 807,636 851,866 886,638 931,958 967,831 1,014,263 Transfers to Reserve 51,087 51,598 52,114 52,635 53,161 53,693 54,230 54,772 55,320 55,873 56,432 56,996 Transfers from Reserve (10,000) (20,000) (10,000) (20,000) (10,000) (20,000) (10,000) (20,000) (10,000) (20,000) (10,000) (20,000)Closing Balance 624,435 656,033 698,147 730,782 773,943 807,636 851,866 886,638 931,958 967,831 1,014,263 1,051,259

City Arts Collection


City Growth and Major Development

Opening Balance 2,687,956 2,183,211 2,791,443 3,613,673 4,652,788 5,911,580 7,392,892 9,099,619 11,034,543 13,200,494 15,600,349 18,002,880 Transfers to Reserve 319,478 1,028,544 1,240,337 1,454,962 1,672,324 1,892,473 2,115,458 2,341,166 2,569,644 2,800,936 2,800,936 2,800,936 Transfers from Reserve (824,223) (420,312) (418,107) (415,847) (413,532) (411,161) (408,731) (406,242) (403,693) (401,081) (398,405) ‐ Closing Balance 2,183,211 2,791,443 3,613,673 4,652,788 5,911,580 7,392,892 9,099,619 11,034,543 13,200,494 15,600,349 18,002,880 20,803,816

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Cash Backed Reserves 21/22 22/23 23/24 24/25

22



City of Bunbury General Parking

Opening Balance 8,605,048 7,284,965 7,160,828 7,574,273 7,672,718 8,086,163 8,499,608 8,598,053 9,011,498 9,424,943 9,523,388 9,936,833 Transfers to Reserve 438,445 438,445 438,445 438,445 438,445 438,445 438,445 438,445 438,445 438,445 438,445 438,445 Transfers from Reserve (1,758,528) (562,582) (25,000) (340,000) (25,000) (25,000) (340,000) (25,000) (25,000) (340,000) (25,000) (25,000)Closing Balance 7,284,965 7,160,828 7,574,273 7,672,718 8,086,163 8,499,608 8,598,053 9,011,498 9,424,943 9,523,388 9,936,833 10,350,278

College Grove Subdivision Amended Joint Venture

Opening Balance 7,574 8,074 8,574 9,074 9,574 10,074 10,574 11,074 11,574 12,074 12,574 13,074 Transfers to Reserve 500 500 500 500 500 500 500 500 500 500 500 500 Transfers from Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 8,074 8,574 9,074 9,574 10,074 10,574 11,074 11,574 12,074 12,574 13,074 13,574

Disaster Relief Fund

Opening Balance 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Transfers to Reserve 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Transfers from Reserve (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000)Closing Balance 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000

Employee Entitlements and Insurance


Hay Park Regional Athletics Track

Opening Balance 705,385 110,665 210,665 310,665 410,665 510,665 610,665 710,665 810,665 910,665 10,665 110,665 Transfers to Reserve 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Transfers from Reserve (694,720) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (1,000,000) ‐ ‐ Closing Balance 110,665 210,665 310,665 410,665 510,665 610,665 710,665 810,665 910,665 10,665 110,665 210,665

Heritage Building Maintenance


Infrastructure Development

Opening Balance 433,035 247,949 162,863 132,777 252,691 1,041,065 13,559 439,408 1,592,067 2,796,981 1,869,470 1,574,384 Transfers to Reserve 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 1,504,914 Transfers from Reserve (1,690,000) (1,590,000) (1,535,000) (1,385,000) (716,540) (2,532,420) (1,079,065) (352,255) (300,000) (2,432,425) (1,800,000) (2,850,000)Closing Balance 247,949 162,863 132,777 252,691 1,041,065 13,559 439,408 1,592,067 2,796,981 1,869,470 1,574,384 229,298

23



Land Subdivision and Development


Local Planning Policy Framework

Opening Balance 142,874 192,874 242,874 192,874 242,874 292,874 342,874 392,874 442,874 492,874 542,874 592,874 Transfers to Reserve 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 Transfers from Reserve ‐ ‐ (100,000) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 192,874 242,874 192,874 242,874 292,874 342,874 392,874 442,874 492,874 542,874 592,874 642,874

Meat Inspection

Opening Balance 342,406 340,010 337,614 335,218 332,822 330,426 328,030 325,634 323,238 320,842 318,446 316,050 Transfers to Reserve (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396) (2,396)Transfers from Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 340,010 337,614 335,218 332,822 330,426 328,030 325,634 323,238 320,842 318,446 316,050 313,654

Plant and Equipment

Opening Balance 221,546 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 Transfers to Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers from Reserve (180,415) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131 41,131

Public Art

Opening Balance 123,536 148,536 173,536 198,536 223,536 248,536 273,536 298,536 323,536 348,536 373,536 398,536 Transfers to Reserve 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Transfers from Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 148,536 173,536 198,536 223,536 248,536 273,536 298,536 323,536 348,536 373,536 398,536 423,536

Refuse Collection and Waste Minimisation

Opening Balance 883,983 1,249,474 1,230,999 1,208,911 1,184,803 1,140,771 1,736,070 1,807,693 983,938 1,505,748 1,887,452 2,669,811 Transfers to Reserve 949,698 949,698 949,698 949,698 949,698 949,698 949,698 949,698 949,698 949,698 949,698 949,698 Transfers from Reserve (584,207) (968,173) (971,786) (973,806) (993,730) (354,399) (878,075) (1,773,453) (427,888) (567,994) (167,339) (736,965)Closing Balance 1,249,474 1,230,999 1,208,911 1,184,803 1,140,771 1,736,070 1,807,693 983,938 1,505,748 1,887,452 2,669,811 2,882,544

Road Upgrade Contributions


24



Town Planning Scheme Land Acquisition and Compensation


Withers

Opening Balance 402,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 Transfers to Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfers from Reserve (130,000) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Closing Balance 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641 272,641

SUMMARY

Opening Balance 19,149,117 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 Transfers to Reserve 3,918,567 4,837,210 5,261,312 5,691,083 6,126,333 6,567,163 7,013,670 8,255,628 8,648,132 11,186,269 11,236,828 9,587,392 Transfers from Reserve (7,453,643) (5,131,955) (3,980,096) (4,334,145) (3,278,802) (4,862,980) (3,890,871) (4,916,950) (4,421,581) (8,931,500) (8,845,744) (6,651,965)

Closing Balance 15,614,041 15,319,296 16,600,512 17,957,450 20,804,981 22,509,164 25,631,963 28,970,641 33,197,192 35,451,961 37,843,045 40,778,472

25


EXISTING LOANS

Loan 319 ‐ Civic Building

Opening Principal Balance 1,705,236 1,536,479 1,356,610 1,165,121 961,200 743,249 511,009 263,682 ‐ ‐ ‐ ‐ Principal Repayment (168,757) (179,869) (191,489) (203,920) (217,952) (232,239) (247,327) (263,682) ‐ ‐ ‐ ‐ Interest Expense (107,845) (96,733) (85,112) (72,681) (58,650) (44,362) (29,275) (12,919) ‐ ‐ ‐ ‐ Outstanding Principal Balance 1,536,479 1,356,610 1,165,121 961,200 743,249 511,009 263,682 ‐ ‐ ‐ ‐ ‐

Loan 362 ‐ Entertainment Centre Extension

Opening Principal Balance 1,498,987 1,020,829 521,479 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (478,158) (499,349) (521,479) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (59,980) (38,789) (16,659) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (9,614) (6,663) (3,023) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 1,020,829 521,479 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 363 ‐ Road Works and Path Construction

Opening Principal Balance 314,848 160,510 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (154,338) (160,510) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (11,710) (5,538) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (2,387) (1,423) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 160,510 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 364 ‐ Cobblestone Drive Carpark

Opening Principal Balance 69,760 35,564 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (34,196) (35,564) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (2,595) (1,227) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (529) (315) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 35,564 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 365 ‐ Hay Park Multi Sports Pavilion

Opening Principal Balance 562,519 429,040 290,904 147,946 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (133,478) (138,137) (142,957) (147,946) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (18,318) (13,660) (8,839) (3,850) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (3,671) (2,732) (1,756) (740) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 429,040 290,904 147,946 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 366 ‐ Hands Oval Upgrade

Opening Principal Balance 316,243 161,222 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (155,022) (161,222) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (11,762) (5,562) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (2,398) (1,430) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 161,222 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25

26


32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25

Loan 367 ‐ Glen Iris Skate Park

Opening Principal Balance 88,321 60,147 30,726 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (28,173) (29,422) (30,726) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (3,534) (2,285) (982) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (566) (393) (178) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 60,147 30,726 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 368 ‐ Path and Road Construction


Loan 369 ‐ Urban Stormwater Drainage


Loan 370 ‐ Airport Upgrades

Opening Principal Balance 107,735 82,171 55,715 28,335 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (25,564) (26,456) (27,380) (28,335) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (3,508) (2,616) (1,693) (737) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (703) (523) (336) (142) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 82,171 55,715 28,335 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 372 ‐ Hay Park Sports Pavilion

Opening Principal Balance 173,566 140,676 106,899 72,210 36,586 ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (32,890) (33,777) (34,689) (35,624) (36,586) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (4,433) (3,545) (2,634) (1,698) (737) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (1,154) (924) (686) (439) (188) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 140,676 106,899 72,210 36,586 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 373 ‐ Bunbury Museum and Heritage Centre

Opening Principal Balance 185,843 157,063 127,439 96,946 65,560 33,253 ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (28,781) (29,624) (30,493) (31,386) (32,306) (33,253) ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (5,200) (4,357) (3,488) (2,594) (1,674) (727) ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (1,249) (1,046) (839) (622) (401) (174) ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 157,063 127,439 96,946 65,560 33,253 ‐ ‐ ‐ ‐ ‐ ‐ ‐

27


32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25

Loan 378 ‐ Road Works and Path Construction

Opening Principal Balance 494,737 418,119 339,256 258,081 174,527 88,524 ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (76,617) (78,863) (81,175) (83,554) (86,003) (88,524) ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (13,843) (11,598) (9,286) (6,907) (4,458) (1,937) ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (3,326) (2,784) (2,233) (1,655) (1,067) (462) ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 418,119 339,256 258,081 174,527 88,524 ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 379 ‐ Upgrade Public Facilities

Opening Principal Balance 126,855 107,210 86,989 66,175 44,751 22,698 ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (19,645) (20,221) (20,814) (21,424) (22,052) (22,698) ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (3,550) (2,974) (2,381) (1,771) (1,143) (497) ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (853) (714) (573) (424) (274) (118) ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 107,210 86,989 66,175 44,751 22,698 ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 381 ‐ Depot Construction

Opening Principal Balance 2,198,011 1,913,197 1,619,168 1,315,624 1,002,258 678,753 344,780 ‐ ‐ ‐ ‐ ‐ Principal Repayment (284,814) (294,030) (303,544) (313,366) (323,505) (333,973) (344,780) ‐ ‐ ‐ ‐ ‐ Interest Expense (68,289) (59,073) (49,559) (39,737) (29,597) (19,129) (8,323) ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (14,833) (12,816) (10,761) (8,589) (6,375) (4,090) (1,744) ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 1,913,197 1,619,168 1,315,624 1,002,258 678,753 344,780 ‐ ‐ ‐ ‐ ‐ ‐

Loan 382 ‐ Stirling Street Arts Centre

Opening Principal Balance 736,958 652,435 565,846 477,140 386,265 293,169 197,796 100,093 ‐ ‐ ‐ ‐ Principal Repayment (84,523) (86,589) (88,706) (90,875) (93,096) (95,372) (97,704) (100,093) ‐ ‐ ‐ ‐ Interest Expense (17,398) (15,331) (13,214) (11,046) (8,824) (6,548) (4,216) (1,828) ‐ ‐ ‐ ‐ Loan Guarantee Fee (4,994) (4,398) (3,799) (3,163) (2,526) (1,869) (1,198) (506) ‐ ‐ ‐ ‐ Outstanding Principal Balance 652,435 565,846 477,140 386,265 293,169 197,796 100,093 ‐ ‐ ‐ ‐ ‐

Loan 383 ‐ Road Construction

Opening Principal Balance 409,421 362,464 314,359 265,078 214,592 162,872 109,887 55,607 ‐ ‐ ‐ ‐ Principal Repayment (46,957) (48,105) (49,281) (50,486) (51,720) (52,985) (54,280) (55,607) ‐ ‐ ‐ ‐ Interest Expense (9,665) (8,517) (7,341) (6,137) (4,902) (3,638) (2,343) (1,015) ‐ ‐ ‐ ‐ Loan Guarantee Fee (2,774) (2,444) (2,111) (1,758) (1,403) (1,038) (666) (281) ‐ ‐ ‐ ‐ Outstanding Principal Balance 362,464 314,359 265,078 214,592 162,872 109,887 55,607 ‐ ‐ ‐ ‐ ‐

Loan 387 ‐ Marine Walls

Opening Principal Balance 679,408 607,870 535,375 461,910 387,461 312,016 235,561 158,082 79,567 ‐ ‐ ‐ Principal Repayment (71,537) (72,495) (73,465) (74,449) (75,445) (76,455) (77,479) (78,516) (79,567) ‐ ‐ ‐ Interest Expense (8,826) (7,869) (6,898) (5,915) (4,918) (3,909) (2,885) (1,848) (797) ‐ ‐ ‐ Loan Guarantee Fee (4,611) (4,108) (3,610) (3,082) (2,559) (2,029) (1,496) (950) (397) ‐ ‐ ‐ Outstanding Principal Balance 607,870 535,375 461,910 387,461 312,016 235,561 158,082 79,567 ‐ ‐ ‐ ‐

28


32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25

Loan 390 ‐ Path Construction

Opening Principal Balance 450,000 364,294 276,493 186,546 94,399 ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (85,706) (87,801) (89,948) (92,147) (94,399) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (10,417) (8,322) (6,176) (3,977) (1,724) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (3,001) (2,397) (1,779) (1,146) (497) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 364,294 276,493 186,546 94,399 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

SELF SUPPORTING LOANS

Loan 380 ‐ Bunbury Bowling Club

Opening Principal Balance 46,495 38,516 30,332 21,939 13,330 4,500 ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (7,979) (8,184) (8,394) (8,609) (8,830) (4,500) ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (1,135) (930) (720) (505) (284) (57) ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (302) (246) (188) (128) (68) (11) ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 38,516 30,332 21,939 13,330 4,500 ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 384 ‐ Bunbury Bowling Club

Opening Principal Balance 70,002 61,566 52,870 43,904 34,661 25,132 15,308 5,181 ‐ ‐ ‐ ‐ Principal Repayment (8,436) (8,697) (8,966) (9,243) (9,529) (9,824) (10,128) (5,181) ‐ ‐ ‐ ‐ Interest Expense (2,085) (1,824) (1,555) (1,277) (992) (697) (393) (80)Loan Guarantee Fee (450) (390) (329) (264) (198) (130) (59) (3) ‐ ‐ ‐ ‐ Outstanding Principal Balance 61,566 52,870 43,904 34,661 25,132 15,308 5,181 ‐ ‐ ‐ ‐ ‐

Loan 385 ‐ Bunbury and Districts Hockey Club

Opening Principal Balance 91,776 61,788 31,200 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (29,988) (30,588) (31,200) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (1,678) (1,078) (466) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (540) (328) (112) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 61,788 31,200 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

29


32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25

PROPOSED LOANS

Loan 391 ‐ Athletics Track Replacement

Opening Principal Balance 300,000 242,863 184,329 124,364 62,933 ‐ ‐ ‐ ‐ ‐ ‐ New Loan Borrowings 300,000 Principal Repayment (57,137) (58,534) (59,965) (61,431) (62,933) ‐ ‐ ‐ ‐ ‐ ‐ Interest Expense (6,945) (5,548) (4,117) (2,651) (1,149) ‐ ‐ ‐ ‐ ‐ ‐ Loan Guarantee Fee (2,001) (1,598) (1,186) (764) (331) ‐ ‐ ‐ ‐ ‐ ‐ Outstanding Principal Balance 300,000 242,863 184,329 124,364 62,933 ‐ ‐ ‐ ‐ ‐ ‐ ‐

Loan 393 ‐ Youth Precinct

Opening Principal Balance 3,500,000 3,186,802 2,865,946 2,537,247 2,200,511 1,855,544 1,502,142 1,140,101 769,209 389,249 0 New Loan Borrowings 3,500,000 Principal Repayment (313,198) (320,855) (328,699) (336,735) (344,968) (353,401) (362,041) (370,892) (379,960) (389,249) ‐ Interest Expense (83,159) (75,502) (67,658) (59,622) (51,389) (42,956) (34,316) (25,465) (16,397) (7,108) ‐ Loan Guarantee Fee (23,955) (21,750) (19,490) (17,175) (14,804) (12,374) (9,885) (7,336) (4,724) (2,048) ‐ Outstanding Principal Balance 3,500,000 3,186,802 2,865,946 2,537,247 2,200,511 1,855,544 1,502,142 1,140,101 769,209 389,249 0 0

Loan 394 ‐ Hay Park North Sports Pavilion

Opening Principal Balance 950,000 864,989 777,900 688,681 597,282 503,648 407,724 309,456 208,785 105,653 ‐ New Loan Borrowings 950,000 Principal Repayment (85,011) (87,089) (89,218) (91,400) (93,634) (95,923) (98,268) (100,671) (103,132) (105,653) ‐ Interest Expense (22,572) (20,493) (18,364) (16,183) (13,949) (11,659) (9,314) (6,912) (4,451) (1,929) ‐ Loan Guarantee Fee (6,502) (5,903) (5,290) (4,662) (4,018) (3,359) (2,683) (1,991) (1,282) (556) ‐ Outstanding Principal Balance 950,000 864,989 777,900 688,681 597,282 503,648 407,724 309,456 208,785 105,653 ‐ ‐

Loan 392 ‐ Forrest Park Pavilion

Opening Principal Balance 3,620,000 3,296,063 2,964,207 2,624,238 2,275,957 1,919,162 1,553,644 1,179,190 795,581 402,595 New Loan Borrowings 3,620,000 Principal Repayment (323,937) (331,856) (339,969) (348,281) (356,795) (365,518) (374,454) (383,609) (392,987) (402,595)Interest Expense (86,010) (78,090) (69,977) (61,666) (53,151) (44,429) (35,492) (26,338) (16,960) (7,352)Loan Guarantee Fee (24,777) (22,495) (20,158) (17,764) (15,311) (12,798) (10,224) (7,587) (4,886) (2,118)Outstanding Principal Balance ‐ 3,620,000 3,296,063 2,964,207 2,624,238 2,275,957 1,919,162 1,553,644 1,179,190 795,581 402,595 ‐

Loan XXX ‐ Infrastructure Asset Renewals

Opening Principal Balance 1,500,000 1,365,772 1,228,263 1,087,391 943,076 795,233 643,775 488,615 329,661 166,821 New Loan Borrowings 1,500,000 Principal Repayment (134,228) (137,509) (140,871) (144,315) (147,843) (151,458) (155,161) (158,954) (162,840) (166,821)Interest Expense (35,639) (32,358) (28,996) (25,552) (22,024) (18,410) (14,707) (10,914) (7,027) (3,046)Loan Guarantee Fee (10,267) (9,321) (8,353) (7,361) (6,344) (5,303) (4,237) (3,144) (2,024) (878)Outstanding Principal Balance ‐ 1,500,000 1,365,772 1,228,263 1,087,391 943,076 795,233 643,775 488,615 329,661 166,821 0

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32/3326/27 27/28 28/29 29/30 30/31 31/3225/26 Loan Borrowings 21/22 22/23 23/24 24/25


Opening Principal Balance 2,000,000 1,821,029 1,637,684 1,449,855 1,257,435 1,060,311 858,367 651,486 439,548 New Loan Borrowings 2,000,000 Principal Repayment (178,971) (183,346) (187,828) (192,420) (197,124) (201,944) (206,881) (211,938) (217,120)Interest Expense (47,519) (43,144) (38,662) (34,070) (29,365) (24,546) (19,609) (14,551) (9,370)Loan Guarantee Fee (13,689) (12,428) (11,137) (9,814) (8,459) (7,071) (5,649) (4,192) (2,699)Outstanding Principal Balance ‐ ‐ 2,000,000 1,821,029 1,637,684 1,449,855 1,257,435 1,060,311 858,367 651,486 439,548 222,428


Opening Principal Balance 1,500,000 1,365,772 1,228,263 1,087,391 943,076 795,233 643,775 488,615 New Loan Borrowings 1,500,000 Principal Repayment (134,228) (137,509) (140,871) (144,315) (147,843) (151,458) (155,161) (158,954)Interest Expense (35,639) (32,358) (28,996) (25,552) (22,024) (18,410) (14,707) (10,914)Loan Guarantee Fee (10,267) (9,321) (8,353) (7,361) (6,344) (5,303) (4,237) (3,144)Outstanding Principal Balance ‐ ‐ ‐ 1,500,000 1,365,772 1,228,263 1,087,391 943,076 795,233 643,775 488,615 329,661

SUMMARY

Opening Principal Balance 11,470,300 13,993,385 16,347,709 15,397,735 14,279,381 11,939,976 9,670,684 7,551,733 5,729,930 4,299,398 2,915,406 1,497,578 New Loan Borrowings 4,750,000 5,120,000 2,000,000 1,500,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Principal Repayment (2,226,915) (2,765,676) (2,949,975) (2,618,354) (2,339,404) (2,269,292) (2,118,951) (1,821,803) (1,430,531) (1,383,993) (1,417,828) (945,489)Interest Expense (403,012) (432,274) (458,165) (414,765) (374,116) (306,226) (240,291) (179,076) (129,943) (96,119) (62,283) (30,682)Loan Guarantee Fee (65,417) (84,087) (100,177) (95,127) (89,363) (74,656) (60,719) (48,230) (37,600) (27,688) (17,942) (8,838)Outstanding Principal Balance 13,993,385 16,347,709 15,397,735 14,279,381 11,939,976 9,670,684 7,551,733 5,729,930 4,299,398 2,915,406 1,497,578 552,089

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Operating Surplus Ratio (10.88%) (7.88%) (7.03%) (6.07%) (4.39%) (2.96%) (2.83%) (0.84%) (0.04%) 0.40% 1.97% 3.17%

Basic Standard 0% to 15%Advanced Standard >15%

Ratio Calculations57,266,080 57,753,534 58,182,849 58,627,764 59,169,878 59,721,510 60,283,116 60,822,748 61,371,495 61,929,358 62,496,472 63,073,055 (63,253,408) (62,132,554) (62,132,016) (62,061,716) (61,677,048) (61,428,306) (61,930,885) (61,316,742) (61,394,143) (61,689,680) (61,303,881) (61,138,165)55,034,492 55,592,171 56,152,849 56,597,764 57,139,878 57,691,510 58,253,116 58,792,748 59,341,495 59,899,358 60,466,472 61,043,055

Own Source Revenue Ratio 87.01% 89.47% 90.38% 91.20% 92.64% 93.92% 94.06% 95.88% 96.66% 97.10% 98.63% 99.84%


Ratio Calculations

(63,253,408) (62,132,554) (62,132,016) (62,061,716) (61,677,048) (61,428,306) (61,930,885) (61,316,742) (61,394,143) (61,689,680) (61,303,881) (61,138,165)

Debt Service Cover Ratio 3.21 3.14 3.06 3.58 4.31 4.83 5.28 6.76 8.92 9.60 10.27 16.33

Basic Standard 2.0 to 5.0Advanced Standard >5.0

Ratio Calculations

(2,695,344) (3,282,037) (3,508,317) (3,128,246) (2,802,883) (2,650,174) (2,419,961) (2,049,109) (1,598,074) (1,507,800) (1,498,052) (985,010)

Current Ratio 0.82 0.82 0.85 0.87 0.88 0.90 0.92 0.95 0.95 0.95 0.98 1.02

Basic Standard 0.80 to 1.00Advanced Standard >1.00

Ratio Calculations

32/3327/28 28/29 29/30 30/31 31/32

Operating Revenue lessOperating Expenditure divided byOwn Source Operating Revenue

26/2721/22 22/23 23/24 24/25 25/26

Own Source Operating Revenuedivided by

Operating Expense

58,253,116 58,792,748 59,341,495

Annual Operating Surplus (beforeinterest and depreciation) divided by

Principal and Interest

14,478,246 15,387,577 16,089,172 8,647,733 10,310,631 10,723,939 11,190,702 12,071,067

Current Assets lessRestricted Assets divided by

Current Liabilities less Liabilitiesassociated with Restricted Assets

9,937,864 10,453,579 10,993,603 (12,092,130)

59,899,358 60,466,472 61,043,055 55,034,492 55,592,171 56,152,849 56,597,764 57,139,878 57,691,510

12,768,000 13,848,072 14,259,656 12,788,847

(15,430,208) (15,390,741)14,634,656 15,143,927 15,672,415

(12,747,908) (12,937,041) (13,178,846) (13,629,488) (13,999,901) (14,223,507)11,508,741 12,032,978 12,537,028 13,056,459 13,593,089

14,112,331 (14,352,989) (14,827,204) (15,381,793)

Key Financial Ratios

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32/3327/28 28/29 29/30 30/31 31/3226/2721/22 22/23 23/24 24/25 25/26 Key Financial Ratios

Asset Consumption Ratio 70.84% 70.69% 69.89% 69.26% 68.35% 67.68% 66.85% 66.26% 65.62% 65.24% 64.98% 64.79%


Ratio Calculations

Asset Sustainability Ratio 64.61% 89.23% 52.60% 63.01% 47.35% 61.00% 52.18% 64.80% 62.46% 76.76% 83.17% 86.85%


Ratio Calculations

Asset Renewal Ratio 89.48% 90.73% 90.40% 91.47% 89.94%


Ratio Calculations

Does NOT Meet Standard Meets Basic Standard Meets Advanced Standard

Depreciated ReplacementCost of Assets divided by

549,218,750 779,663,480 780,573,480

Net Present Value (NPV) of Planned Capital Works over ten (10) years divided by

Capital Renewal and Replacement Expenditure divided by

Depreciation Expense

549,438,008 544,112,991 540,008,662 533,487,752 528,892,338 523,053,361 518,994,391

14,114,761 14,114,761 10,834,384 11,739,854

Net Present (NPV) of Required Capital Renewals over ten (10) years

786,943,480 781,483,480 782,393,480 783,303,480 784,213,480 785,123,480 786,033,480 514,605,654 512,235,277 510,770,370 509,823,977

Current ReplacementCost of Depreciable Assets

775,654,245 776,961,745 778,546,480

12,258,368 14,171,511 14,171,511 14,114,761 14,114,761 14,114,761 14,114,761 14,114,761 9,156,082 12,644,753 7,424,267 8,893,432 6,683,851 8,609,347 7,365,784 9,145,791 8,816,024

14,114,761 14,114,761 14,114,761

100,108,618 101,570,747 101,511,762 102,558,036 104,942,941 89,573,715 92,157,487 91,771,102 93,811,163 94,382,059

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