Long-Term Financial Plan Identifies that More Work is Required

The Warrumbungle Shire Council Long-Term Financial Plan (LTFP) has now been adopted, marking a pivotal milestone in Council's financial journey. 

“The LTFP is strategic roadmap that outlines a comprehensive framework for guiding Council's financial direction into the future, with a focus on revenue generation, expenditure control, debt management, and reserves planning,” said Warrumbungle Shire Council Mayor, Councillor Ambrose Doolan. “Despite previous challenges, including consecutive years of financial deficits, recent years have seen a positive trajectory with three consecutive years of positive financial results. This transformation is attributed to a combination of factors, including the timely acquisition of grant funding, operational enhancements, and the courage to make difficult decisions.”

"Through practical financial management and strategic reforms, we have achieved significant improvements in our financial position," said Cr Doolan. "However, the long term financial outlook looks poor and we recognise that further difficult decisions lie ahead in order to ensure the long-term sustainability of our Council."

The adoption of the LTFP underscores Council's commitment to making hard, yet financially responsible decisions that prioritise the well-being of the community. While some of these decisions may not always be popular, they are necessary for the greater good and the continued delivery of essential services to residents.

“Despite the advance payments in funding assistance aimed at mitigating the impacts of recent natural disasters, Council faces a challenging financial outlook. One potential avenue for financial improvement lies in the Central West Orana Renewable Energy Zone (CWOREZ). Council anticipates increased funding opportunities from this initiative. However, this may also present challenges, particularly in retaining skilled staff. The allure of employment opportunities associated with the CWOREZ may lead to staffing shortages within the Council,” Cr Doolan explained. 

Looking ahead, Council acknowledges the need for decisive action and difficult financial decisions. A failure to address these challenges proactively will ultimately worsen the financial position of Council and affect service delivery and financial stability.

"It is Councils duty to ensure that we maintain and enhance the services that our community relies on," Cr Doolan explained. "The LTFP provides us with a roadmap to navigate future challenges while safeguarding the financial health of our Council."

The Warrumbungle Shire Council invites all residents and stakeholders to engage with the Long-Term Financial Plan, which will serve as a guiding framework for sustainable growth and development in the region. 

The Long-Term Financial Plan can be found on Council’s Website under the Integrate Planning and Reporting tab.

Click here to download media release 

 

Last Updated: 03 Jul 2024