2024/25 Budget keeps Banyule in secure financial position
Published on 27 June 2024
Banyule remains in a secure and sustainable financial position with Council’s adoption of the 2024/25 Budget on 24 June. The Budget will deliver essential services for our community now and invests in community assets for future generations.
See the full 2024/25 Budget
Maintaining services and reducing debt
Council’s focus remains on maintaining services and upgrading facilities while reducing debt through prudent financial decisions. The budget also considers the increasing costs of materials, goods and labour, which impact on both service provision and capital projects.
Highlights
Total revenue is $189.08 million, with expenditure of $182.06 million including:
- $65.07 million for the capital works program, including Rosanna Library, Olympic Park, and Watsonia Town Square projects. This includes $59.15 million to renew and upgrade our community’s assets.
- $29.07 million for Operations, including core services like waste collection and street cleaning.
- $7.61 million for key initiatives, such as implementing Banyule’s Urban Forest Strategy.
Improving and maintaining infrastructure
Council has $1.85 billion worth of vital public infrastructure, including roads, footpaths, pedestrian crossings, bridges, streetscapes and more. Our budget allows us to improve and maintain these over time. A few key points from this year’s budget includes $3.83 million for irrigation and drainage, $3.17 for footpath replacement and $3.43 million for refurbishing Council facilities, and $3.73 million for parks and playgrounds.
Capital works
Our investment in capital works has increased. More than 90% of the $65.07 million budget goes towards renewing and upgrading existing assets. Major projects include:
- $8.45 million towards the new Rosanna Library with state-of-the-art facilities for all ages, maternal and child health services, Banyule Toy Library and community meeting rooms.
- $5.28 million for new and upgraded pavilions, including $1.5 million at Anthony Beale Reserve and $2 million for a new pavilion at Olympic Park, completing its transformation into a first-class regional sporting and recreation precinct.
- $3.6 million to complete Watsonia Town Square, a project that will revitalise Watsonia village.
Rates rise below inflation
Rates are the main source of funding that enable Council to build and maintain infrastructure and deliver hundreds of services every day. Banyule will again operate within the rate cap set by the Victorian Government. Rates will increase by 2.75% for 2024/25.
After feedback from our community, we have set both the Public Waste Rate and the Kerbside Waste Rate at 2.75% too.
Financial assistance
Council acknowledges that financial hardship is being felt throughout our community and has increased the amount of financial assistance available to people who are having trouble paying their rates. Options include:
- tailored payment arrangements
- interest-free periods
- waivers of interest and partial rate waivers to eligible applicants of up to $550 (more information coming soon to Council’s website)
Learn more about rates assistance