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                    10-Year Financial Plan

                    At the City of Melbourne we have ambitious plans to drive economic recovery, embolden our city following the impacts of COVID-19 and make ours an economy fit for a bright future.

                    We aim to be a city of possibility, however this relies on strong and sound financial management. Together with our Asset Plan 2021–31, the Financial Plan allows us to invest now so that we can deliver on the bold commitments we’ve set out in our Council Plan 2021–25 to reactivate our economy.

                    Our Financial Plan also helps us invest in a sustainable future by reducing emissions and waste. The pandemic has shown just how important it is to adopt prudent resource allocation and financial management. We must ensure that we have capacity to deliver our Council Plan and the ability to respond to the unexpected.

                    The Local Government Act 2020 requires Council to use deliberative engagement to develop the Financial Plan as defined in our Community Engagement Policy. In alignment with this policy, we engaged the community in three ways to canvas a wide range of community views:

                    • A targeted workshop with Wurundjeri Woi Wurrung Traditional Owners 
                    • A community panel: a group of 24 randomly selected Melburnians 
                    • Broader community engagement that includes industry and business communities

                    Our 10-Year Financial Plan includes the community panel’s recommendations and our responses to them.

                    ​Plan highlights

                    Achieving the Community Vision through a responsible and sustainable Financial Plan 

                    City of Melbourne’s Financial Plan 2021–31 will activate the city, support businesses and allow the City of Melbourne to achieve its Community Vision. We have allocated expenditure accordingly to support industries and communities with a strong transport network, celebrate and protect Melbourne’s unique places, and enabling Melbourne to be an affordable city. 

                    • Total operating expenditure: $5.9 billion over the next 10 years 
                    • Total capital expenditure: $2.2 billion over the next 10 years 

                    Infrastructure 

                    The City of Melbourne will invest $1.2 billion in infrastructure over the next 10 years, delivering much-needed community services, creating hundreds of construction jobs and stimulating our economy. 

                    This record infrastructure investment will require Council to borrow up to $253 million by the end of FY 30/31. We also require financial support and grants from the Victorian Government to deliver this Financial Plan. 

                    The initiatives contained in this Financial Plan will deliver jobs when we need them most, and set the city up for prosperity and liveability for generations to come

                    Bringing back the buzz

                    The City of Melbourne will invest $21.5 million in events over the next year to reinforce our status as the nation’s events and culture capital. It will also shine a light on Melbourne’s unique identity and place. 

                    Highlights include:

                    • $5.8 million for Christmas Festival
                    • $4.6 million for Moomba Festival 
                    • $3.8 million to celebrate New Year’s Eve 
                    • $2.8 million for Melbourne Fashion Week 
                    • $1.8 million for Firelight Festival
                    • $1.5 million for Melbourne Knowledge Week 
                    • $1.2 million for Melbourne Music Week.

                    A further $2 million has been allocated to the Event Partnership Program to support localised events.
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