Major investments driving our City forward

The City of Adelaide has released its Draft Business Plan and Budget (BP&B), our Long Term Financial Plan and our Strategic Asset Management Plan for community consultation.

This year’s draft BP&B includes $269.8m in expenditure to deliver important services and essential infrastructure for Adelaide as well as support our recovery from the impacts of COVID-19.

Highlights of the Business Plan and Budget 2021-2022 include:

  • Major investments to stimulate the city’s economy including Eighty-Eight O’Connell and the Central Market Arcade Redevelopment.
  • Focusing on Main Streets reinvigoration by developing unique precincts to support business recovery and residential growth.
  • Creating unique City and Park Lands experiences through curated events and activities that promote vibrancy, visitation and neighbourhood connections.
  • Addressing city waste and showing environmental leadership by implementing projects to increase resource recovery.
  • Bringing city streets and underutilised spaces to life through ‘Splash activations’, innovative partnerships, precinct-based activations and community-led ideas
  • Fair and equitable rates with a freeze of the rate in the dollar for the eighth consecutive year.
  • Financial sustainability and accountability by balancing the budget and building a surplus cash position for future generations.

As Lord Mayor, I have been working closely with Council members and the administration to return a balanced budget. At our April Council meeting, we made changes to the budget including the introduction of a $4.75 million target to improve the bottom line through reduced spending and increased revenue from our commercial businesses. This will significantly reduce our borrowings this year and even more so over the long-term.

City of Adelaide funding

We are taking a measured and strategic approach to our finances and we are continuing to invest in our city including with once in a generation projects like Eighty O'Connell Street in North Adelaide and the Central Market Arcade redevelopment known as Market Square to ensure that we can grow our way into recovery.

Artist’s impression of Market Square.
Artist’s impression of Market Square.

Nearly half of the City of Adelaide’s revenue comes from it’s commercial operations and like many city businesses, these were hit hard by COVID-19.

To build a strong foundation for long term financial sustainability, Council reviewed and reshaped its organisational structure, identifying permanent operational expenditure savings for the 2020-2021 financial year, and future years.

If the events of the past 12 months have taught us anything, it’s that we need to do things differently and be innovative with how we plan and deliver services for our community.

Artist’s impression of Eighty Eight O’Connell
Artist’s impression of Eighty Eight O’Connell

The Draft Long Term Financial Plan (LTFP) provides a ten year forecast for Council’s financial performance and assists Council in monitoring the City of Adelaide’s financial sustainability as well as Council’s ability to deliver services and maintain/upgrade the City’s infrastructure in a manner that is fair and equitable for current and future ratepayers.

The Draft Strategic Asset Management Plan (SAMP) guides Council’s future asset and infrastructure strategic goals and is the foundation for future Asset Management Plans. The City of Adelaide currently owns and manages approximately $2 billion worth of assets on behalf of our communities. These community assets range from significant structures such as roads and buildings through to park furniture and play equipment. These assets are a significant investment and require sound strategic management and planning.

The Draft Business Plan & Budget closed for consultation Monday 10 May, 9.00 am and the Draft Long Term Financial Plan and Draft Strategic Asset Management Plan closes Monday 31 May, 9.00 am.

I would love you to hear your feedback so please visit our Your Say page.


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