Project funding planning
Willoughby City Council is a Local Government Authority of New South Wales and governs a population of about 63,000 people and estimated 27,000 households.
Located 8.5 kms from the Sydney CBD, Willoughby City includes the suburbs of Artarmon, Castlecrag, Castle Cove, Chatswood, Middle Cove, Naremburn, Northbridge and Willoughby, as well as parts of Gore Hill, Lane Cove, St. Leonards and Roseville. The city has a total land area of 23 sq kms which includes over 190 kms of road and nearly 20 kms of harbour foreshore.
According to the Willoughby City Council Customer Satisfaction Survey, as a Local Government Authority Willoughby City Council is rated highly, not only by the community that it serves but also by other local, state and federal government agencies.
Willoughby City Council’s current financial position is sound. It is anticipated that this position will continue well into the future. The adopted expenditure budget for 2008/09 is $123,144,600.
Project costs and revenue have been updated over the subsequent 4-5 years since the original funding plan was prepared. Costs have increased to accommodate additional floor area and facilities required by the community as a result of feedback received from the Masterplan Exhibition, and the relocation of the Civic Hall and rehearsal spaces to the main site. The Masterplan had proposed that these facilities would be provided by the private sector, with payment made by a reduction in the price paid for the land on which they were to be built. Conversely as the Archer Street Precinct was offered to the market as an unencumbered site, a significantly higher price was achieved.
Increases in revenue to meet the additional costs have been found through achieving higher than planned prices in asset sales and other sources of income.