Sydney budget delivers sustainability / financial security Sydney budget delivers sustainability / financial security

The City of Sydneys draft 2008/09 Budget proposes one of the largest capital works programs ever planned by the City and an increased operating surplus.

"The 2008/09 budget projects a healthy and sustainable operating income of $384.3M with an increased operating surplus of $80.6 million (up from $71.8 million budgeted in 2007/08), with $187 million allocated for 152 capital works projects including many large projects nearing completion,"City of Sydney CEO Monica Barone said.

"We are now in the final stages of major community projects such as the Glebe Point Road upgrade, Redfern Park upgrade and the Surry Hills Library and Community Centre. The City is also looking forward to commencing the Sustainable Sydney 2030 vision and continuing critical environmental sustainability projects."

The draft Budget also forecasts cash reserves at June 2009 of $297M putting the City in a financially secure and healthy position.

The City will not apply for a rate increase above the State Government 3.2% cap and is committed to maintaining rate exemptions for eligible pensioners.

City of Sydney CEO Monica Barone said the Citys draft 2008/09 Budget delivers on key priorities to improve village liveability with new trees, footpaths and cycleways:

• $38.4 million to improve the liveability of the Citys villages with new footpaths, roads and $20m towards new separated cycleways, a cycling in the city program and plans to map the regional bike network;
  
• $11.7 million for trees, parks and pools with $1M allocated for new trees in our villages and a $7.5M to maintain and create new green open space
  
• $23 million for cleansing and waste, a new Waste Management Strategy, improved recycling and a roll out of new recycling bins for residents.

The Sustainable Sydney 2030 strategy will be finalised in the upcoming financial year and work undertaken on some of its key projects including an Indigenous Cultural Centre and walk called "Eora Journey", activation of some CBD laneways to become vibrant, social hubs, research on green infrastructure and urban design.

A sustainable asset manager will be recruited to ensure all new capital works projects meet the highest standards of sustainable design to continue the Citys green commitment.

Major capital works projects include:

• Sydney Town Hall facade and internal services upgrade
  
• Construction on the Water Police Site
  
• Upgrading Glebe Point Road, Glebe
  
• The Surry Hills Community centre and new library
  
• Upgrade of Prince Alfred Park in Surry Hills
  
• The new Redfern Park and Oval
  
• Upgrades to Sydney Park

Local economies and employment will be strengthened with precinct business plans, business support grants and support for small businesses in the City and its villages.

The City will provide an additional $1.2 million in grants and sponsorship for community, arts and cultural events in 2008/09.



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