FAQs
What is a Long Term Financial Plan?
The purpose of a long-term financial plan is to express in financial terms the activities that the Council proposes to undertake over the medium to longer term to achieve its stated objectives.
It is similar to, but less detailed than the Annual Budget and helps guide Council’s future actions depending on the longer-term revenue and expenditure assumptions. It provides guidance and as such Council is not bound by the assumptions included within it.
How often is the Long Term Financial Plan updated?
A Long Term Financial Plan must legislatively be updated within 2 years of the local government election. City of Mount Gambier Council has decided to update its Long Term Financial Plan annually.
What is the difference between Operating and Capital Revenue/Expenditure?
The Operating Result - Revenue received and expenditure incurred by Council in the course of its normal operating (non-capital) activities. The Operating income received by Council includes items such as rates, user charges, specific operating grant revenue, and expenditure salaries and wages, utility and administrative costs.
The Capital Expenditure/Revenue – Is the amount of money Council will invest in the creation of new assets or the renewal/upgrade of our current assets. Associated revenue can include grant revenue supporting the delivery of capital projects.