Logan Budget: Low rates, quality of life and CBD strategy
Published: 26 June 2017
Logan City Council today adopted its Budget for 2017/2018, building on financial stability and delivering for the city’s lifestyle, growth and future.
City of Logan Mayor Luke Smith said the $779 million budget focussed on future-proofing the city by committing to fund the Corporate Plan to 2022.
“We’ve set the bar high in believing we can become the next CBD in South-East Queensland and this vision is well founded,” Mayor Smith said.
“Since the release of our last budget, property values have gone up between 16 and 18 per cent. Development applications are up by 38 per cent. We’ve seen an additional 12,500 residents in work and our unemployment rate has dropped by 2.5 per cent.
“It will take bold steps to fire up investment and business growth – and that’s what this budget stands for, a better future for our city and our residents.”
New initiatives include:
- $6.6 million for the development of Cronulla Park sports facility, Slacks Creek;
- $5.2 million to progress design and site selection for two water parks;
- $5 million to turn Springwood into a major economic hub;
- $1.3 million for a new Innovation and City Transformation Directorate; and
- $900,000 for advocacy to lobby for better roads infrastructure and digital connectivity.
City Treasurer Cr Trevina Schwarz said the City of Logan was in a strong and secure financial position, with a forecast operating surplus of $14.4 million.
“Despite costs associated with flood recovery from ex-Tropical Cyclone Debbie, we’ve been able to make an early repayment of $36 million to the Queensland Treasury Corporation,” Cr Schwarz said.
“With these interest savings, we’re able to invest more into infrastructure and services, and limit our rate rise to 1.7 per cent, which is below Brisbane’s Consumer Price Index (March) of 1.8 per cent. For the majority of Logan’s ratepayers, this equates to just $43.70 a year, after discount, or 84 cents per week.
“To be specific, we now own 97 per cent of our $5.9 billion in assets, with around 3 per cent supported by debt.
“In a household perspective, Council’s borrowings are equivalent to owning a $400,000 home with a mortgage balance of just $13,000. Logan is the envy of many other local governments.”
Business and community leaders will hear more about the Budget at a breakfast addressed by former Prime Minister John Howard on Tuesday 27 June.