11th May 2017.
The City of Fremantle’s Audit and Risk Management Committee this week approved the principles of a draft ten year financial plan (2017-2027) which confirms the City has the ability to deliver its portion of the $270m redevelopment of the Fremantle city centre with CPI-based rate increases and without a need for future sale of income generating assets.
The long-term plan was also developed to deliver balanced annual budgets and restore reserves to current levels (~$20m) within the ten year period of the plan.
Fremantle Mayor Brad Pettitt said the draft plan included the City’s largest capital works program in its history to deliver a renewed city centre and strengthen the City’s long-term financial position.
“The redevelopment of Kings Square is a major long-term investment in the economic future of Fremantle and the revised financial modelling which includes the latest information on Kings Square costs demonstrates this,” Mayor Pettitt said.
“This year the most important Fremantle capital works program in a generation will commence, delivering 2,000 new workers to Freo and injecting more than $350m into the local economy.
“Before this investment in the Fremantle city centre there was a serious fear Fremantle was on an unsustainable economic trajectory. The City committing to the catalyst Kings Square project in 2013 has renewed investor confidence and has been a major contributor to the $1.3b development boom we now see in Freo.
“We’ll be prioritising the Kings Square development over the next two financial years and adjusting budgets accordingly, but importantly our long-term plan demonstrates the ability to deliver this project based on CPI-based rate increases,” Mayor Pettitt said.
The total estimated project cost for the new library, civic and administration building is $50m.
The draft plan will be presented to full council on 24 May.