Fremantle city centre redevelopment to underpin Freo’s economic future

I appreciate that City of Fremantle budgets and finances aren’t the sexiest topic around and the principles of draft ten year financial strategy (2017-2027) accepted by Audit and Risk Management Committee this week is not going to be page-turning reading for everyone. But it actually worth a read.

The strategy makes confirms City of Fremantle finances  are in a strong position going forward.

The plan shows that the City of Fremantle over the next ten years has the ability to complete the Kings Square project, deliver balanced annual budgets, restore reserves to current levels, and to pay off all debt within 10 years of the redevelopment.

Importantly it demonstrates that ALL of above can be delivered with just CPI rate increases!

Not a bad outcome at all I reckon.

 

This good outcomes is because the recent wave of new investment and developments in Fremantle is set to steadily climb and deliver an estimated extra $5m annually to City’s commercial rates revenue by 2022

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.

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

The draft plan will be presented to full council on 24 May.

About Mayor of Fremantle Brad Pettitt's blog
City of Fremantle Mayor

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