Where will any extra funds be spent?
In reviewing its financial sustainability, Byron Shire Council has established an internal Infrastructure Renewal Reserve (IRF) fund.
The fund will quarantine funds raised from any development of its property portfolio, along with other new revenue sources identified in Council's Financial Sustainability Strategy, to help fund infrastructure upgrades in roads, drains and public spaces.
Our roads need upgrades and resealing and the establishment of a funding reserve will put the focus clearly on building a funding source for priority works. When grant funding from the state and federal governments becomes available, it often comes with the need for Council to commit one dollar for every grant dollar. An infrastructure fund will allow us to have funds available to meet and access grant funding programs for priority works.
The rationalisation and review of Council's property portfolio will not be a 'fire sale'. Council will be reviewing each site individually to see where it can value add and capitalise on the property.