Draft Parks and Playgrounds Asset Management Plan

6. Financial Summary
6.1    Financial Statements and Projections
Council’s parks and playgrounds play a vital role in the services provided to the community across
the Noosa Shire. There is approximately 2000 parks and playground assets on Council’s financial
register considered in this Asset Management Plan (AMP). These assets have a current
replacement value of $25, equating to approximately 2% of Council’s financial assets.

The capital, operational and maintenance expenses for parks and playgrounds make up
approximately 3% of the $94m annual budget. The capital works program fluctuates from year to
year, however, the 2022/23 capital works program the capital investment of $1.5m for parks and
playgrounds equates to 5% of the $29.5m capital works program.

The annual operating plan details the financial statements and projections associated with the
operational and maintenance expenses for the services the parks and playgrounds support on an
annual basis. The capital investments including renewals, upgrades and expansions are highlighted
in the annual capital works program which is reflected in the 10-year capital works program.


6.2    Funding Strategies
The immediate improvements to funding requests for maintenance and renewals in the budget
process are now evidence based and are supported from the condition assessments that have been
carried out.

The funding strategy, key assumptions, reliability and confidence levels are detailed in the Council’s
long-term financial plan. More detailed funding strategies that promote the long-term sustainability
of the parks and playgrounds will be further developed and defined in future asset management
plans.


6.3    Budget Forecasts
Budget forecasts will continue to be developed as information is captured and reported from the
Technology One (T1) financial system. Through the annual review of actuals, maintenance and
renewal activities against budget will initiate further development and identify trends that are
reportable and reflect future year forecasts. The development of the Walking and Cycling Strategy
will impact the current budget forecast within the AMP, based on the proposed upgrades, expansions
and new pathway and boardwalk infrastructure identified within the strategy. When the Walking and
Cycling Strategy is adopted by Council this plan and the budget forecast will be updated to ensure
the AMP and the Walking and Cycling Strategy remain aligned.

Figure 6 below identifies the current forecasts for the operational, maintenance upgrade and renewal
expenses to demonstrate the whole of life costs over a 10-year period for the parks and playgrounds
by program, in the amount of $79m. There will be further asset renewal, upgrades and maintenance
activities to be developed over coming years that will influence this current forecast. To achieve good
asset knowledge of all parks and playgrounds assets it is important to continue with undertaking
asset data reconciliation and physical condition assessments to make well informed asset decisions.

The parks and playgrounds assets have varying useful lives for the asset classes maintained by
Council. The parks and playgrounds useful lives vary, based on construction, material type and have
estimated lives between 10 – 60 years.




Asset Management Plan: Parks and Playgrounds                                                   Page 18