The Long Term (Financial) Plan

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1 The Long Term (Financial) Plan Chris Champion CEO, IPWEA

2 Sustainably managing your Community ASSET MANAGEMENT PLAN Services required, how provided & funds required FINANCIAL SUSTAINABILITY $$$ LONG TERM FINANCIAL PLAN How services are to be funded

3 NAMS.PLUS / LITE 3

4 AIFMG > LTFP PN

5 Municipal Government is asset rich and revenue poor

6 You manage more assets relative to income than other govts

7 You cannot manage long lived infrastructure from year to year

8 You need a long term sustainable plan for your community

9 3 steps to ensure sustainable service levels develop plan frame strategy target indicators

10 Develop 10yr long term financial plan

11 Accrual accounting principles importantly include depreciation

12 AM Plan projections minimising whole of life costs input into LTFP Expenditure Projections from Asset Management Plans Valuation Projections from Asset Management Plans

13 Your LTFP will have a strategic focus $Y1 $Y2 $Y3 $Y10 Revenue x 1 x 2 x 3 x 10 Expenses y 1 y 2 y 3 y 10 Capital Works z 1 z 2 z 3 z 10 Avail/needed cash a 1 a 2 a 3 a 10 Financial Perf Indicators b 1 b 2 b 3 b 10 Financial Perf targets c 1 c 2 c 3 c 10 where targeted performance is not projected to be achieved the plan should be revised Less 20pp Narrative overview Not too detailed Iterative process Year 0 Last FY Year 1 Budget

14 Document your key assumptions Rate of growth or decline will impact operating revenue & expenditure Mandated or discretionary service levels changes assumed Relative price variations over time use trend estimates; focus major outlays Use of real (net of inflation) values inter-year comparisons more meaningful Changes in revenue beyond your control

15 Frame your plan within a clear financial strategy

16 Target small underlying operating surplus on average over time Operating Result = Operating Revenue Expenditure Less Operating Include depreciation not Capital Outlays

17 Ongoing operating deficits imply running your assets down Taxes & charges less than cost of service Current policies & LOS unsustainable

18 Renewing or replacing ageing assets add little operating costs Acquiring new assets will! Depreciation not significantly different Operating & maintenance costs may decrease

19 Monitor projections against target financial indicators

20 $Y1 $Y2 $Y3 $Y10 Revenue x 1 x 2 x 3 x 10 Monitor Expenses y 1 y 2 y 3 y 10 projections Capital Works z 1 z 2 z 3 z 10 against target Avail/needed cash a 1 a 2 a 3 a 10 financial Financial Perf Indicators b 1 b 2 b 3 b 10 indicators Financial Perf targets c 1 c 2 c 3 c 10 where targeted performance is not projected to be achieved the plan should be revised

21 AIFMG s recommend you monitor 8 financial indicators 1. Operating surplus 2. Operating surplus ratio 3. Net financial liabilities 4. Net financial liabilities ratio 5. Interest cover ratio 6. Asset sustainability ratio 7. Asset consumption ratio 8. Asset renewal funding ratio

22 AIFMG s recommend you monitor 8 financial indicators 1. Operating surplus 2. Operating surplus ratio 3. Net financial liabilities 4. Net financial liabilities ratio 5. Interest cover ratio 6. Asset sustainability ratio 7. Asset consumption ratio 8. Asset renewal funding ratio

23 AIFMG s recommend you monitor 8 financial indicators 1. Operating surplus ratio % operating surplus/deficit varies from major controllable income source 2. Net financial liabilities ratio The significance of net amount owed (i.e., less money held, invested or owed to entity) compared with period s income 3. Asset renewal funding ratio Ratio NPV of asset replacement funding accommodated in 10yr plan relative to NPV capital renewal expenditures

24 Monitor projections against target financial indicators

25 Monitor projections against target financial indicators

26 Undertake sensitivity analysis of variation in assumptions & inputs

27 Undertake sensitivity analysis of variation in assumptions & inputs

28 Responsible use of debt is equitable even if sustainable Use to purchase new or upgraded assets Fund peaks in asset renewal LTFP helps understand capacity to borrow & implications

29 Review & revise your plan annually

30 Manage the gap (not just funding the gap) Understanding impact new assets Better asset information Timely maintenance Improved work practices Disposal of assets Alternative service delivery Lower levels of service Innovative solutions

31 You need long term plan to sustainably manage long lived infrastructure

32 3 steps to ensure sustainable service levels develop plan frame strategy target indicators

33 Ensuring adequate investment in community infrastructure

34 Sustainable infrastructure supporting viable communities

35 IPWEA resources to assist Community of Practice in AM IPWEA App Australian Infrastructure Financial Management Guidelines LTFP Practice Note coming soon

36

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