The City of Sydney will invest almost $1 billion over the next 10 years on major projects, including building a low-carbon energy network, transforming George Street, a new town centre for Green Square and revitalising parks, pools and cultural centres across the city.

 

Twenty-one major projects are due for completion in 2012-13 and more are in the pipeline as the City pursues its Sustainable Sydney 2030 action plan for a green, global and connected city.

 

"The City has once again delivered a balanced budget with no debt that places us in a strong financial position over the next decade," Lord Mayor Clover Moore MP said.

 

"We will be investing close to one billion dollars over the next ten years on projects both big and small to strengthen Sydney's reputation as a leading global city - renowned for its lifestyle, economy, tourism, sustainability, open space and cultural life.

 

"Our research shows people choose to work, set up a business and visit Sydney for many of the same reasons they choose to live here, so making our city work for residents is just as important as making it work for business and visitors.

 

"It's our high-quality parks, healthy environment and diverse cultural life that attract people, but it's critical our transport network and infrastructure also support growth.

 

"The City has a long term-plan (Sustainable Sydney 2030) that outlines how we will tackle these critical issues and I'm pleased to report that we are well on track to meeting our goals."

 

Major projects worth $864 million scheduled for the next 10 years include:

 

  • $303 million for infrastructure, a health and recreation centre and other community facilities at Green Square;
  • $233 million for green infrastructure development including trigeneration and photovoltaic power, LED street lighting and stormwater and waste management in the city centre and Green Square;
  • $180 million for the pedestrianisation of George Street to support the introduction of light rail and provide better opportunities for business;
  • $113 million for refurbishing and enhancing libraries, child centres and other community facilities; and
  • $35 million for the redevelopment of Perry Park in Alexandria, including a new sporting precinct.

 

 The City will also invest an additional $894 million on ongoing programs that include:

 

  • Footway reconstruction; 
  • Pedestrian cycling and traffic calming;
  • Road reconstruction and stormwater management;
  • Planting trees and improving parks; and
  • Upgrades to make the city more accessible.

 

There are 21 major projects due for completion by mid 2013, including:

·         The restoration of the Eternity Playhouse;

·         Revamps of the Glebe and Paddington Town Halls;

·         The rehabilitation of the former Royal South Sydney Hospital site;

·         Coulston Street pedestrian link to Sydney Park;

·         Fitzroy Gardens refurbishment; and

·         A pedestrian lift at McElhone Stairs, Potts Point.

 

The budget forecasts that the City's operating income will rise from an expected $450 million in 2011-12 to $467.3 million in 2012-13, due mainly to rates, domestic waste charges and gains from the City's property portfolio.

 

The increases is despite the rising cost of the City's operations, which are forecast to grow to almost $368 million in 2012-13, up from $340 million in 2011-12. The increases reflect additional staff employed to progress the City's priority projects and programs, together with rising property and infrastructure maintenance costs and increasing charges from government authorities.

 

Sydney rates will increase incrementally across the board, reflecting the recommendations of the Independent Pricing and Regulatory Tribunal (IPART), but exemptions will still remain for pensioners who don't pay rates if they live in the City of Sydney local government area.

 

Under the recommendations, average household rates will increase by $14 a year ($605 to $619). For businesses average rates will increase by less than $300 a year in the inner city ($16,008 to $16,297) and less than $200 a year for businesses outside the city centre ($5,609 to $5,807).