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.
The Council has endorsed its 2012-15 Budget for public exhibition and Lord Mayor Clover Moore said the City has "once again delivered a balanced budget with no debt that places us in a strong financial position over the next decade."
According to the Council, twenty-one major projects are due for completion in 2012-13, with many more in the pipeline as the City pursues its long-term action plan for a green, global and connected city.
"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," Cr Moore said.
According to the Council, 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.
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.