Annual Report shows Toowoomba Regional Council is on a path of financial sustainability

Strong economic growth through responsible fiscal management remains key for the Toowoomba Regional Council as it adopted its 2017/18 Annual Report earlier today.

During the meeting, Mayor Paul Antonio spoke of the region’s impressive growth, which continued to improve, with the Gross Regional Product (GRP) rising $465 million this financial year.

“The most pleasing aspect is that this is consistent growth we are experiencing and not just a one off. The average growth has been more than 3.6% per year over the past 10 years,” he said.

“Local jobs also increased from 80,730 to 85,343 (up 5.72%), exceeding the state percentage increase for the fourth consecutive year.

“Our population trends tell a story of steady and manageable growth, with 50,000 new residents expected to call our region home by 2031.

“This year, we sought to strategically position ourselves for the next wave of economic growth with the launch of Bold Ambitions 2038.

“Developed in partnership with Toowoomba and Surat Basin Enterprise, the Queensland Government, Chambers of Commerce and all levels of economic advocacy, Bold Ambitions 2038 is a blueprint for enhancing the vibrancy, liveability and economic sustainability of the Toowoomba Region.

“Over the past seven years Council has invested $80 million into enhancing the Toowoomba Central Business District through our City Centre Masterplan.

“This year work commenced to transform the 120-year-old heritage-listed Toowoomba Railway Goods Shed into a first-class flexible space to attract commercial and cultural interests.

“A concept Master Plan was also approved for the upgrade of Cathro Park and Council’s vision of facilitating a vibrant laneway culture progressed, with the acquisition of 174 Margaret Street.”

During the 2017/18 Financial Year, Finance and Business Strategy Portfolio Chair Cr Mike Williams said Council delivered more than $300 million in operational services to the community in addition to a capital infrastructure program of $170 million.

“Importantly, we were able to implement these programs from revenue and reserves without the need for new borrowings,” he said.

“At a time when funding from higher levels of government is increasingly difficult to obtain, we have improved efficiencies and developed ways to deliver ongoing value for money for our residents.

“Our financial position is sound and we believe we have delivered the right balance between opportunity and stability; investment and affordability, while ensuring ongoing financial stability.”

As well as outlining Council’s financial position, the report which was adopted today, outlines a long list of Council’s achievements for the past 12 months.

Mayor Antonio said a local government’s responsibilities were varied but a well-planned and maintained infrastructure system was critical for success.

Some of the major city and region shaping projects over the past 12 months highlighted by the Mayor included:

Gross Regional Product rose by $465 million Launch of Bold Ambitions 2038 Official opening of the Toowoomba City Hall Auditorium and Annex Developed the Central Highfields Master Plan Invested $143 million in local roads, footpaths and cycleways including the City Golf Club Cycleway Was judged as having the best-tasting water in Australia Opened new waste facilities in Cecil Plains, Cooyar and Evergreen Commenced work to transform the 120-year-old heritage-listed Toowoomba Railway Goods Shed Gained international accreditation as an Australian Safe Community.

Mayor Antonio thanked his fellow councillors and staff for their work over the 2017/18 year.

For more information and to view a copy of the Annual Report visit www.tr.qld.gov.au/annualreport or contact Council on 131 872.