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08 October 2021, 05:00 PM
Have your say on the Draft Capital Funds Allocation and Capital Project Prioritisation Policies
Colac Otway Residents are urged to have their say on the Shire’s draft Capital Funds Allocation and Capital Project Prioritisation Policies.
Council has prepared the two new draft policies to guide the way in which capital funds are allocated.
The Capital Funds Allocation Policy seeks to ensure that Council’s limited funds available for capital expenditure are utilised as efficiently as possible in accordance with the principles of best practice asset management.
For example: it recommends that Council’s priority is to meet its asset renewal obligations in accordance with Asset Management Plans, before funds are allocated to new assets. It also outlines a process for scoping and recommending projects for inclusion in the Capital Works Program, to ensure risks and costs are well understood.
The Capital Project Prioritisation Policy is referenced in the first policy and provides a framework for the prioritisation of upgrades or new infrastructure nominated for the Capital Works Program or external funding applications.
The policy defines a series of criteria and principles that ensure capital investment aligns to projects that best achieve the strategic objectives of the Draft Council Plan and Health and Wellbeing Plan.
The deadline for submissions is 2pm on Wednesday 6th October 2021.
Feedback can be submitted by email or in writing to PO Box 283, Colac 3250