Toowoomba Regional Council has named Cressbrook Dam Safety Improvement Project (CDSIP) as its single highest priority in budget submissions to State and Federal governments.
In its recent budget submission, Toowoomba Regional Council has requested support of up to $200 million for the project.
Toowoomba Region Mayor, Geoff McDonald, said water security is critical for the region and a key focus of Council.
“Council’s budget submissions to Federal and State governments mirror each other in our request for support of up to $200 million,” Mr McDonald said.
“Council’s submission highlights that the CDSIP is the largest dam safety project undertaken by a Queensland local government to date and will cost approximately $270 million.
“It says that although Cressbrook Dam’s storage capacity will not increase, this is not routine maintenance and is clearly a betterment project with the objective of complying with Queensland Government regulations.
“The project will improve flood immunity from a one in 8000-year event to a one in 430,000-year event in accordance with current climate change estimations.”
According to Mr McDonald, despite careful financial planning, Council cannot carry the full cost of the Cressbrook Dam project alone without deferring the planning and delivery of other major projects and potentially reviewing the range and levels of essential local government services required to support a growing region.
“Council’s strong financial management has been acknowledged by the Queensland Treasury Corporation (QTC), particularly at a time when almost half of Queensland’s councils face financial concerns,” he said.
“However, even with prudent financial planning, the scale of this project requires external funding to ensure financial sustainability.
“Based on the current project Budget ($266.1 million), the additional cost to ratepayers for the Cressbrook Dam Safety Improvement Program remains at a present value of approximately $120 per year for every rateable property year-on-year without external funding support.*
“Additional financial support of up to $200 million is required to relieve the financial pressures on Council and the community.”
Mr McDonald said the funding would enable Toowoomba Regional Council to deliver the project while ensuring financial sustainability, which is vital to supporting the growing community in the future.
“Local governments across Australia are under immense pressure to balance growth with liveability while managing ageing infrastructure across our road, wastewater and water networks. Without external funding, a significant financial burden will be transferred to our community.
“While our Council acknowledges the criticality of this project, the resulting burden on the community will disproportionately increase cost-of-living pressures and significantly erode the benefits of the current Federal Government’s budget initiatives,” he said.
“Our ratepayers should not have to bear the full cost of this project, which ultimately protects landholders outside the Toowoomba region.
“Our Council needs fair, timely, and untied funding from the State and Commonwealth Governments to deliver the services and facilities our growing communities demand and deserve.”
* Present value definition – the value in the present of a sum of money, in contrast to some future value it will have when it has been invested at compound interest.
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