Devonport City Council's 2023/24 Annual Report has been released today.
Mayor Alison Jarman said she is pleased to announce the release of the 2023/24 Annual Report, showcasing a year of solid progress, strong financial results, and strategic investments that continue to position Devonport as a leading regional City.
Cr Jarman nominated several highlights during the financial year, including Devonport being a key hosting site for the launch of Tasmania's AFL Team, the Tasmania Devils, the securing of funding for the Devonport Oval Sport Complex and the opening of the Sound and Light Show in the Waterfront Precinct.
"Devonport has been the place to be this past year. As a hosting site for the Tasmania Devils AFL Team launch, attended by the AFL CEO, Andrew Dillon and Devils President Grant O'Brien, through to the opening of the Sound and Light Show in the Waterfront Precinct, Devonport continues to demonstrate its ability to host significant events, and provide for wonderful opportunities and assets for its community and visitors alike, and showcases Devonport as a dynamic and innovative regional City," Cr Jarman said.
The Annual Report highlights Council's achievements over the past year, including a strong $14.1 million surplus from ordinary activities, an improvement of $4 million on the budgeted forecast. Importantly, the underlying surplus of $5.2 million reflects the City's steady growth and strong financial management. "This result underscores the positive impact of our strategic plans and the City's growth trajectory," said Cr Jarman. "It's encouraging to see Devonport's finances strengthen as we continue to invest in our community."
Devonport's status as an attractive investment hub continues to grow, bolstered by the release of the Devonport City Investment Prospectus. The prospectus highlights the City's vibrant port economy, which is currently growing 2% faster than the state GDP. A key success in the last year includes securing the $15 million Indie Educational facility, a project that will commence construction in late 2024 and serve as a new school and Tasmanian headquarters for the expanding organisation.
Council's net worth increased significantly by $211 million, reaching $868.2 million. This growth is predominantly due to new assets and land revaluation, demonstrating Devonport's expanding economic footprint. In line with its Long-Term Financial Management Plan, Council also reduced its total debt from $45.8 million to $44.7 million.
Council's capital works investment totalled $17.2 million this financial year, with the largest expenditure ($6.7 million) focused on the renewal and improvement of transport infrastructure. Key projects include the development of new shared pathways in Spreyton and Lillico Strait, as well as upgrades to Kelcey Tier Road.
Additionally, Council has invested $0.8 million in the paranaple Arts Centre Theatre to enhance Devonport's cultural scene. "These investments are about creating a City that people are proud to live in, work in, and visit," said Cr Jarman, "Our aim is to ensure Devonport remains a vibrant, attractive place for both residents and investors."
In line with its commitment to promoting a healthy and active community, Devonport City Council has secured funding for key projects within the Sports Infrastructure Master Plan. This $60 million investment will benefit seven major sports and support the City's capacity to host state and national competitions.
Council also contributed $1.5 million in unbudgeted grants toward the development of a new grandstand and corporate facility at the Devonport Soccer Centre, demonstrating its ongoing support for local sports clubs and facilities.
The report also highlights the success of the LIVING CITY urban renewal initiative, which over the past decade has revitalised Devonport's economy, strengthened its financial stability, and created new opportunities for residents.
Reflecting on Council's achievements, Mayor Jarman expressed her gratitude, "I would like to thank my fellow Councillors, the General Manager and our dedicated staff for their tireless effort and commitment to serving the Devonport community. Together, we are building a City that is not only growing economically but also fostering community pride and ambition."
Devonport City Council remains committed to innovation, improvement, and collaboration with stakeholders, partners, and the community to ensure the City continues to thrive.
Copies of Council's 2023/24 Annual Report are now available at Council's Customer Service Centre, Level 2, paranaple centre and on Council's website at www.devonport.tas.gov.au/council/governance/strategies-reports-publications/annual-report/
The Annual General Meeting will be held at 5.30pm on Monday, 28 October in the Aberdeen Room, Level 2, paranaple centre, 137 Rooke Street, Devonport. Motions for the meeting or submissions on the Annual Report are to be received by close of business on Tuesday, 22 October.
Registration to attend is requested and can be made by contacting Council at or on 6424 0511 by 12 noon on Monday, 28 October.
