How does Council fund its parks and recreational facilities?
Funding for our parks and recreational facilities is derived from general rate revenue, government grants and contributions by developers, which we collect and hold in an Open Space Reserve fund.
About Council’s Open Space Reserve
We have an Open Space Strategy which requires developers to contribute funds towards the provision of open space for the community.
The Yarra Planning Scheme prescribes developers contribute 4.5% of the value of the land that is being developed to Council , or pay the equivalent amount in dollars to the Council for either purchase of land for open space or capital improvements of existing open space.
These monetary contributions are held in the Open Space Reserve in Council’s financial accounts, which are then used for:
- the creation of new open space and recreational facilities
- upgrading of open space and recreational facilities
- the renewal or improvement of open space and recreational facilities
How does Council allocate the funds it collects?
In June 2016, Council adopted a Public Open Space Requirement Policy to guide how funds collected in the Open Space Reserve are spent.
Open space projects that meet the criteria outlined in this policy are identified, prioritised and considered through our annual budget process.
View the Public Open Space Requirement Policy.
How much money has Council collected in the Open Space Reserve?
As per Council’s audited annual reports, between 2010 and 2017, Council has collected $29.452 million in developer contributions to the Open Space Reserve:
What projects has Council funded from the Open Space Reserve?
As per Council’s audited annual reports, from 2010-2017 Council has funded a number of open space / recreational facility projects.