Why is Council considering borrowing for this project?
The $36.68M in state and federal government funding may provide our one and only opportunity to deliver an aquatic centre for this and future generations. Returning this funding could also make it harder to secure funding for future projects.
Borrowings allow costs to be shared over time. It means future generations can help fund facilities they’ll use.
Our loans and borrowings ratios will remain within the limits set by Council in the 10-Year Financial Plan and Council’s Borrowings Policy with the proposed new borrowings.
Why is the pool costing more than planned?
Consultants with specialist industry knowledge have been guiding our project planning, however building costs continue to rise beyond all expectations owing to inflationary pressures.
Quantity surveyors assessed the project design in December 2023 and at that time determined the project cost would be in line with the project budget. When we went to market, the results came back significantly higher in the space of three months.
Why didn’t Council alter the existing budget, rather than begin a separate process to revise it?
We received the final costings after the draft budget had been released for engagement.
We needed to have a budget in place to start the financial year, so Council needs to consider this proposed change separately.
How much funding has been committed so far?
So far $46,799,111 has been allocated to the project, which includes:
- $20M from the Australian Government.
- $16.68M from the Victorian Government.
- $2.269M through interest earned on grant funding.
- $7.85M, which Council has previously committed.
The Victorian Government will fully fund stage two of the centre. The amount is to be confirmed.
To receive this amount of government funding support for a project is very rare for councils and unlikely to happen again.
What facilities would the Surf Coast Aquatic and Health Centre have?
- An indoor 25m pool for lap/squad swimming, learn to swim and leisure.
- An indoor warm water pool for learn to swim, exercise, hydrotherapy and leisure.
- Gym and programs spaces.
- Allied health suites.
- Café and supporting amenities.
What benefits would the centre bring?
- Health, fitness and wellbeing benefits for people of all ages and abilities, which lead to better community outcomes and reduces the burden on our health system.
- Providing social interaction opportunities, which encourage people to connect with others.
- Boosting water safety skills, especially for those taking part in learn to swim classes. Australia has seen a spike in drowning deaths in recent years – figures remain above the 10-year average (Royal Life Saving Aus report) - so this has never been more important.
- Providing rehabilitation and wellness facilities.
When is construction expected to start and finish (pending funding)?
Works are expected to start later this year and be completed in 2026.