Free two-hour CBD parking has been revealed as one of the highlights in the City of Greater Geelong’s draft budget for next financial year.
The document was put forward at the Council meeting on Tuesday night, where it was also revealed the City will also hold off on borrowing for four years as it tries to bring down debt.
Geelong Mayor Stretch Kontelj said the free parking initiative was introduced in the budget, as Council focuses on improving Geelong’s CBD.
“This was a key initiative highlighted in our recent Geelong revitalisation forum, to make it easier for locals and visitors to support our vibrant CBD businesses.”
Cr Kontelj said Council showed great restraint in its spending over the next four years.
“The 2025-26 budget ensures we continue to deliver much-needed services and infrastructure for our community, while reducing our long-term debt.
“This will create the capacity we need to adapt economic challenges and opportunities in our city’s future.”
The draft document includes a rate increase of 2.5%, which is 0.50% lower than the 3.00% rate cap set by the State Government.
The City has also increased its project asset renewal spend to $315 million to make the most of existing infrastructure and facilities.
The four-year budget has been prepared with no further use of borrowings, this will hope to see the City’s debt reduce to $142 million by mid-2029.
Locals have been encouraged to give feedback on the draft plan, with submissions closing on May 21.
