Changes to ‘S94’ funds: For decades Councils have been collecting funds for developers for the provision of new community facilities that will be needed because of increased development. This was a long and complex process. Funds could be collected for a variety of facilities such as open space, footpaths, local roads, childcare etc. Council was required to develop a plan for each type of facility. Any development had to be directly identified as requiring a specific facility. Funds collected in one area could not be used in another area.
A big problem was that typically a single development did not generate enough funds to for the building of a specific facility. It takes literally years for enough money to be collected before Council improvements are fully funded and can start. In the interim, the collected funds sit in trust fund accounts (the money cannot be used for any other purpose) collecting interest (sometimes).
The government is reviewing its legislation to make it easier for Councils to spend the monies they have collected. We could see monies collected for a facility in West Ward allocated to a project in Artarmon etc.
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