Victorian Auditor General Office released the Results of the 2017/2018 Audit: Local Government report in December 2018.
The Local Government Sector in Victoria collected $10.66 Billion in revenue during the 2017/2018 financial year and spent $8.49Billion on operating expenditure.
One of the observations reported is that "The sector continues to show declining asset renewal and maintenance indicators, which can lead to increased asset management costs, disproportionately borne by future ratepayers, or lower service levels."
One of the recommendations made by VAGO is that Councils "develop asset management strategies through consultation with the community and prioritise asset maintenance and renewal while making sure they are financially sustainable in the long term."
Read the full report at this url https://www.audit.vic.gov.au/report/results-2017-18-audits-local-government