supporting new and existing businesses to prosper regardless of macroeconomic cycles;

Transcription

1 Lake Macquarie City Economic Development Operational Plan

2 Message from the CEO The Lake Macquarie Economic Development Company Ltd, trading as Dantia has been established by Lake Macquarie City Council because city leaders are profoundly aware of their responsibility to create and maintain a truly livable City, where people thrive. Such a place is one where people choose to: invest and work; create homes; play and rest. Dantia is an innovative company in the Australian cities revitalization and development landscape. The company has been assigned the stewardship to lead, grow and build the City s economic base which is essential to create an enduring foundation for a livable city. Lake Macquarie Economic Development Company notes that the Economic Development Strategy remains wholly consistence with the City of Lake Macquarie s Strategic Plan , Council s Lifestyle 2030 plan and the Draft Community Strategic Plan. The Board and management remain passionately committed to leading Lake Macquarie City s economic growth and development agenda. In FY 2018, Dantia s operations will move into a phase focused on: supporting new and existing businesses to prosper regardless of macroeconomic cycles; attracting a diverse range of employee hungry industries and business; and advocating for planning processes and infrastructure that drive investment toward the City. Regarding existing industries and businesses, FY2018 will see Dantia working to understand and leverage their capability as well as challenges to growth. We will find and create opportunities to assist industries and businesses to grow their capability and results. Dantia will also be actively identifying areas of new opportunity in the city and seek out and support business from the market interested in commercializing those opportunities. We will also work with key stakeholder to find innovation in planning processes aimed at enhancing public and private sector productivity and reducing the time it takes to deliver economic and employment driving opportunities This Operational Plan articulates the drivers, actions and outcomes for the forthcoming FY2018. The Board and team at Danita look forward to reporting on the achievements arising from this Operational Plan. Peter Francis Chief Executive Officer 02

3 Contents 04 Economic Development Strategy Ongoing - Strategic platform 06 FY Operational plan 07 FY Industry-targeted operational plan 08 FY Key performance indicators 09 FY Governance and management operational plan 03

4 Economic Development Strategy Vision Lake Macquarie City is recognised as a competitive, prosperous and dynamic regional economy in which innovation, investment and business enterprises thrive and are welcome. Mission Dantia will work with business, government, the community and other partners to advance the sustainable economic prosperity of Lake Macquarie City. Values and principles Lead conversation regarding economic development Strategically pursue economic and employment growth Collaborate with all stakeholders Embrace innovation and change Be inclusive and transparent Provide networks and pathways for success Deliver best-practice in corporate governance Objectives Market Lake Macquarie City capability as a valued location for commercial investment. Facilitate new businesses investment and employment for Lake Macquarie City. Facilitate and support the growth of existing businesses. Represent and promote the interests of the business community to improve investment and employment for Lake Macquarie City. Facilitate partnerships with Government and businesses to attract investment for Lake Macquarie City infrastructure, existing and new businesses. 04

5 Ongoing - Strategic platform Dantia has identified four drivers that underpin the City s economy growing: identity, investment, infrastructure and innovation. Identity Articulate and promote the City s existing business and investment credentials Leverage the City s relevant strengths including geographic, demographic, infrastructure, natural assets and local government administrative support Differentiate the City from other eastern seaboard regional locations Elevate awareness, relevance and importance of the City s existing and potential economic contribution to regional, State and Commonwealth economies Generate awareness and engage business to stimulate their interest for investing and creating jobs in the City Consult on economic development imperatives and provide briefings to the public and private sectors Investment Infrastructure Innovation Ensure business (private and government) have transparency to all areas of investment opportunity in the city Facilitate and assist new and existing business growth projects for the City to achieve positive feasibility assessments and progress to formal planning stages Partner with the Council to establish clarity and consistency of the planning process as it relates to business Monitor approved projects delivery of investments and job creation outcomes Work with the community to create a culture that supports and welcomes sustainable business investment Target diverse industries to create economic resilience for the City (avoid dependence on a single industry) Work with business to validate infrastructure barriers/opportunities relevant to economic development Work with Council to identify and plan infrastructure and strategic land use opportunities within the City Facilitate collaboration between government, business and service providers to prioritise and deliver infrastructure such as: land, telecommunications, parking and transport to stimulate economic growth Encourage infrastructure delivery in a timely manner to support economic development and population growth Facilitate collaboration between industry businesses and educational institutions as drivers of innovation Foster creativity, diversification, collaboration, innovation and digital economy as enablers of economic growth Encourage renewal and revitalisation of urban and town centres Encourage creative and forward-thinking land use planning to facilitate innovation 05

6 FY Operational Plan Drivers Identity Actions Identify and engage with landowners, existing businesses and government departments to understand the benefits of the Lake Macquarie City location, challenges/needs and growth plans. Utilise industry and high profile events to engage with existing and potential investors. Develop investment prospectus and targeted marketing to: o promote opportunities for entry and investment in the city; and o Dantia s role in facilitating that entry and investment. Outcomes Develop knowledge of City value proposition by industry and location Prepare market relevant material to build awareness of the City s value proposition Investment Infrastructure Engage with the City to articulate strategic land use planning vision and areas of readiness and opportunity. Identify and/or facilitate organisations seeking to enter and invest in the City. Identify and/or facilitate existing organisations seeking to grow their business in the City. Lead initiatives that create mutually productive partnerships between the City, existing and new businesses. Collaborate with Hunter Development Corporation to utilise the Integrated Infrastructure Planning Tool to identify and investigate opportunities. Identify and recommend prioritisation of key infrastructure projects across the City and integration with Regional Infrastructure Planning. Identify accelerated funding solutions for priority infrastructure projects. Define the location of viable investment opportunities New investment interest and/or commitments secured Improved competitiveness and resilience of the City and its businesses Reduction of opportunity costs Assess usefulness of IPT Infrastructure needs prioritised and funding options developed for near term needs Innovation Consolidate the commercial performance of Dantia Smart Hub. Facilitate engagement between industry / business and educators and Government to support commercialisation of innovation ideas. Create a collaborative environment that promotes creativity and commercialisation of new ideas 06 Contribute to City s Smart City concept and initiatives.

7 FY Industry-targeted operational plan Industry Engineering and manufacturing Logistics Tourism Actions Engage to understand sector participant s key issues and opportunities. Assist council to deliver transport infrastructure to activate key industrial zones. Facilitate innovation in the industry by creating industry and education collaborations. Engage to understand sector participant s key issues and opportunities. Contribute and monitor outcomes of the National Supply Chain planning study (road, rail and ports). Leverage attendees and sponsors at high profile events to: o Introduce Lake Macquarie; and o Improve existing businesses performance. Collaborate with Council and relevant industry bodies to identify entry and investments that support the City s destination management plan. Retail and commercial Identify strategic commercial and industrial land development opportunities and market these to existing and new investors. Provide and leadership and support to Lake Macquarie Business Limited. Understand and market the opportunities for development in each of the town centres. Education Understand and support education providers growth plans. Facilitate links between education and business to drive innovation and commercialisation of ideas and local invention. Facilitate initiatives through the Dantia Smart Hub. Health Understand and support public and private healthcare investors development planning. Support expansion of the helicopter rescue capability and associated services. Engage to understand sector participant s key issues and opportunities. Power Generation, Mining and Construction Identify initiatives that could yield City wide benefits. 07

8 FY Key performance indicators The following key performances indicators measure Dantia s annual delivery of the strategic plan Key performance indicators Target Identity Targeted reach of marketing information, documents and programs Number of initiatives including business/industry events facilitated or presented 120,000 Base 250,000 Good 500,000 Very good 5-8 Base 9-14 Good 15+ Very good Investment Infrastructure Number of potential business, government, not-for-profit and individual contacts and conversations conducted The number of business and/or government departments that have expressed an interest in locating to Lake Macquarie City The number of business and/or government departments that locate or establish in Lake Macquarie City The number of existing businesses that have been assisted to invest in growth and development Number of jobs directly and indirectly created by initiatives (as detailed above) Value of actual delivered investment initiatives (as detailed above) Potential total city wide economic return independently calculated (as detailed above) External Funding attracted using existing funds as leverage Number of Infrastructure projects, relevant to economic development identified, endorsed and/or supported by the Lake Macquarie City Base Good 100+ Very good New 3-5 Base 6-8 Good 9+ Very good 3-5 Base 6-8 Good 9+ Very good Base Good 200+ Very good $20m-$49m Base $50m-$99m Good $100m+ Very good As calculated $50,000 Base $100,000 Good $200,000 Very good 1-2 Base 3-4 Good 5+ Very good Base Good 100+ Very good Existing Base Good 90+ Very good Base Good 200+ Very good $1m-$2m Base $3m-$5m Good $6m+ Very good As calculated 08 Innovation The number of initiatives and businesses that have been assisted to innovate, undertake R&D, enter export programs, etc Base Good 50+ Very good

9 FY Governance and management operational plan Actions Board and Committees Maintain two seats on the Board for the Mayor and General Manager of Council Review board membership to include capability across range of industries Update pecuniary interest register Audit and Risk and Remuneration committees to establish annual agenda Management and Compliance Recruit and retain Chief Executive Officer Review and update company policies and delegations to current standards Refocus the business activities to align with: The Company s Constitution; the fouryear; and this one-year Operational Plan Undertake review and give effect to appropriate insurances Review and update the company s records and project management systems Maintain obligations under the Corporations Act 2001 (Commonwealth) and any other laws applicable to operations Finance and employees Review the Funding Agreement with Council and initiate renewal to meet Council budget planning timetable for the FY commencing 1 July 2018 Review and as required update financial accounting and management policies and procedures and undertake strategic taxation planning to maintain legal compliance Review expenditures to ensure consistent with standards acceptable to the semigovernment sector Review employee s agreements and/or awards and monitor statutory and superannuation guarantee obligations Reporting Proactively participate and implement findings of external Audit of company performance Complete and present to LMCC Strategy Update and Annual Operational Plan by 30 April as per KPI s Complete to LMCC the Annual Report Part A by 31 Aug and Annual Report Part B by 31 Oct Perform activities in a manner consistent with the expectations of the City s community in respect of an entity largely funded with public funds 09

10 Contact Peter Francis CEO, Dantia Lake Macquarie Economic Development Company