Under the Maintain Services option, the Council will be able to catch-up from the 12.1% inflation increase over the last two years by increasing rates by 12% from 1 July 2024 (including via a Special Rate Variation application to the NSW Government).
In addition, Council will be able to accumulate modest funds for community projects and asset renewal, and have a buffer against future financial shocks, extreme weather and growth.
At the same time as seeking this rate rise, and to reduce impacts on ratepayers, the Council will also commit to find $1m worth of cost-cutting and $1m worth of new revenue sources in 2024/25. Without these commitments, the rate increase could be 3.7% higher.
Average rate changes in 2024/25 under the Maintain Services option
Residential
Business (general)
Business (CBD)
Yearly
Weekly
Yearly
Weekly
Yearly
Weekly
Existing average rate in 2023/24
$1,088
$20.92
$6,524
$125.46
$7,803
$150.05
Increase due to rate peg (estimated 3.5%)
$38
$0.73
$228
$4.38
$273
$5.25
Increase due to SRV (estimated 8.5%)
$92
$1.76
$555
$10.67
$663
$12.75
Total average rate increase under 12% rate rise
$130
$2.50
$783
$15.05
$936
$18
Average rate in 2024/25
$1,219
$23.4
$7,306
$140.5
$8,739
$168.1
The above table shows potential rate increases in 2024/25. The rate change would be ongoing past 2024/25, with rates increasing in subsequent years in line with the NSW Government rate peg.
Projected annual Operating Results under Maintain Services option
Under the Maintain Services option, the Council will be able to maintain an average surplus of $5.22m in the nine years to 2032/33.
This will allow the Council to withstand future financial shocks, and, if these shocks do not eventuate, use these surpluses (total $47m over nine years) for community infrastructure and services.
Advantages and disadvantages of this option
The table below explains the advantages and disadvantages of this option.
Advantages
Disadvantages
Catch-up from 12.1% inflation increase losses over the last two years
Continue to deliver highly valued services to the community
Delivers surpluses all nine years between 2024/25 and 2032/33, with an average annual surpluses of $5.22m. These surpluses, subject to future financial shocks, could be re-invested in community services and projects
Increase responsiveness to resident and business enquiries
Increase Council’s ability to absorb future financial, extreme weather and growth shocks
Provide capacity to maintain and renew community assets
Provide a stable work environment for staff attraction and retention
Rates will increase at a level higher than the NSW Government rate peg.
Under the Maintain Services option, the Council will be able to catch-up from the 12.1% inflation increase over the last two years by increasing rates by 12% from 1 July 2024 (including via a Special Rate Variation application to the NSW Government).
In addition, Council will be able to accumulate modest funds for community projects and asset renewal, and have a buffer against future financial shocks, extreme weather and growth.
At the same time as seeking this rate rise, and to reduce impacts on ratepayers, the Council will also commit to find $1m worth of cost-cutting and $1m worth of new revenue sources in 2024/25. Without these commitments, the rate increase could be 3.7% higher.
Average rate changes in 2024/25 under the Maintain Services option
Residential
Business (general)
Business (CBD)
Yearly
Weekly
Yearly
Weekly
Yearly
Weekly
Existing average rate in 2023/24
$1,088
$20.92
$6,524
$125.46
$7,803
$150.05
Increase due to rate peg (estimated 3.5%)
$38
$0.73
$228
$4.38
$273
$5.25
Increase due to SRV (estimated 8.5%)
$92
$1.76
$555
$10.67
$663
$12.75
Total average rate increase under 12% rate rise
$130
$2.50
$783
$15.05
$936
$18
Average rate in 2024/25
$1,219
$23.4
$7,306
$140.5
$8,739
$168.1
The above table shows potential rate increases in 2024/25. The rate change would be ongoing past 2024/25, with rates increasing in subsequent years in line with the NSW Government rate peg.
Projected annual Operating Results under Maintain Services option
Under the Maintain Services option, the Council will be able to maintain an average surplus of $5.22m in the nine years to 2032/33.
This will allow the Council to withstand future financial shocks, and, if these shocks do not eventuate, use these surpluses (total $47m over nine years) for community infrastructure and services.
Advantages and disadvantages of this option
The table below explains the advantages and disadvantages of this option.
Advantages
Disadvantages
Catch-up from 12.1% inflation increase losses over the last two years
Continue to deliver highly valued services to the community
Delivers surpluses all nine years between 2024/25 and 2032/33, with an average annual surpluses of $5.22m. These surpluses, subject to future financial shocks, could be re-invested in community services and projects
Increase responsiveness to resident and business enquiries
Increase Council’s ability to absorb future financial, extreme weather and growth shocks
Provide capacity to maintain and renew community assets
Provide a stable work environment for staff attraction and retention
Rates will increase at a level higher than the NSW Government rate peg.
Page last updated: 23 Sep 2023, 08:12 PM
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