Financial matters are certainly front and centre at the moment for our Council.
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On Tuesday this week two key things happened - the Independent Pricing and Regulatory Tribunal (IPART) announced its approval of our Special Rate Variation (SRV) application and that night Councillors endorsed the public exhibition of Our Annual Plan and Budget 2024-25 and associated documents.
You may remember, Council applied for a permanent Special Rate Variation of 36.3 per cent over two years - comprising a variation of 18.5 per cent from 1 July 2024-25 (including the set rate peg of 4.9 per cent) and 15 per cent in 2025-26 (including the forecast 2.5 per cent rate peg).
For the first time it includes two financial scenarios: the Special Rate Variation Budget and the Base Case Budget.
The Special Rate Variation Budget is based on a rate rise of 18.5 per cent (13.6 per cent increase and 4.9 per cent rate peg) from 1 July 2024.
The Base Case Budget (if Councillors do not implement the Special Rate Variation) limits the rise of rates income to the set rate peg of 4.9 per cent for 2024-25.
However, in approving our SRV application, the IPART acknowledged our application was sound, we adequately informed our community about the need to increase our rates above the rate cap and we showed the impact of the requested rate rise is reasonable for our ratepayers.
The IPART found that without a Special Variation our financial position would be unsustainable and we would not be able to continue to deliver the services and projects community members needs and want.
Our Annual Plan and Budget are on public exhibition until 12 June and I do recommend you take a look at the two budget scenarios.
You will find the documents and an online form to share your thoughts with us at haveyoursay.tamworth.nsw.gov.au/our-annual-plan-2024-25
