NPSP ratepayers to receive lower than expected 4% rate increase
The City of Norwood Payneham & St Peters last night endorsed its 2023-2024 Budget with a 4% (average) residential rate increase, well below the expected 5.25% rate increase it estimated when the Council released its draft Annual Business Plan for community consultation.
Mayor Robert Bria said the significant decrease was the result of higher than expected rate revenue from newly built properties in the Council area.
“The Council is pleased it has been able to keep the average residential rate increase to a modest level, well under the current inflation rate of 5.6%, while also projecting a $1.39 million budget surplus, which reinforces that we have the right balance in relation to managing our finances,” Mayor Bria said.
Mayor Bria said while the average residential increase is 4%, the impact in dollar terms means that about one third of ratepayers (34%) will pay the minimum rate of $1,228, while almost half (48%) will pay no more than $1,500 and two thirds (68%) will pay no more than $2,000.
“Considering the average rate is $1,891 and with the large number of projects, services and events and initiatives to be delivered in this Budget, our community can feel confident they are getting value for money.”
“The Council has an ambitious major projects agenda to improve facilities and the local amenity for our community and will also continue investing in basic infrastructure such as resealing of roads, as well as new footpath paving, kerbing and stormwater drainage works,” he said.
“A number of these projects will start in the coming months, which will provide significant benefits for our community, particularly in the areas of sport, recreation and open space.”
Mayor Bria said the adoption of the 2023-2024 Budget means the Council will now commence its review of the Long-term (10 year) Financial Plan in the coming months.
“The review of the Long-term Financial Plan will involve the Council reviewing and reprioritising outstanding projects which are in the pipeline, taking into account the factors that will influence future budgets such as interest rates, inflation and projected debt level.”
“Our number one priority is being a financially sustainable Council, so we will continue to provide services, programs, infrastructure and new initiatives at an affordable cost to ratepayers now and into the future,” he added.
Media enquiries: Robert Bria 0431 754 077