There's a lot being said about the proposal to seek a Special Rate Variation to increase rates above the rate peg. Discussion is exactly the intention of Councillors in deciding at this week's Council meeting to start a conversation with our community about it. But it's important to have the facts on a matter like this which is so important for us all. I urge community members to come straight to the source to get the information you need to understand why Council is considering applying for a Special Rate Variation. We have a range of documents and information online at https://haveyoursay.tamworth.nsw.gov.au/srv and next month there will also be webinars and face-to-face information sessions at locations across our region.
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I have seen some people question why Council has not made savings before we ask ratepayers to sustain a rise in rates. That's good question and I assure you we have done this! As part of Council's ongoing efforts to provide value for rates, we have identified $7.8 million in annual savings or additional revenue and $3.2 million in one-off savings in recent years. There is a further annual savings of $1.6 million and one-off savings and benefits to come.
I have noticed some comments are being made suggesting the proposed increase Council is looking at is "extreme". I accept that the increase that Council is looking at is not insignificant. We are talking about a permanent Special Rate Variation of 36.3pc over two years - comprising a variation of 18.5pc from July 1, 2024 (including the forecast rate peg of 3.5pc) and 15 pc cent in 2025 (including the forecast rate peg of 2.5pc). When you look at it compared to the increases IPART has approved this year for other neighbouring councils it is certainly not "extreme". Armidale Regional Council received an approved cumulative increase of 58.8pc over three years, Walcha Council has 57.74pc over three years and Liverpool Plains Shire Council has 18.1pc increase over 1 year. Tenterfield Shire Council was granted a partial increase of 43pc over 1 year.
Tamworth Regional Council is taking a responsible approach by asking for this increase now when we know the impact on our community will be less than if we wait any longer. Also, through seeking to implement the proposed increase over two years, the extent of impact on ratepayers is reduced compared to a one year approach. I encourage you to get informed to understand why we need the rate rise above the rate peg and give Council your feedback at https://haveyoursay.tamworth.nsw.gov.au/srv
