Before making an application to IPART the NSW government Independent Pricing and Regulatory Tribunal, Council is required to engage with the community on the potential options for a Special Rate Variation or rate increase above the annual Rate Peg which is based on the CPI. Councillors will vote to exhibit four options proposed in a report to Council at this month’s meeting.

1. Option 1 Reduce services - Rate peg 3.8% (2025/26) increase only
2. Option 2 Maintain services - Rate peg + 6% pa over 3 years
3. Option 3 Improve services - Rate peg + 8.3% pa over 2 years and 8.4% in year 3
4. Option 4 Increase services - Rate peg + 10% pa over 3 years.

The report states the NBC is the 4th largest in NSW and one of the most complex metropolitan local government areas to manage. Rates are Council’s main source of income, currently at 44% of total revenue. Without a rate increase the Long Term Financial Plan (LTFP) shows income levels will no longer be sufficient to fund operating expenses, invest in the ongoing renewal of infrastructure assets required by the Asset Management Plans and provide the necessary working capital to manage unexpected events, a scenario which is not sustainable and without intervention will continue to reduce services to the community. Community engagement will be from 18 Nov 24 to 12 Jan 25 Read the Report on page 26 on the Council Agenda papers on their website.