Byron Shire Council’s request to have rates raised has been approved by the The Independent Pricing and Regulatory Tribunal (IPART).
In a press release today (Tuesday May 9), IPART says the approval is for a 33.55 per cent cumulative increase over four years to be retained permanently in the rate base.
Byron is one of eight local government areas (LGAs) that applied. Muswellbrook and Lockhart were not approved while Ballina received a temporary 4.90 per cent increase for one year only. They applied for a 17.64 per cent cumulative increase over three years to be retained permanently in the rate base.
The 33.55 per cent includes the ‘1.5 per cent rate peg applicable to all NSW councils in 2017-18 and the rate peg in subsequent years.’
IPART Chair, Dr Peter Boxall said special variations are designed to give councils the flexibility to generate additional income above the rate peg to meet their specific needs, and have a direct impact on the rates paid by land owners.
‘The rate peg is calculated each year to reflect changes in the standard operating costs of local government such as wages,’ Dr Boxall said.
‘Councils requiring additional funds to improve services, financial sustainability or to fund new capital works can apply for a special rate variation after consulting with their communities and meeting other criteria set by the Office of Local Government.’