IPART approves Council's application for a Special Rate Variation - 15 June 2023
The Independent Pricing and Regulatory Tribunal (IPART) has announced its decisions on 17 NSW council applications for special variations, including approval of our application. Read IPART's media release.
More information is available on the Council website.
Update on submission to IPART and public exhibition - February 2023
Council's application to IPART for a Special Rate Variation is now available to view on our website:
As part of their assessment of Council’s application, IPART will consider both submissions received through our consultation process, as well as any submissions made directly to IPART during February 2023. To learn more about the IPART process, visit www.ipart.nsw.gov.au/Home/Industries/Local-Government/Special-Variations or click here to make a submission to IPART.
It is anticipated that IPART will advise Council of the outcome of our application in May 2023.
Update on proposed Special Rate Variation - October 2022
A seven week community engagement process was undertaken from 24 August to 9 October 2022 on whether Council should apply to the Independent Pricing and Regulatory Tribunal (IPART) for a Special Rate Variation (SRV) to help build long term financial sustainability and deliver priority projects.
Consultation presented three SRV-related options to help identify the level of funding commitment that residents and businesses believe is appropriate for the community’s future.
Option 1 was our current situation where rates would increase by the rate peg only. This option would not achieve financial sustainability, nor would it provide additional funds to address community priorities identified in our June 2021 Community Satisfaction survey. Options 2 and 3 included a SRV, and both would assist in achieving long-term financial sustainability to varying degrees, as well as providing additional funds to address key priority initiatives and cover expenses for situations including necessary works following extreme weather events. Under both Options 2 and 3 the projects are directly linked to heritage protection, recreation and trees, climate change action, active transport, community infrastructure and service improvements.
Council met to consider community feedback on 17 October 2022 at its Strategic & Corporate Committee meeting. Minutes of this meeting and a webcast are available to view.
Based on community feedback, at the Council meeting which followed the Committee meeting Council resolved to apply to IPART for a SRV in February 2023, seeking the variation presented as ‘Option 2’. Minutes of this meeting and a webcast are available to view.
| Option | Rate Modelled | Financial sustainability achieved | Additional Priority spending ($) over 10 years |
| Option 2 SRV | 2023/24 10% SRV + Rate Peg 3.7% 2024/25 5% SRV + Rate Peg 2.5% | Yes | $48.9m |
1. As per IPART announcement made 29 September 2022, the Rate Peg for 2023/24 has been set at 3.7%.
Calculate the impact of an SRV on your Rates
This calculator can assist you to work out the impact on your individual residential or business Rates under the Option proposed, should the application to IPART be approved. Enter your Assessment Number* to see what your new Rates would be, if the application is successful. After the initial two years, the annual rate peg is the only increase for the next eight years. This calculator excludes changes for Domestic Waste Management and Stormwater which are not part of the Special Rate Variation.
Calculate your estimated rates (Excel file, 11.8MB)
*Your Assessment Number can be found on the top right of your most recent Rates notice. For enquiries about your Rates or Assessment Number please call the Rates Team on 02 9391 7000 during office hours.
Average residential rates (1)
| Rate modelled | Current 2022/23 | Year 1 2023/24 | Year 2 2024/25 | Year 3 2025/26 | Cumulative increase over 3 years (3) | Year 10 2032/33 | Residential rates increase on average over 10 years |
| Option 2: 2023/24 10% SRV + Rate Peg 3.7% 2024/25 5% SRV + Rate Peg 2.5% | $1,480 | $1,683 | $1,809 | $1,855 | $375 or 25.28% | $2,204 | $72/year (ie +$28/year increase on 3.7% Rate Peg only) |
Average business rates (1)
| Rate modelled | Current 2022/23 | Year 1 2023/24 | Year 2 2024/25 | Year 3 2025/26 | Cumulative increase over 3 years (3) | Year 10 2032/33 | Business rates increase on average over 10 years |
| Option 2: 2023/24 10% SRV + Rate Peg 3.7% 2024/25 5% SRV + Rate Peg 2.5% | $4,250 | $4,832 | $5,185 | $5,325 | $1,075 or 25.28% | $6,329 | $208/year (ie + $83 increase on Option 1) |
(1) Average rates are calculated by dividing the total amount of rates Council is able to collect by the number of assessments we issue.The average rate is a standard comparison method used by Councils and the Office of Local Government.
(2) As per IPART announcement made 29 September 2022, the Rate Peg for 2023/24 has been set at 3.7%.
(3) These future projections use existing residential property data and property values based on NSW Valuer General valuations which are updated every three years.
The process from here
There will be an opportunity to make submissions directly to IPART in February 2023, after an application is lodged. Council will notify everyone who has made a submission through this consultation process of that opportunity once it becomes available.
Survey
Share your feedback on the proposed Special Rate Variation
CLOSED: This survey has concluded.
Information webinar - register your attendance
The live webinar has concluded. The recording can be viewed at the top right hand corner of this page.
