The Council agreed to increase the General Rate by 7.9%, which is in line with Council's Long Term Financial plan and in keeping with our Rating Policy. The increase provides for the Council to remain financially viable into the future and reflects the maintenance and depreciation obligations of an ever-increasing asset base.
“The development of this Annual Plan and Budget has been challenging and subject to strong debate, but at the end of the day Council has settled upon a rate increase of 7.9%, which is consistent with our current Rating Policy and reflective of the need to fund the infrastructure and services of the fastest growing municipality in our region,” Mayor Freshney explained.
Despite the increase in rates, Council remains one of the lowest rating Councils in the region and will offer a discount of 2% for early payment of rates.
Mayor Freshney said, “The 23/24 Annual Plan and Budget will provide for the completion of some of the largest infrastructure projects undertaken in recent memory, and possibly, at any time in our history, including the long-awaited Latrobe township Flood Mitigation Project which will have been eight years in the making. Catering for our community’s growth is very much a fundamental component of this year’s Annual Plan and Budget process but comes at a time when Councillors are very much aware of the cost-of-living pressures being experienced by community members.”
Council has taken up a $5 million loan towards the $15 million Latrobe Flood Mitigation system. Depreciation expenses have increased by $783,000, over the past two years, which equates to a rate increase of approximately 9.9% and the budgeted loan interest expense in 2023/24 is close to $316,000. There is evidence that a growing gap exists between population growth and the additional revenue councils receive from that growth which includes a requirement for additional infrastructure.
Mayor Freshney stated that “Major works in the budget included:
- $3 million for the upgrade of facilities and infrastructure at the Latrobe Recreation Ground; and
- $4 million for stormwater infrastructure focussing on Sankey Street, Port Sorell and Percival Street, Latrobe.
Latrobe Council will endeavour to deliver a significant capital works program during a period of supply chain difficulties, increasing costs of goods and services, and a shortage of specialist skills and resources. However, it is pleasing that over the next twelve months the four priority projects identified in Council’s Strategic Plan will be completed.
Mayor Freshney said “I would like to thank and acknowledge the collaborative contribution of elected members and the dedication and diligence of staff. Together we have prepared an Annual Plan and Budget that is fiscally responsible and reflective of the needs of an ever-growing community.