The financial planning, work programme and service delivery associated with the Annual Plan may be subject to some change, due to the COVID-19 pandemic.
In the Long Term Plan, we approved a cap for rates increases of 10.4% (including Local Government Cost Index). The proposed average rates increase is 9.8% for 2022/23 – this falls below the cap.
The proposed budget does not meet the balanced budget benchmark due to the impact of COVID-19 on tourism revenue and a change in expected timings of Parklands residential section sales. This is in line with the Financial Strategy, which forecasts that Council will not meet its balanced budget benchmark until Year 10 of the LTP.
Due to the change in phasing for the kerbside waste collection and additional capital for the Napier Aquatic Centre, there is a possible 1% increase on rates for 2023/24.
These two increases alone bring us close to the identified rates cap for 2023/24, and may impact our ability to fund new initiatives as we develop the Annual Plan for 2023/24.
The three-yearly revaluation for the city for rating purposes was undertaken in 2020 and those new valuations apply as the basis for setting the rates for 2022-23. The rating examples should be read having regard for the following:
There are no changes to the rates funding impact statement (FIS)
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