Protecting Our Future – Proposed Special Rates Variation
For immediate release
14 December 2022
Strathfield Council is committed to a future that builds long-term financial sustainability and meets the demands of our growing population. This includes the highest quality services for our residents, maintaining assets such as roads and footpaths, ensuring the area is always clean, and our property values are maintained.
In order to meet these commitments, changes to our asset management and funding structure must be made. Although these decisions are difficult to make, we are confident in the strength and community spirit of Strathfield locals, and that we can support each other to protect our future.
After reviewing our current financial situation, Council has found that it has been producing operating deficits over the past few years, with this estimated to grow to $15 million by 2033, with Council running out of cash in 2027.
Additionally, there is a significant funding backlog for the renewal of infrastructure assets such as roads, footpaths and buildings. The backlog has increased from $1.2 million to a current backlog of around $16.1 million.
Council is proposing a number of actions to address this, and ensure a financially sustainable future, including:
- Reducing the domestic waste charge
- Savings and productivity improvements
- Establishing industrial rating sub-categories
- Addressing cash flow with a loan borrowing program
- Updating the rating system to increase revenue by $15 million over 4 years
- Applying for a Special Rate Variation with the Independent Pricing and Regulatory Tribunal (IPART)
- Move from a base to a minimum rating system.
For 74% of ratepayers, the increase will be no more than 19.5% after 4 years. That’s an extra $1.77 per week over 4 years.
Resident feedback is vital to this process and can be submitted by 31 January 2023. Please visit the website for more information and to have your say
https://haveyoursay.strathfield.nsw.gov.au/protectingourfuture
ENDS
For media enquiries, please contact:
Naomi Searle
Strathfield Council
9748 9992 or 0437 669 207