This week the Independent Pricing and Regulatory Tribunal (IPART) approved our Special Rate Variation (SRV) application. We sought a permanent SRV of 36.3% over two years - with an 18.5 per cent increase from 1 July 2024-25 (including the rate peg of 4.9%) and 15% in 2025-26 (including the forecast 2.5% rate peg). Councillors will decide in June whether or not to implement the approved increases.
Of course, no one in our community will be happy about rates going up. However, IPART’s approval does recognise our application was sound.
The IPART put our financial modelling under the microscope and found that without a Special Variation our financial position would be unsustainable. Council will use two-thirds of the additional income on roadworks. Importantly, we have updated our financial hardship policy and we will have an additional concession of $100 for eligible pensioners over the 2-year Special Variation period.
For more details and our rates calculator, see https://trcnews.au/srv