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Special Rate Variations (SRV's) provide the opportunity for Council's to vary their general income by an amount greater than the annual rate peg (2.3% for 2018/19).
At the 21 November 2017 Ordinary Council meeting (Item 13.070/17), Council resolved to apply for a Section 508A SRV of 8% p.a. (including the rate peg limit) for 3 years commencing 1 July 2018, which is a cumulative increase in ordinary rates of 25.97% by year 3 (2020/21) of the SRV (with the cumulative increase permanently built into the general rate after the 3 year SRV period has ceased). Council notified IPART on 23 November 2017 of its intent to make an SRV application of that nature. The additional income from the SRV above the rate peg as per Item 13.070/17 is to be used to achieve General Fund Financial Sustainability and General Fund Asset Sustainability.
On 9 November 2017 the Office of Local Government released the ‘Guidelines for the Preparation of an Application for a Special Variation to General Income for 2018/19’ which set the criteria against which applications are assessed and provides information on how and when to apply.
Within the guidelines key dates in the SRV process were outlined, and are as follows:
As part of Council’s SRV application a request for minimum rate increases will be included.
Council lodged its application with IPART on 12 February 2018 (see the below listed documents).
Submissions regarding Council’s SRV application can be made directly to IPART until 12 March 2018, and these submissions will be considered as part of IPART’s determination.