Higher rates look set to be on the way for Ballarat residents, with council pushing for the maximum 3.5 per cent increase in its 2023-24 draft budget.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
However, the final number for individual properties could be even higher, given new valuations across the city.
The draft budget proposal is attached to this month's City of Ballarat meeting agenda, which will be voted on by councillors on Wednesday - further consultation and feedback on the draft budget will be sought before it is officially adopted in June.
While this is in line with the state government's rate cap, individual rates for residential, commercial, industrial, and farming properties will rise differently.
According to council's April agenda, revenue is expected to jump by 7 per cent, but no new borrowing is expected for the next 12 months.
"This is due to a number of factors including new assessments that have been created over the last 12 months and supplementary valuations for existing properties being higher than initially budgeted in 2022/23," the agenda states.
"Percentage growth in revenue for each class of land is also impacted by relative changes in assessment property values for each class."
Residential land valuation will change by 5.54 per cent and commercial by 3.4 per cent, but it's in industrial, farming, and rural residential land where the change will make the biggest impact.
The land valuation for rural residential properties will change by 14.8 per cent, industrial properties by 23.49 per cent, and farms by 27.68 per cent.
Council notes there are several major capital works projects set to begin, but inflation is biting - including reopening Bridge Mall to traffic, which is expected to jump by $3.6 million.
"We have been faced with increased costs of delivering over 80 services and over 120 projects," the agenda states.
"In last year's 2022/23 budget, $13.385 million of borrowing was assumed to be required, which has now either been avoided or deferred to the future. Such an approach ensure's Council has more borrowing capacity in the future."
Among the new initiatives in the 2023-24 budget, road maintenance will receive another $1.6 million, drainage projects, including in Miners Rest, will receive more money, and a new footpath plan will be developed.
Another $1.25 million will go to new environmental sustainability initiatives, including for the Yarrowee River and more solar panels.
It's noted there will be no extra borrowing in the 2023-24 financial year, but elsewhere in the council agenda is a plan to borrow an additional $3.6 million in the 2024-25 financial year for the mall reopening plan, if that proposal is adopted.
"Long term financial planning still indicates the need to borrow funds will arise once Council is able to deliver its current backlog of capital projects and meet the funding shortfall of the Ballarat West DCP (developer contribution plan)," the agenda states.
"The potential also still exists for funding to be required for inter-generational major projects."
The general waste charge will increase by $15 for each household.
The agenda notes there will be two public sessions during the draft's exhibition period for the community to ask questions about the draft budget, on May 2 from 1pm to 2pm and May 9 from 5pm to 6pm.
"Members of the community who provide feedback on the budget can request to be heard at the Unscheduled Council Meeting to be held at 6.30pm on Wednesday 7 June 2023," it adds.
Have you tried The Courier's app? It can be downloaded here.
