Special Rate Variation (SRV) approved
Striking a balance between the needs of our community and Council’s funded future
On the 15 June 2023, the Independent Pricing and Regulatory Tribunal (IPART) approved Council’s application for a Special Rate Variation (SRV) application, known as a rate rise.
The decision by IPART follows an extensive community engagement program throughout most of 2022 and the Council’s unanimous agreement to submit an application for the key purpose of financial sustainability, at the Council Meeting on 8 November 2022. Council was approved for a three year SRV of 9.5%, which includes the rate cap of 4.4% for 2023-2024 and assumed 2.5% for the following years.
The SRV will commence 1 July 2023 and applies to the top 2 lines of your rate notice only.
New land values will also commence on 1 July 2023. Council’s total rates income is capped at the 9.5% increase regardless of how much land values have increased. This means what’s charged to individual ratepayers will depend on the ratepayers land value in comparison to others across Port Stephens. In some instances ratepayers will pay more, others will pay less.
Reduced
Independent Recommendation
9.5% for 3 years
31.9% cumulative
$358 average residential increase over 3 years
Approved
$80 million forecasted budget shortfall reduced
The SRV will reduce the $80 million forecasted budget shortfalls which was identified in 2022. The funds generated from the SRV will be used to ensure Council can continue to deliver its current levels of service.
The SRV will also bring in additional income above what’s needed to fund existing services. This income will be spent on priority areas identified by the community – fixing our roads is the highest priority and in later years looking after our public space, waterways and foreshores, and protecting our natural environment.
Rates assistance
We understand paying your rates can sometimes be difficult. If you’re experiencing financial hardship at any time, we may be able to:
• offer you pay smaller regular payments
• extend the time for payment
• write off accrued interest
• defer payment of large rate assessments for aged pensioners against the property estate.
We may also be able to provide assistance through our rates assistance program. As part of the SRV approval this program now includes pensioners on top of pension concession and an increased amount for non-pensioners.
Call us for a confidential discussion about your situation and how we can help.
Learn more about the SRV
portstephens.nsw.gov.au/rate-rise-options
02 4988 0255
cmp@portstephens.nsw.gov.au