Councillors voted to change Snowy Monaro Regional Council’s Special Rate Variation (SRV) application at the February Ordinary Council this afternoon in Bombala.
The Independent Pricing and Regulatory Tribunal (IPART) will be informed that Snowy Monaro Regional Council is now seeking:
- Option 2 – 55.25% rate increase spread over five years starting from 2023/24. Enables an additional staged investment of $51.1 million in asset renewal to progressively stabilise the current infrastructure backlog and to undertake additional renewal and maintenance of our roads and other community assets. Over time, current service levels will be maintained while also progressively improving the operating result ie. financial sustainability.
This option strikes the balance between addressing Council’s structural deficit, maintenance and renewal backlog, and structural inefficiencies – with the equally important concerns of community affordability.
Improvements will take longer under this more conservative SRV, and there may still be a need for short-term service and facility reductions.
IPART will hand down their determination on Council’s application later in 2023. They may approve the application, approve a different percentage they deem more appropriate, or they may deny the application entirely.
If the SRV application is approved, Councillors will decide at a public meeting how to implement the approved increase. Councillors also have the option to elect not to proceed with the approved increase.
We will keep you updated as additional information and further developments as this process continues.
