Griffith City Council adopted its 2024/25 Budget and Long-Term Financial Plan (LTFP) at its Council meeting on Tuesday 25 June 2024. This included a Special Rate Variation (SRV) of 10.5%, encompassing a 4.5% rate peg.
The SRV will take effect from 1 July 2024 for all rateable properties within the Local Government Area (LGA).
Griffith Mayor, Councillor Doug Curran said, as part of the budget process for the upcoming financial year, Council reviewed and updated its LTFP 2024/25 – 2033/34, which is the blueprint for future delivery of works and services.
“The additional funds received through the SRV will be pivotal in addressing our operating position, ensuring adequate resources for asset renewal and maintenance, and sustaining current service levels,” Councillor Curran said.
“Despite the SRV, our financial sustainability remains a challenge.”
Councillor Curran said rising costs are outpacing Council’s capacity to generate income and meet community needs in terms of service provision and asset maintenance.
“Despite the challenges of this current economic climate, Council is committed to maintaining service levels and investing in projects that will bring both economic and social benefits to our community,” Councillor Curran said.
“It might mean we have to do things a little differently to achieve this, but I’m confident it can be done.”
Council’s adopted budget takes into consideration the decision by the Independent Pricing and Regulatory Tribunal (IPART) regarding Council’s application for a special variation to increase its general income beyond the rate peg. The application was approved for a cumulative 22.10% increase over two years – 10.5% in 2024/25 and 10.5% in 2025/26 (inclusive of the rate peg).
