Special Rate Variation (SRV)
At the Ordinary Council Meeting on Tuesday 12 February, Councillors resolved not to apply to the Independent Pricing and Regulatory Tribunal (IPART) for a Special Rate Variation (SRV).
The current 1.1% SRV will expire at the end of the 2018/19 financial year. From 1 July 2019, residential rates will increase by approximately $26 per year (0.50 cents per week) and $109 per year ($2.10 per week) for businesses. This increase is a result of the 2.7% rate peg increase set by the NSW Government through IPART.
The program of works identified through the SRV process will be prioritised and funded at quarterly budget reviews as funds become available.
If you have any questions regarding the SRV phone 4654 7777.
Frequently Asked Questions
A Special Rate Variation (SRV) allows a Council to increase its general income above the rate peg, which is set each year by IPART.
A rate peg is the maximum Councils can increase their rates by without applying for a Special Rate Variation. This rate is set by the NSW Government through IPART. The rate peg for 2019-20 is 2.7%.
IPART stands for the Independent Pricing and Regulatory Tribunal of NSW. IPART sets water, electricity, gas and transport prices as well as the rate pegging limit for NSW councils.
If Council were to let the current 1.1% SRV expire, residential rates would increase by approximately $26 (0.50 cents per week) and $109 ($2.10 per week) for businesses in 2019/20. This increase includes the 2.7% rate peg increase already determined by Independent Pricing and Regulatory Tribunal (IPART).
The table below is an extract from the Council report on 27 November 2018 showing the impact on rates. A full copy the Council report can be found here.