May

A calendar for the month of May
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Budget

City of Greater Geraldton budget overview

City of Greater Geraldton rates will increase by 7.6 per cent for Geraldton residential and non-residential properties as endorsed by the former City of Geraldton-Greenough Council, in line with the former City’s adopted plan in 2010-11. Mullewa property rates will increase by 4 percent.

The increase is made up of

CPI - 3.75%
Asset Renewal Gap – 2.5%
Asset Development – 1.35%

City of Greater Geraldton Director of Corporate Services, Cheryl Wood said the CPI increase is an indicative rate.

“The rate doesn’t reflect the actual assessed impact of price inflation on the City’s operations; this has been calculated at 5.5 per cent,” she said.

“The effect of having a lower indicative rate means the City needs to budget and provide services on reduced real terms of available revenue. It will also aim to trim 1.75 per cent in the next budget year by looking at ways to deliver services more economically.”

Ms Wood said the long term effect of not funding the CPI fully each year will have a large impact on the City’s finances.

“If this trend were to continue the negative impact on the budget over a 10 year period would be $7 million,” she said.

With City assets worth more than $400 million, the asset renewal gap will receive an increase of 2.5 per cent to allow for the upkeep and maintenance of these valuable buildings and infrastructure.

The asset renewal gap - which recognises the difference in rate at which an asset

deteriorates, and the cost to renew or preserve that asset – places increasing pressure on Council and by allocating funds it will enable sufficient monies to prevent the devaluation and deterioration of that asset.

This budget year, 1.35 per cent of rates will be allocated to the Asset Development Reserve. The allocation will continue to provide funding to allow the matching of grant funds for approved projects without affecting Council’s established capital works program. This funding is placed in a reserve and used as required.

Increased State Government utility costs have impacted significantly on the budget, with increases expected in the following areas: