Rates revenue in Central Otago will increase 3.1% in 2017-18, but the actual increase for ratepayers is less than that.
Central Otago District Council (CODC) chief financial officer Bernard Murphy told councillors at this week’s council meeting growth in the district had contributed 1.7% of the extra revenue, so the net increase was 1.4%.
Actual increases to individual ratepayers vary throughout the district because of different ward rate components and property revaluations.
Mr Murphy said it was pleasing the increase was lower than predicted in the council’s long-term plan. For the 2017-18 year the predicted increase had been 5.42% (including 1.7% from population growth). The council still has no debt.
The council had a $3.5million surplus for 2016-17, instead of the $1.7million deficit projected in the long-term plan, although about $2.5million of the surplus was from money set aside for the Cromwell Memorial Hall redevelopment, Mr Murphy said.
A $2million Maniototo Community Board contribution to the Maniototo Hospital rebuild will be included in the 2018-19 annual plan.
