Update on Council's financial situation - Administrator's Column
Monday, 30 November 2020
The issue of the week is a possible Special Rate Variation [SRV].
I have been clear from week one that an SRV, possible asset sales, service reductions, and further borrowings would all be in the mix for consideration.
A POSSIBLE SRV came up because there are procedural deadlines to meet for it to be considered by the Independent Pricing and Regulatory Tribunal (IPART).
Councils wanting an SRV need to advise IPART by the end of November 2020. Any council proposing to do so needs a resolution of Council to proceed.
I held an Extraordinary Meeting of Council on Thursday 26 November to gain that approval in the event it is decided to seek an SRV in 2021.
If these procedural steps were not taken last week the option would have been lost.
It is not certain that an SRV will be necessary.
I will do everything possible to avoid it. The impact of COVID has been very uneven. Some have experienced little change to their incomes. Others have been hit very hard. Many small businesses have closed.
I will release my report outlining what I think went wrong and what options we have to get back to a stronger financial position on 2 December 2020.
I will consult before making any decisions.
I repeat, no decision has been made about a rate increase.
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Last updated : Tue 1 Dec 2020
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