Showing posts with label #finance. Show all posts
Showing posts with label #finance. Show all posts

Wednesday, 14 September 2022

Port Stephens residents to pick from pair of rate rise options

BY DAKOTA TAIT

A rate rise could be on the cards for Port Stephens residents, as part of efforts to ease the financial pressure on Council.

After a period of community engagement, Council's narrowed the rate rise options down from five to just two options.

Both the options are permanent and would come into effect on 1 July 2023.

Under the Single Year Scenario, ratepayers would see a 26 percent increase in a single year, and Council would reach its budget target in just one year.

The alternative Independent Recommendation Scenario would instead see a rate rise of 10.5 percent each year, for three years, coming to a cumulative rate rise of 34.92 percent.

In the second scenario, Council would meet its budget target by the end of the three years, and services would be gradually enhanced.

Both options eliminate the predicted budget shortfall, as well as supply funding for additional services.

A number of drop-in sessions will be held in late September and early October to consult the community on their preferred option.

Residents can have their say at their local library, the Council administration building, or online at https://portstephens.nsw.gov.au/rate-rise-options.

Wednesday, 28 July 2021

Art Gallery Loan Stirs Dissent in Newcastle Council Chambers

BY DAKOTA TAIT

Newcastle Council will seek an almost $23 million dollar loan to fund the Newcastle Art Gallery expansion, despite opposition from Independent councillors.

Six Labor councillors and the Greens' John Mackenzie backed Tuesday night's motion to pursue a 10 year loan with the Treasury Corporation, but Independents and sole Liberal Brad Luke opposed the move.

Cr John Church said ratepayers deserved to provide feedback on the plans, and other approaches to funding should have been considered beforehand. 

"The decision last night, I think was rushed," Cr Church said. "We didn't give the community a chance to say whether they want the council to take out a 10 year loan of nearly $23 million dollars." 

"And we didn't ask the second question - if we do want that money, is the Art Gallery the community's priority project?" 

Cr Church also suggested an incremental approach to the works with the money currently available could prompt State or Federal investment.

But Lord Mayor Nuatali Nelmes shot down the possibility, saying Cr Church's comments demonstrated "complete ignorance" about capital works projects.

"You cannot stage this project," Cr Nelmes said. "Instead of being a project that costs around $35 million dollars, staging it is likely to double."

The Newcastle Art Gallery also endorsed the move, citing historically low interest rates.

Cr Nelmes said it was a vote of confidence in arts and tourism.

"It has been on the books for over 16 years and there has been no State or Federal Government funding that is forthcoming," Cr Nelmes said.

"There is a pathway to ensuring this project is delivered for our community, at a very low cost to ratepayers, at 0.88 of a percent." 

Cr Church maintained the council was putting "the cart before the horse".

"The community should have been asked the question and had a chance to have their say prior to Labor rushing this decision," Cr Church said.

Image credit: www.newcastle.nsw.gov.au