AS the time to finalise its budget nears, Bathurst Regional Council has yet to receive approval for its plan to increase rates.
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In March, council resolved to apply for the permanent additional special rate variation of 2.5 per cent to ensure continued financial sustainability and to deliver a budget in line with what was planned in the four-year Delivery Program and Operating Plan 2021-25.
If the 2.5 per cent increase is granted, it will raise an additional $737,108 for council.
This is less than $40 per year on an average rate bill.
The Independent Pricing and Regulatory Tribunal (IPART) is the body that will assess and determine council's application.
More than two months after deciding to apply for permanent additional special rate variation, council is yet to hear of whether its application has been successful.
"We've made our application to IPART," council's general manager, David Sherley, said.
"Council understands that IPART then runs the next part of the process, which includes public consultation. We are awaiting advice back from IPART as to its determination in the matter."
He said council anticipates to hear back from IPART before the financial year ends.
"We would expect that the result would come through before the end of the financial year, which will then allow the council to adopt its budget and make the rates for 2022-23," Mr Sherley said.
Council had planned and developed the budget for the 2022-23 financial year on a rate peg increase of 2.5 per cent, with a growth factor of 1.3 per cent, in line with advice from IPART.
However, the rate peg was limited to 0.7 per cent by IPART, plus a 0.2 per cent increase for population growth, resulting in a budgeted income loss of almost $500,000 for the financial year.
Mr Sherley has previously said that the proposed rate increase will allow council to maintain existing service levels "where practicable".
If council is unsuccessful in its application, it means that a number of budget items will have to be cut.
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