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Finance policies consultation underway

How Council derives the income needed to run and develop the district is the basis of the proposed Revenue and Financing Policy which is heading out for public consultation.

Council is proposing an update to the Revenue and Financing Policy, which incorporates the calculation and allocation of rates (as per the decisions of the 2020/21 rating review), as well as outlining funding sources for operating costs and capital expenditure.

At Tuesday’s Council meeting, councillors supported the policy going out to consultation.

In addition, Council has reviewed its Rates Remissions and Postponement Policies (including Remissions and Postponement Policies for Māori Freehold Land), which will also be consulted on as part of the process.

In both cases, the policy changes are aimed at better reflecting community outcomes, operational changes and best practice.

The Revenue and Financing Policy describes all the funding sources available to Council and how those funding sources are applied to the funding of operating and capital expenditure.

Council has completed a review of its 32 activities and determined appropriate funding sources for each, and an appropriate allocation of the revenue requirements among user groups and ratepayers.

The objectives of the proposed update to the policy are to maximise external revenue sources and establish appropriate and practical ranges for other sources, particularly among fees, charges and rates.

In its Annual Plan for the Year Ending 30 June 2021, Council’s operating costs were funded in the following proportions: rates $14m, subsidies $6.8m, reserves and loans $3.4m, fees and charges $2.6m, investment income $2.1m and other $0.1m

Funding sources for capital expenditure are subsidies $12.2m, loans $4.4m and reserves $4.1m

The Rates Remissions and Postponement policies enable Council to adjust rate liabilities for specific circumstances with the intention of mitigating the effects of any perceived disadvantages or inconsistencies that rating legislation may impose.

It is appropriate that Council, having conducted a rating review and a review of its Revenue and Financing Policy, also considers updates to these policies.

The consultation period will run from Wednesday, February 10 until Friday, March 12 and include two community meetings scheduled for Thursday, February 18, 5.30pm at the War Memorial Hall and Tuesday, February 23, 6.30pm at the Mokotahi Hall, Mahia.

The final adopted Revenue and Financing Policy will be included in Council’s Long-Term Annual Plan which goes out for consultation in April.

Find out more

10 February 2021

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