Annual Budgets
The budget for the 2023-24 financial year was adopted by Council at the Ordinary Council meeting held 26 July 2023.
2022-23 was a year of financial review and consolidation, especially with a new management team who now have a year under their belt. With this corporate knowledge the shire had to undertake budget repair with some difficult decisions having to be made. This included deferring some capital road construction simply because of significant cost increases up to 50% over budget and which did not attract any additional external funding.
For 2023/24 council was advised that the Local Government Cost Index (LGCI) a measure of inflationary costs to local governments and calculated independently, forecast a 7.4% increase. In order to achieve strategic outcomes and get on top of delivery to a number of deferred programs, it was necessary to increase rates by 9% for the 2023/2024 financial year.
This factored in discounting rates backwards to take account of a 25% increase in UV valuations, before applying the increase. Council has broadened the rate base with the introduction of Differential Rates for UV Mining to provide a more fair and equitable rating and reduce some of the burden on the general ratepayer.
The shire itself is in a better position than this time last year with still with a lot of work to do, but this budget will help achieve the strategic community outcomes expected.
Shortly a more user friendly budget 23/24 presentation will be scheduled to held in Bolgart and Mogumber which I would encourage you to attend but in the meantime, please see the Statutory Budget 2023-24 below.