It’s how we check if we’re still on target to deliver on that plan, and we’ve updated it to reflect changed circumstances and revise the timings of some of our programmes.
This proposed budget confirms our priorities and projected revenue and costs for the next 12 months, from 1 July this year to the end of June next year. It’s also how we determine rates.
The consultation document highlights changes to our 10 Year Plan and confirms how our catalyst projects are progressing.
Covid-19 update: The seriousness of the Covid-19 virus has become more evident since we prepared this budget. Before we adopt the final version in June, we'll be reviewing and reassessing our assumptions about costs, revenue, and the availability of external resources to deliver services and programmes.
We've summarised the key points for consultation here:
Proposed rates increase lower than projected
Council is proposing to increase total rates by 4.4% (down from 5.2% projected in the 10 Year Plan). This lower increase has been helped by interest costs being lower than assumed in our 10 Year Plan. Use our simple search tool to see the current and proposed rates for your property.
This project is investigating how we manage wastewater in Palmerston North and what we’ll need to achieve before 2022 to bring our wastewater management and infrastructure up to a future-proofed standard.
Recent indications are this will cost considerably more than projected in our 10 Year Plan. Council is conscious of this when making commitments to other programmes.
Additional debt repayment
Each year Council pays off some of the loans taken out to build new city infrastructure. We are proposing to pay off $500,000 in 2020-21 than originally scheduled. This will position Council to borrow the large sums required in the coming years to fund major projects, especially for wastewater.
This is our last budget before our upcoming 10 Year Plan (2021-31), so we're also seeking your feedback on what should we be considering in that.
What's happening with the Annual Budget consultation under level-2 restrictions?
Annual Budget submissions closed on Monday 20 April. Submitters wishing to speak to their submissions were heard on 8 and 11 May. Thank you to those who took the time to make a submission and speak to Councillors through the hearings process. The Annual Budget deliberations occurred at the Committee of Council meeting on 20 May. You can watch the video on our YouTube channel:
Watch the hearings
We held hearings on this consultation under alert level 3. These were remote meetings via audiovisual link, with three sessions in total: one on Friday 9 May and two on Monday 11 May.
The hearings were recorded. You can watch them below. They're also available on our YouTube channel.