After IPART rejected an 87% rate rise proposal earlier this year, North Sydney Council is looking into implement a 54% special rate variation (SRV).
This comes as council seeks to restore its finances after cost blowouts from the $122 million North Sydney Olympic Pool redevelopment.
“The cost of the pool redevelopment has significantly limited our capacity to invest in critical asset renewal,” increased debt levels, and placed pressure on reserves,” council said. “As of 30 June, council estimates $157 million is needed to bring assets to a satisfactory standard, with the backlog forecast to rise considerably over the next decade without additional funding.”
There are currently three rate options that council is seeking feedback on, two of which involve a permanent rate increase above the NSW government cumulative 10.33% rate peg.
HOW MUCH EXTRA DOES COUNCIL WANT TO CHARGE?
There are three options (all include rate peg):
Option 1: 10.33% (temporary, rate peg increase only)
Option 2: 39.92% (permanent, cumulative)
Option 3: 54.18% (permanent, cumulative)
HOW MUCH EXTRA WILL I PAY – OPTIONS 2 AND 3 COMPARED
2026-27: $1,295 v $1,327 ($32/year = $0.62/week)
2027-28: $1,422 v $1,520 ($98/year = $1.88/week)
2028-29: $1,506 v $1,654 ($148/year = $2.85/week)
“Over the past three years, council has been on a determined path of improvement – strengthening financial management, governance and efficiency. These efforts are projected to deliver $66 million in savings and productivity gains over the next decade,” council said. “Despite this progress, our current financial position can no longer sustain the level of service and infrastructure our community expects and deserves.”
Council is now holding consultations and accepting community feedback until 3 December, involving both in-person drop in sessions and online services on the Your Say website.