Media release

Additional growth means ratepayers to face smaller increases for 2003/04 year

Posted On: Thursday, 17 July 2003

The increase in rates for Hamilton city ratepayers will be less than originally announced for the current financial year, due to an unexpected surge in city growth just prior to the end of the last financial year.

Council had previously announced an average increase in rates to existing ratepayers of 4.55 per cent, however this figure has now been amended to 4.4 per cent.

The reduction in the increase is due to rating revenue from growth reaching $1.397 million, when the latest estimate had growth at $1.3 million.

The additional $97,000 of rates revenue from new ratepayers reduces the rates required from existing ratepayers.

The differential between residential and commercial ratepayers means the average increase for residential is now 3.86 percent (previously 3.93 percent) and commercial at 5.03 percent (previously at 5.37 percent).

The total amount of rates required by Council to implement the Annual Plan for the 2003/04 year is $70,256,000.