High rates to continue for at least another nine years
Peninsula ratepayers will pay almost 50 per cent more in rates for at least the next nine years than they did under the former Gosford Council.
Central Coast Council's "special rate variation" application has been approved by the Independent Pricing and Regulatory Tribunal.
The council would "maintain rates at their current levels for an additional seven years, equalling 10 years in total to 2031," according to council administrator Mr Rik Hart.
He described the tribunal's determination as "a sensible decision".
"This outcome allows Council to continue to maintain current service levels, comply with current banking requirements and most importantly, allows us to continue without interruption our 10-year long-term financial plan that provides long-term financial stability for the organisation," Mr Hart said.
Council general manager Mr David Farmer said "this major milestone" would "draw a line under the Council's financial crisis, and the organisation can focus on consolidating and improving the performance of the organisation".
"We are currently performing better than budget, with a high level of position vacancies, but we know this is causing difficulty in our delivery of services to our customers in a number of areas," Mr Farmer said.
Media release, 10 May 2022
Rik Hart, Central Coast Council