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Plan reflects prudent response to slowing economy

Annual Plan reflects prudent response to slowing economy

9 JUNE 2008

For Immediate Release

Hamilton City Council has completed its final budget meeting for the 2008/2009 financial year and has confirmed an average rate rise to existing ratepayers of 5.29%, being lower than the 6.56% rise forecasted in the 2006-16 Long Term Plan.

Hamilton mayor Bob Simcock says that the 08/09 Plan for the city reflects a level of renewed fiscal restraint which is in direct response to a period of financial uncertainly and slowing growth for both the city and national economy.

“Council is facing the same challenges which are seen clearly in the wider economy. Reduced revenue from rates growth and fees and charges, combined with increased operating costs and rapidly rising construction costs means we must be increasingly disciplined in our financial decision making for the coming years.

“The current climate of economic uncertainly has meant that a number of submissions for new or increased funding were declined. Additionally, in line with the new 3 year LTTCP planning model, any major proposals will be considered as part of the next round of LTCCP planning for 2009-19. It is hoped that this cautious approach will put the city in the best possible position to balance ongoing public expectation with rates affordability.”


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