Project update: Revenue and Financing Policy

In February 2023 we invited you to give feedback about pausing the Long-Term Differential Strategy (LTDS) for 2023/2024. The LTDS slowly reduces the share of rates that business properties pay.

This consultation closed on 27 March 2023. Thank you for having your say.

When the consultation closed, we considered all of the submitted feedback as part of council’s Annual Budget 2023/2024 decision-making.

We received 146 pieces of feedback on this proposal with around 68 per cent in support.

On 29 June 2023 we amended the Revenue and Finance policy to reflect a one-year pause to the Long-term Differential Strategy (LTDS). Pausing the LTDS helps reduce the immediate impact of rates increases on non-business (residential and farm/lifestyle) ratepayers in 2023/2024 (residential by around $16) and means that business pay around $212 more in 2023/2024 that what they would have if we didn’t pause the LTDS.

What happens next

The LTDS will resume in 2024/2025.
It will take an additional year to reach the target share of 25.8 per cent from business ratepayers. We will not reach this target until 2038/2039.

You can read more about the pause to the LTDS on page 94 of the Annual Budget 2023/2024 volume 1.