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Bega Valley Shire CouncilBega Valley Shire Council

Special Rates Variation (SRV)

My Property & Neighbourhood / Rates & Charges / Rates explained

Special Rates Variation (SRV)

What is a Special Rates Variation

The rate variations are a one-off % lift in total general rate income. If they expire, the value of a rate variation (including effect of rate pegs) is removed from the total rate income. Applications to IPART include the anticipated value of the rate peg, plus the amount above rate peg that is sought.

IPART assesses council applications for special variations using criteria set by the NSW Government. The criteria are set out in guidelines provided by the Division of Local Government

There are two types of special variation applications s508(2) and s508A.

  • S508(2) application – a one off increase to general rate income for a specific purpose that may be for a set time or a permanent increase
     
  • S508A application – a multiyear series of increases (for up to seven years) which may be for a set period or permanent.

Bega Valley Shire Council s508A special variation proposal

As outlined in Council’s adopted LTFP the following model was proposed and is now adopted:

  1. New 2% one-off ongoing increase above LGCI (rate pegging) in 2016 for infrastructure renewal for public domain areas and buildings (defined below). This variation will raise the general rate yield by an estimated $440,000 and then be indexed by LGCI on an ongoing capacity

The Building Asset Management Plan covers in detail the priorities, assessment and adopted program for these critical assets.

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