North Sydney Council Special Rate Variation (SRV)
Consultation closes Friday 10 January 2025
Background
North Sydney Council is facing significant financial challenges and is currently in an unsustainable financial position. Despite efforts to improve financial management through organisational restructuring and other improvement initiatives, the increased costs of the North Sydney Olympic Pool redevelopment, reductions in other sources of revenue, and rising infrastructure backlogs require immediate response to ensure long-term financial sustainability.
These challenges are compounded by increased service delivery costs, ageing infrastructure, and the needs of a growing population. Without intervention, the funding gap will continue to widen, impacting Council’s ability to maintain services and invest in new and renewed essential infrastructure.
A path to ensure long-term financial sustainability
To address these issues, Council has developed a draft Long-Term Financial Plan (LTFP), which includes a proposed Special Rate Variation (SRV). The SRV will strengthen Council’s financial position, reducing deficits, reducing debt and providing the necessary resources to deliver services and infrastructure for the community, ensuring a positive legacy for future generations.
Council has also considered the feedback provided by the community during the ‘Have your say on North Sydney’s next ten years’ consultation in May and June 2024 which, combined with key research, has shaped the draft Informing Strategies. These strategies will guide the new Community Strategic Plan, focusing on enhancing quality of life, strengthening community, and delivering responsive services and infrastructure that meet the evolving needs of our population. Central to the realisation of these strategies is Council's long-term financial sustainability.
As detailed below Council is now seeking your feedback on the revised LTFP (including the SRV) and suite of eight informing strategies. Feedback is also sought on updates to the current 2022-26 Delivery Program and revised Asset Management Strategy.
What are the rate options are being considered?
Council is consulting on four SRV options, which present different levels of financial strength and sustainability for North Sydney. Options 1, 2 and 3 are different in size and reflect a different level of benefit. Options 2a and 2b provide the same benefits but have different implementation paths.
Have your say
Council is actively seeking feedback on the community's preferred Special Rate Variation option to ensure long-term financial sustainability.
Learn more through the reports in the document library, FAQs, factsheet, and register to attend the in-person and online community forums.
Provide your feedback by:
- completing the submission form below, or
- emailing or writing to us. Please include 'Proposal for a Special Variation to rates' in the subject line of all email or written feedback.
All submissions in their entirety are made publicly available in the Community Engagement Report. Personal identifying information, and content which is discriminatory, hateful or which may defame, offend, insult, humiliate or intimidate will be redacted.
