A rise in rates, a reduction in capital works and new borrowings of money have been included in Wangaratta Council's three-year plan to deal the financial fallout from coronavirus.
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The council has released its draft 2020-21 budget, which included an operating deficit of $98,000 and $18.3 million in new borrowings.
"The economic impact of COVID-19 on the community and on the organisation will be significant. Even within this 2019-20 financial year, council will see reduced income amounting to hundreds of thousands of dollars, if not more," the council agenda stated.
"These are unprecedented times for us all and we understand Wangaratta's recovery from the health, economic and social impacts will take considerable time."
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The council has planned to apply to the Essential Services Commission for an exemption to the Victorian government's rate cap in 2022-23, to raise rates by 5 per cent for the year to "to invest in the recovery of the municipality following COVID-19".
"In the short term, council will also undertake a review to identify any opportunities to further reduce operating costs and will only engage the community on a possible one-off rate increase as a position of last resort," the agenda stated.
Work on the Wangaratta Aquatics Project, including outdoor 50-metre and hydrotherapy pools, and regeneration of the railway precinct will go ahead next financial year and part of the borrowed money will be used to fund a Regional Playspace at Apex Park and Mitchell Avenue Children's Garden.
But the overall 2020-21 capital works budget will be just $25.2m, a drop from the $42.7m spent in 2019/20.
The draft budget will be considered by councillors at Tuesday's council meeting, streaming online from 6pm.