Albury Council takes up full rate peg as budget shows deficit up

The increase is the maximum allowed under the rate peg set by the NSW Independent Pricing and Regulatory Tribunal for the 2023-24 financial year.

The only councillor to speak on the budget, Darren Cameron noted the council continued to have a significant deficit.

"It is something that's partly a function of COVID and falling incomes from the airport and largely...the requirement for us in the accounting system to cover or to reflect depreciation which can be very expensive," Cr Cameron said.

The draft plan forecasts a deficit of $8.8 million, a $1.7 million jump on the previously adopted budget.

Inflation of six per cent has fuelled depreciation costs, while the council has also had to pay a $1.2 million rise in software subscriptions and had a $847,000 fall in profit from land sales due to less lots being offered.

The council expects to net $3.5 million in income based on the 3.7 per cent rate peg.

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It estimates the average residential rate will be $1481, an extra $68 or 4.8 per cent.

A $40 hike is proposed for the domestic waste management charge, a 14.8 per rise compared to an eight per cent lift in the previous financial year.

Sewer charges will not alter but a two per cent increase is flagged for water charges.

The draft budget will now be open for public comment until May 26 and it is due to return to council for final consideration and adoption on June 26.

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