The IPART press release P.12 WRC 5/12/17 requires some further truth.
Former Wyong ratepayers’ rate paths were subject to a special rate variation (SRV) of 6.7 per cent for four years.
Unfortunately, the ‘special’ component’, as distinct from the set rate pegs for four years, was not separately itemised.
This was poor accountancy, especially as it defies the logic of matching the SRV ‘special’ component with the infrastructure backlog of $40 million, the purpose for which IPART approved the SRV.
So much for supposedly freezing our rates.
After working out the arithmetic compounding of the whole SRV calculation upon the ordinary base rate, I was $60 out of pocket at the four year term end, and then $100 perpetually, permanently outgoing for each year after.
For the Wyong segment of Council’s books, Council could be deriving $6.5 million plus as a revenue overrun as a consequence of the four year SRV.
Instead of my ordinary base rate increasing by $22.45, it should be decreasing by $77.55, if fairness and social equity were to be energised.
Councillors Best, Vincent and Matthews have had this situation brought to their attention earlier this year, so it will be interesting to see how they perform in the chamber in due course.
It also shows that they had not done the simple arithmetic.
Letter, Dec 16
Graham Hansen, Lake Munmorah