City of Stirling Budget Newsletter 2023

Gross Rental Value (GRV)

Where your rates will be spent

Your annual rates are calculated using a Gross Rental Value (GRV) for your property, which is calculated independently by the Valuer General’s Office (Landgate). The GRV figure is based on the annual rental you could expect to receive if you were to rent out your property, and it also allows for outgoings such as rates and other property expenses. GRV is affected by factors such as the location, age and type of property. Council sets a ‘rate in the dollar’ figure to calculate your annual rates as a percentage of the assessed value of your property; i.e. GRV x rate in the dollar. The City charges a different rate in the dollar depending on the type of property as detailed in the table below. The residential rate in the dollar set for 2023/24 will result in an average rates increase of 3.24% and the general minimum rate has increased by 3.14%. The table below shows differential and minimum rates for 2023/2024. Rate in the $ amount Residential $0.051335 Commercial $0.055718 Industrial $0.058010 Vacant $0.077003 General Minimum Rate $921 Parkland Villas (under 36m 2 ) $766 Strata Titled Storage Units $598 Additional information on vacant rates A higher rate in the dollar for vacant land was introduced to encourage owners to develop their land to help create vibrant communities and support the local economy. The 2023/24 Budget includes a concession scheme to reduce the impact of the higher rate while owners are developing vacant land. The concession will have the effect of reducing the rate in the dollar charged from the vacant rate to the relevant differential rate (residential, industrial or commercial) and is available for three years.

Administration, Governance and Council Support $12.9m Community Safety $11.1m

4%

Business Systems and Support $22.3m Community Services and Libraries $24.1m

6%

3%

7%

Customer Service $9.2m

3%

Infrastructure Design and Engineering $76.1m

22%

Development Services $10.7m

3%

Facilities, Projects and Assets $38.6m

11%

Parks and Sustainability $54.6m

16%

Planning and City Future $9.5m

3%

Recreation and Leisure $25.8m

7%

Waste and Fleet $52.7m

15%

Total $347.6m

The City's 2023/24 Revenue Budget

$'m

159.4

Rates

4.1

Community Safety service charge

28.0

Grants, subsidies and contributions (operating and non-operating)

0.5

Profit on asset disposals

35.0

Fees, charges and other revenue

44.5

Waste service charges

8.5

Interest earnings

$280.0

Total