We’re proposing to balance our books in 2024/25 and reset our debt-to-revenue ratio to 300% for 2021/22 then decreasing by 5% each year until 2025/26 where we will remain at 280% from 2026/27 to 2030/31. Rates are proposed to increase by an average of 8.9% in 2021/22 and 4.9% annually until 2030/31.
4.9% is a lot to increase by per year for 10 years, especially when inflation is predicted to remain at historic lows for much of that time. Over time this means that rates will be an ever-growing percentage of people's incomes.
We have lots of other projects included in our Long-Term Plan. We want to hear you views on any of them.