Introduction of the government compliance targeted rate.
I feel that Council has an obligation to fund the bulk of its activities through a general rate. In a growing city this will of course place pressure on council to maintain services and improve infrastructure out of rate revenue. Council is therefore like a commercial enterprise which must fund its activities from its available income. The biggest difficulty that Council appears to have is the cost of servicing existing city debt. When the interest paid by Council is combined with the associated interest rate swap losses one dollar in five of Council revenue is being used to service Council debt. That is too high of a percentage and the 10 year plan (which by the way I feel should be a 30 to 50 year plan) should incorporate a significant reduction in Council's borrowings. I would prefer to see a one off targeted rate to be used exclusively for debt reduction levied on each ratepayer and calculated based on property value. This one off targeted rate would raise sufficient money to reduce Council indebtedness and could be structured so that no further general rate rises would be required over the next 10 years and neither would there be a need to increase development contributions. The combined interest/swap losses cost is circa $40 million per annum. Halving Council debt through a one off targeted rate would halve the servicing cost of Council debt. The reduction in servicing costs exceeds what the 10 year plan seeks to levy in general rate increases.
Transfer of funding for development at Hamilton Gardens.
Shaping Hamilton Kirikiriroa together
Hamilton City Council uses double vowels
in te reo Maaori to represent a long vowel
sound as it is the preference of Waikato-Tainui.
Hamilton City Council
260 Anglesea St
Private Bag 3010