News
16 June, 2022
Somerset Regional Council budget revealed
SOMERSET Regional Council adopted its annual Budget at its meeting last week.
For residential land owners, the big news is a 4% increase in rates to 0.6332 cents in the dollar, against an overall Brisbane inflation rate of 6%.
This means for every $100,000 in land value, owners will pay $633.20 in general rates.
The minimum cost for all owner-occupied properties, regardless of land valuation, will be $866.20.
With a total expected income of $116 million for the year, $28.3 million, or less than a quarter, will come from rates, while nearly half of all income is predicted to come from State and Federal Government grants, with $51.7 million the anticipated amount handed to the council.
The remaining $36 million will come from a variety of income sources, including $9.5 million from ‘other revenue’, while $16.3 million is expected to come from the council’s cash reserves.
