OWNERS of residential properties in Frankston could be hit with a rate increase of nearly four percent if council’s draft budget is approved.
Frankston Council approved its draft budget for the 2022/2023 financial year at a meeting last week. It will now be sent out to consultation before coming back for final approval.
A 3.91 per cent increase on average will apply to rates collected on residential properties in Frankston. The amount collected through ordinary rates will increase by 3.4 per cent and the amount collected on vacant residential land will increase by 6.12 per cent.
Council reevaluated property prices in the municipality during the last year, with the new values to be taken into account from 1 July. In the draft budget council officers wrote that property valuations had increased overall by 24.30 per cent, with residential properties increasing by 26.01 per cent.
Council is bound by a rate cap of 1.75 per cent. In order to ensure that the total amount of general rates collected in the next year doesn’t pass that mark, commercial property rates are proposed to be cut by 8.5 per cent.
Council has projected a $22.16 million surplus for the 2022/2023 financial year. That amount includes grant funding it is receiving for projects, such as $3.8 million for the Kananook Station commuter car park, $4.228 million for the Jubilee Park redevelopment, and $3.1 million for works at Seaford Wetlands.
Multiple capital work projects are included in the draft budget, with a total spend of $91.61 million projected for the year. Council has budgeted $15.74 million of ratepayer’s money on the Jubilee Park redevelopment, $3.5 million on a new pavilion for Lloyd Park, and $2.78 million on upgrades at Belvedere Reserve.
To view the budget and make a submission visit engage.frankston.vic.gov.au/draft-budget-2022-2023