The council says it is considering every option to repair its strained finances before coming cap in hand to residents.
North Sydney residents’ rates could double as the estimated cost to rebuild their storied Olympic pool soars past $100 million, prompting the NSW local government minister to urge a rethink on whether councils should take on such large infrastructure projects.to salvage its finances, councillors will consider four options that would result in rate hikes of at least 65 per cent and possibly up to 111 per cent over three years.
The council, which has an annual operating budget of more than $130 million, borrowed $34 million from its cash reserves to fund the pool redevelopment, in addition to $51 million in external loans. Councillors will on Monday debate various suggestions for increasing revenue from rates to help repair the council’s finances.
The redevelopment includes upgrades to the 50-metre and 25-metre pools, a children’s water play area, expanded gym, a cafe and gelato bar.“North Sydney has the lowest residential rates in our regional organisation of councils and among the lowest in metropolitan Sydney,” said Baker, noting at least three of the options would take its rates up to or just above the average for Greater Sydney.
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