Council Adopts 2023-24 Operational Plan and Budget

At the June extraordinary meeting of Council, Norfolk Island Regional Council resolved to adopt the 2023-24 Operational Plan and Budget, noting the public submissions received and recommended changes to the final documents following the public exhibition period. Council and its staff have continued their focus on providing services to the local community, in addition to continuing to respond to the conclusions of the Public Inquiry, and implementing the recommendations incorporated in the External Audit Findings during the term of Administration. 

The development of the 2023-24 Operational Plan and Budget has again focused on ensuring the financial sustainability of Council, and to reinforce Council’s current stable financial position for the benefit of the current and future Norfolk Island community. This approach ensures that Council complies with the sound financial management principle requirements set out in the Local Government Act 1993 (NSW) (NI). The 2023-24 Operational Plan and Budget, which provides a forecast operating surplus budget position of $500,000, continues Council’s path to ongoing financial sustainability. 

The Plan has been developed in a challenging economic environment, in particular high current inflation levels reflected in the retail price index (RPI) for Norfolk Island reaching an annualised rate of 11.09% as at December 2022. The 2023-24 Operational Plan and Budget also includes the continuation of the rating structure introduced for the 2022-2023 year which included the expansion of rating categories from 4 overall categories to 23 rating sub-categories.

For the 2023-2024 financial year, Council is proposing to raise $1.804 million from Ordinary Rates. This represents an increase in revenue of $179k from the last financial year. 

Whilst the overall increase in ordinary rates revenue has been set in line with the Retail Price Index, the distribution of individual property land valuations issued by the Valuer-General under the Land Valuation Act 2012 (NI) will impact changes for the purposes of rating for 2023-24. 

Council will use the revenue collected from Ordinary Rates in addition to other revenue sources such as fees and sales to deliver the following operational services in 2023-24: 

Roads maintenance and improvements - $1.5 million;
Workshop & Depot - $0.3 million;
Environment, Parks & Reserves - $0.4 million;
Community services including Library - $0.6 million;
Tourism operation & economic development - $1.5 million;
Pest and weed control - $0.2 million.

The 2023-24 Operational Plan and Budget is focused on driving positive change for the Norfolk Island community now and into the future through the financial sustainability of Council and increased efficiency of Council.