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Thursday
Dec192013

Economic Development Activity Funding

The current rates requirement for this activity is $1.24m of which $665k is met by commercial and industrial ratrepayers (970) and $570k is levied through the UAGC on all rate-payers.

This will nowhere near meet the demand for funding of the Coromandel Great Walks, the Development of the Coromandel Harbour, and the Cycleway between Thames and Kaiaua. And that is just the beginning - now that Ben Day has full mandate to get into all the nooks and crannies of development, there are sure to be plenty more wondrous schemes afoot.

But how to fund them! - that is the question. 

Yesterday, it was decided that the it was unfair to load up commerce and industry with any more of this liability. It was decided instead to cap their $665k contribution, and share all existing and future liability under this activity amongst all ratepayers (inc. commerce & industry). 

Now that this principle has been established, expect substantial future additions to the UAGC portion of rates. It is the open-ended nature of this that concerns me - it will need to be closely watched.

 

 

 

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