TOWN of Cambridge ratepayers will face a 2.7 per cent rate rise this financial year to bring in more than $24 million.
The rate increase is down from the 3 per cent increase in the 2015-16 financial year, with a minimum rate of $962 on all rateable properties, but still makes up 18 per cent of the Town’s main sources of funds.
The last financial year saw a minimum rate of $937 on all rateable property.
In 2016-17, the Town will also reap more than $43 million from the sale of land assets.
Cash operating revenues of $48.8 million includes a $22.6 million contribution from the State Government for settlement under the Perry Lakes Redevelopment Act.
The Town has budgeted for almost $20 million for capital works including $2.8 million for the Wembley Golf Course miniature golf as part of the new $11 million hospitality and function centre now under construction and due for completion in the first quarter of the 2016-17 financial year.
More than $1 million has also been put aside to complete refurbishments at the Wembley Sports Park Pavilion and construction of a new pavilion, which according to an update on the town’s website in May this year, is on track.
The overall project, which will include a new hall, kitchen and bar, home and away change rooms, tiered spectator seating, storage facilities and refurbished public toilets, will cost $3 million.