SOMERSET Regional Council has adopted its $95.9 million 2024/25 Budget that aims to address cost-of-living challenges and state land valuation increases for Somerset residents by maintaining the lowest possible overall rates.

Focusing on key services delivery and improved connectivity, the budget includes significant investment in infrastructure through a $53 million capital works program, with 30 plus projects planned this year.

This year’s budget will be boosted by an anticipated revenue of $32 million from government grants and subsidies, along with other revenue sources totalling $6.4 million, ensuring ratepayers are not solely funding the cost of infrastructure investment across Somerset.

In his inaugural budget address as Mayor, Jason Wendt noted it had been a tough budget to frame with the rising costs of labour, materials, insurance, energy, and water, combined with record land valuations, contributing to necessary rate increases.

“Despite the challenging economic environment, Council has worked hard to manage impacts for Somerset ratepayers by containing operating costs to ensure long-term affordability and sustainability,” Cr Wendt said.

“While the minimum general rate for owner occupiers has increased by 4.1%, the total percentage increase for any given property will depend on rating category, valuation increase and other factors.

“This means the total rates and charges increase for Somerset owner occupiers on the minimum general rate is $2.28 per week or less. This compares to Ipswich City Council‘s announced budget increase of $2.58 per week (5.45%) and Brisbane City Council’s announced increase of $2 per week (3.8%).”

Acknowledging the additional rates burden for farm owners with land valuation increases that are higher than the average for their categories, Council has also undertaken extensive efforts to ensure a fair outcome by:

• Keeping 70+% of farm owners at an overall change in rates of less than 10%, including 16% who will get a rate reduction.
• Increasing the number of farm rating categories from three to nine, and;
• Reducing the general rate as a percentage of official State land valuation by between 25-49%.

“Even with the valuations increase for farm owners, the cost ($28M) to maintain and build rural roads across Somerset in FY25 exceeds the total revenue raised from farming rates ($7.7M), highlighting the challenges Council has faced in delivering a fair and equitable budget, while funding essential services,” Mayor Wendt said.

With the region’s unemployment rate decreasing from 6.9% to 4.9% since March 2023, Council is proud to continue supporting the local economy by employing and buying locally, with an expected 60+% of total rates and charges revenue remaining within the local community.

“A further $329,000 investment in local event sponsorship and assistance programs will help bring the community together, and boost visitation and economic activity,” Cr Wendt said.

Council’s freeze on dog registrations for three years will also save residents more than $200,000 over the next two years, with a 15% prompt payment discount for rates providing further financial relief.

Acknowledging his team, Mayor Wendt extended his appreciation to his fellow Councillors for their dedicated efforts in delivering the budget.

"Crafting a local government budget is always challenging, but doing so shortly after assuming office as a first-time Councillor is a significant endeavour and I’m proud of what we have been able to achieve,” he said.

“I would also like to acknowledge the senior management team, in particular the Director of Finance and the Finance Team, for their efforts in constructing the budget over many months, and our CEO for his support, leadership, and oversight.

“Together we move forward for a stronger Somerset, one that fosters improved communication and engagement with the community, working towards a vibrant, well-planned, prosperous, and unified future for all residents and our region.”

For more information about Somerset Regional Council’s FY2024/25 budget, visit www.somerset.qld.gov.au/budget.