Time is running out to share your thoughts on the choices Auckland Council has proposed in its budget for the coming year.

The Council is facing ongoing budget challenges and following recent rapid increases in inflation and interest rates, it now needs to address a forecast budget shortfall that has grown to $295 million for the 2023/2024 financial year.

There are limited options available to manage the budget challenge in the next financial year, which begins on 1 July 2023.

The proposed budget package for 2023/2024 includes:

• Reducing operating costs by an additional $125 million across Auckland Council and Council Controlled Organisations. This would impact some services currently delivered.
• A rates package that would see a total rates increase for the average value residential property of around 4.66 per cent or $154 a year (around $3 a week)
• Selling its shareholding in Auckland International Airport (currently around 18 per cent of the Airport’s shares) to reduce borrowing
• Borrowing no more than $75 million of additional debt, so that the Council can cope with any future financial uncertainty (current policy allows further borrowing up to $140 million).

The Council says, following public feedback if the proposed budget package is not supported or if the financial challenge worsens, it would need to make up the shortfall another way.

It would need to consider:

• A higher rates package that could see a total rates increase for the average value residential property of up to 13.13 per cent or $433 a year ($8.30 a week)
• Increasing debt further.

More debt will increase interest costs and doesn’t address the need to spend within budget. It also makes it harder to respond to any unexpected financial shocks.

Public consultation for the council’s Annual Budget 2023/2024 ends at 11 pm tomorrow, Tuesday 28 March, you have been invited to have your say on a proposed mix of options to close a $295 million budget shortfall.

Don’t delay.

Click here to have your say.