Your 2023-2024 Budget Explained
The Town of Cambridge’s 2023/24 Budget was adopted on Thursday, 31 August 2023.
While it’s a big relief to put some of COVID-19's financial impacts behind us, ongoing inflation and rising interest rates remain a challenge. During the 2022/2023 financial year, labour shortages and global supply chain issues affected operational costs across the community, the state and the nation.
As these economic factors will continue to influence spending in the 2023/2024 financial year, the Town has made every effort to adopt a budget that curbs expenditure and limits any increase in rates, fees and charges where possible.
To ensure the delivery of a prudent budget, the Town has set an average increase of 2% in rate revenue for the 2023/2024 year. The Town’s total operating expenditure is $58.3 million, including $11 million for depreciation.
This year, Landgate has calculated new property valuations for all rateable properties in metropolitan Western Australia. The Gross Rental Value (GRV) for most properties in the Town has increased by approximately 20 per cent, and most ratepayers will see a 2% increase to their rates when the updated valuations are applied to their rates. Properties in the Unimproved Value (UV) area have also had their annual revaluation. Most properties here also experiencing about a 20 per cent increase in UV and GRV.
For a summary on how your rates are spent, please refer to our info-graphic on the Rates page.