Allowable rate of annual increase or decrease in contribution
81A Allowable rate of annual increase or decrease in contribution
This section applies if, for any council, the amount of the contribution calculated under section 81 for any category of land for a financial year (the council's new contribution) increases or decreases by more than the allowed percentage relative to the amount of the contribution so calculated for the immediately preceding financial year (the council's previous contribution).
The council's new contribution is to be adjusted so that it does not exceed or, as the case may be, fall short of the council's previous contribution by more than the allowed percentage.
The excess or shortfall (being the amount by which the council's new contribution exceeded or, as the case may be, fell short of the council's previous contribution by more than the allowed percentage) is to be reallocated across all other councils, for the same category of land, in accordance with the formula in section 81.
In this section – adjustment rate means – 5%; or if another percentage is prescribed, that other percentage (instead of 5%); allowed percentage means the total (Statewide) percentage increase or decrease for the relevant category of land for the relevant financial year relative to the immediately preceding financial year, plus the adjustment rate (in the case of an increase) or minus the adjustment rate (in the case of a decrease).
This Act’s bill:Explanatory notesSecond reading speech
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