IPART endorses Penrith’s path to strong future
- Written by Adam Gatt Penrith City Council (02) 4732 7777 (02) 4732 7958 email@example.com https://www.penrithcity.nsw.gov.au 601 High St Penrith NSW 2750 Australia
Wednesday, 18 May 2016
The Independent Pricing and Regulatory Tribunal (IPART) has endorsed Penrith Council’s vision for a strong Regional City by approving a Special Variation (SV) application.
Penrith Mayor Karen McKeown said the determination was great news for the City.
"IPART's positive determination gives Council the mandate and mechanism to take the next steps forward for our City," she said. "And it's important to note that even with the determination, future Penrith Council's rates will be below the average residential rate of neighbouring councils."
"The successful application is part of Council's commitment to meet our community's expectations and the growth of our City. As well as being deemed Fit for the Future, Council has realised ongoing productivity savings of almost $5 million per year by undertaking comprehensive financial and organisational capacity reviews.
"Penrith has experienced an era of unprecedented growth and Council continues to ensure our community has a secure future in a City that has its own strong identity complete with renewed infrastructure and assets.
"The SV will realise $46 million over 4 years to maintain, renew and create new assets, pay down debt, boost Council's service levels and assist in delivering projects such as Our River Masterplan. Council will also address the planning of a multi deck CBD car park and a state-of-the-art city park."
Information contained within this news release was correct as at Wednesday, 18 May 2016.