City’s Quarter purchase has proven itself a windfall for Karratha ratepayers

On June 30 Council endorsed the City’s budget for the 2021/22 financial year.

Amongst the tables and figures sits 117 projects worth more than $53 million that we are aiming to achieve throughout the year.

Sound financial management has put the City in a position to be able to take on 117 projects, whilst also introducing a rates increase less than CPI at 0.9 per cent.

Income generated from successful City investments like the Quarter reduce the City’s reliance on rates and result in the income generated from rates making up less than a third of the City’s total funding.

Since the City first purchased the Quarter in 2017, the total leased area has increased from 40.8 per cent to 90 per cent, bringing the current rate of return up to 9.1 per cent per annum.

The income generated as a result has meant that since the purchase, the City has been able to introduce a rates increase equivalent or lower than CPI, despite increased costs.

I look forward to seeing continued success at the Quarter, with multiple fit-outs planned for the near future and interest in the space at an all time high.

We will continue to explore ways to reduce our reliance on rates and improve the liveability of our city.

• Peter Long is the City of Karratha Mayor