First quarter figures for the current financial year show Hume City Council is currently staring down the barrel of a $54m shortfall in rates take, with $43m owed by residential property owners across the city.
Of Hume’s 106,500 rateable properties, more than 46,000 are in arrears according to the council’s statement of accounts to 30 September 2024.
And of the 23,400 ratepayers in Craigieburn, 10,500 owe the council $12.5m in missed payments. That’s the highest arrears of the city’s 26 districts.
Of the total arrears, $32m has been carried over from previous financial years. Meaning that between 1 July and 30 September, $22m in rates went unpaid across the city.
While 7,000 ratepayers have set up a plan to chip away at their debt, more than 22% of the council’s expected rates income is outstanding.
According to the council, its financial performance is “above budget primarily due to additional grants and contributions”.
In the three months ending 30 September 2024, council’s revenue was $165m, it spent $86m, and reports a surplus of $78m ($3.9m above budget).
