The Revenue and Financing Policy describes how Bay of Plenty Regional Council will use revenue and financing sources to fund our activities. Regional Council reviews its Revenue and Financing Policy every three years as part of developing the Long Term Plan. This year, we are proposing changes outside of this normal review cycle.

Bay of Plenty Regional Council is proposing new targeted rates to partially fund two activities; Sustainable Homes and Regional Infrastructure.

Sustainable Homes

The Sustainable Homes targeted rate will allow the use of ‘voluntary’ targeted rates as a way to secure repayment on sustainable home loans. This targeted rate is 'voluntary' in that it would only be charged to properties that take out a sustainable home loan. The loans are intended to be on the same 10-year term as the current Hot Swap loan and would begin in 2023/24.

Sustainable Homes loans was consulted on and approved as part of the Long Term Plan 2021/22 and allows home owners to fund projects such as adding insulation and heating to homes.

Regional Infrastructure

There are many calls for funding from Bay of Plenty Regional Council to support regionally significant infrastructure. Targeted rates could be used for projects that either benefit the whole region or only small parts of the region. Targeted rates provide for better certainty of project funding and allow the costs to be spread between those who would benefit.

The full schedule of changes is shown in the draft policies (under document library) with tracked changes as well as the Statement of Proposal. This proposal is purely about the use of targeted rates as a potential mechanism. Before any targeted rate is actually set and collected, further work is required to define the conditions and criteria for funding, select projects that best deliver on the criteria, agree the amount of funding support, and consult on the amount of any targeted rate that is proposed to be set.

Feedback received before 4 May 2022 will be summarised for Regional Council. Those wishing to speak to their submission will have an opportunity to speak to Council at hearings before any recommendations are made. The revised policy will be presented to Council for adoption in late June 2022.

Bay of Plenty Regional Council is proposing new targeted rates to partially fund two activities; Sustainable Homes and Regional Infrastructure.

Sustainable Homes

The Sustainable Homes targeted rate will allow the use of ‘voluntary’ targeted rates as a way to secure repayment on sustainable home loans. This targeted rate is 'voluntary' in that it would only be charged to properties that take out a sustainable home loan.

Sustainable Homes loans was consulted on and approved as part of the Long Term Plan 2021/22 and allows home owners to fund projects such as adding insulation and heating to homes.

Regional Infrastructure

There are many calls for funding from Bay of Plenty Regional Council to support regionally significant infrastructure. Targeted rates could be used for projects that either benefit the whole region or only small parts of the region. Targeted rates provide for better certainty of project funding and allow the costs to be spread between those who would benefit.

The full schedule of changes is shown in the draft policy (under documents) with tracked changes.

Feedback received before 4 May 2022 will be summarised for Council. Those wishing to speak to their submission will have an opportunity to speak to Council at hearings before any recommendations are made. The revised policy will be presented to Council for adoption in late June 2022.