Bay of Plenty Regional Council has reduced your general rates by the amount shown on your invoice. This year, the dividend is more than half of what we need in general rates funding, which is why your reduction is more than the general rates amount shown on your invoice.
The general funding needed to pay for the work Bay of Plenty Regional Council will carry out in 2022/23 is $78 million. We expect to receive a $42 million dividend from QHL and we use this dividend to offset, or reduce, the general rate charge to our ratepayers. This means overall, $36 million will be collected from ratepayers (the balance of the general rates funds required). The general rate you are charged on your invoice is your portion of the remaining $36 million we need to do the work we have planned.
The reduction is larger than the general rates on your invoice because the $42 million dividend is more than the $36 million general rates collected.