A rates increase of nearly 10 percent is set to be approved by Christchurch City Councillors next week, as they meet to adopt the Long Term Plan.

The LTP 2024–2034 sets out the council’s plans for the next 10 years and how it will pay for them.

Mayor Phil Mauger said, “It all boils down to ‘The Three I’s’ – inflation, interest rates, and insurance costs.”

“These three factors alone are responsible for most of the rates increase we’re considering next week. They’re also behind the growing costs that businesses and households across the country are experiencing,” Mauger said.

“But we know that any increase has a significant impact on people’s back pocket, so we must continue to find ways to reduce our costs as we implement this LTP, and that’s what we’ll be weighing up on Tuesday,” he said.

“When we began this process last year, we were staring at a projected rates increase of nearly 20 percent.”

“Our target was a rates increase between 9 percent and 12 percent, without any of our services being compromised, and the plan we will debate on Tuesday has a rates increase of 9.95 percent,” said Mauger.

Tuesday’s council meeting will start in the Council Chamber at 9.30am, and will be livestreamed.