Auckland Mayor Len Brown has proposed an average rates increase of 2.5 per cent next year, in his draft annual budget presented to Auckland Council today.
The Mayor's 2014-15 budget identified new savings of $24 million per annum, which will enable the council to meet additional cost pressures while delivering the lower rates increase, a statement from the mayor's office said.
"The budget also delivers on commitments set out in the council's long-term plan, including new capital investments of $1.2 billion."
The Mayor said he would work closely with Penny Webster in her role as Chair of the Finance and Organisational Performance Committee to sharpen the council's focus on financial management across the council and its CCOs.
Cr Webster said every dollar invested in capital projects would continue to need to make economic sense and be backed by a robust business case.
"The review of our long-term plan next year will be an opportunity to more aggressively manage down our debt levels and this is something I'll be working closely with the Mayor to deliver."