George Town Council will debate the draft budget for the 2022-23 financial year during its meeting today.

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The cost for rateable property will be $1883. Rates per rateable property across the 29 councils averaged $1606, at an average of $1079 a resident. There are about 7000 residents in the George Town local government area.

George Town mayor Greg Kieser said the proposed rate rise is in direct response to the increase in costs associated with the CPI and CCI index currently running at 5.8 per cent in Hobart forecast to increase to 7 per cent by year end.

"The George Town Council's financial plan is to run nominal surpluses as part of it's 10-year financial plan as evidenced by the last three years' financial performance," he said.

"George Town is prospering as evidenced by the strong growth in housing and population growth. This combined by the strong pipeline of future projects and future job creation present a once in a generation opportunity for our community. Our challenge is to ensure that nobody is left behind and we create a diverse and eclectic community that can capitalise on our exciting future whilst still preserving our identity."

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The increased rate rise will give the council a revenue of $9.8 million for the 2022-2023 proposed budget, with the previous year being $9.2 million. Overall the council will have an income of $11.9 million for the 2022/23 proposed budget.

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George Town Council has a hardship policy in place to help those who are experiencing financial difficulty.

Another key reason for the recommended rate increase include to assist funding capital program, the 2022/23 draft budget looks at $4.5 million worth of capital works, $3.9 million to be funded by council.

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George Town Council will debate the rates policy, draft budget and capital funds at the council meeting today.

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