Rates in the Thames and Coromandel area are set to rise by a projected 2.21 per cent for the coming financial year [2014/2015].

Mayor Glenn Leach says this is less than what was forecast in our draft 2014/2015 Annual Plan, which was a projected increase of 2.6 per cent.

Rates are set to increase in the Thames/Coromandel area.

'I want to thank all the staff and our financial team who have worked hard to keep the rates increase to a minimum for our ratepayers, given that there's a lot of big ticket projects we're investing in like the Coromandel Harbour and Coromandel Great Walks.

'Development contributions have also been less than we hoped for, which means that the interest on the loans for some of our additional capacity infrastructure, like the three wastewater treatment plants, is being passed on to our current ratepayers in the short term.”

Glenn says the council have been able to make some savings in other ways, through cost efficiencies in our operational expenditure and also reducing next year's capital expenditure budget by $4m.

People owning property with a land value of $400,000 in Thames will see their rates increase from $2777 to $2826.

In Coromandel-Colville it will increase from $2304 to $2373 and in Mercury Bay it will increase from $2521 to $2561.

In Tairua-Pauanui it will increase from $2527 to $2567 and in Whangamata from $2442 to $2451.