Warrnambool City Council will have to readopt its budget to correct an error after outdated property data was used - a situation it admits is "not ideal".
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The council has blamed it on an "administrative oversight".
But the council says the amount of rate revenue it will collect won't change, and neither will the bills ratepayers were due to receive.
Rate bills - which are set to start arriving in the mail as usual in August - will be based on the new valuation of properties by the Victorian Office of the Valuer-General.
The updated valuer-general data usually arrives in May - at a time when planning for the council's draft budget is well under way - but this year it was overlooked and not included in the final budget numbers.
To be fully compliant with Local Government regulations, the 2024-25 budget must include the latest data.
The council's chief executive officer Andrew Mason said the budget document had already been amended.
But the updated budget will have to come before the August council meeting for councillors to reconsider.
"Bringing the budget back is not ideal but we need to ensure it's correct and that our commitments to the community, made after consulting with residents late last year and early this year, are honoured," Mr Mason said.
"This revision makes no changes to any allocation of funds, revenue, or expenditure, and has no new impact on any ratepayers.
"This is an administrative correction only that ensures a fully compliant budget.
"There will be no change to the revenue generated in each property category, the budget conforms to the Victorian Government's 2.75 per cent rate cap and all of council's commitments are unchanged."
The updated data showed the value of general residential land had fallen slightly while farm land, commercial land and industrial land had increased.
Residential land values in Warrnambool dropped from about $9.5 billion to $9.2 billion but ratepayers will still receive an average rate bill of $1544.92 in line with the 2.75 per cent rate cap.
Farm land rose from $297 million to $308 million.
The revised draft budget will be available on the council's website and hard copies are available.