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21 August 2017
A short-term borrowing arrangement will return more than a quarter million dollars to Waipa District Council.
The Council has taken advantage of a favourable difference in borrowing and investment interest rates. The borrowing is through the Local Government Funding Agency (LGFA). The LGFA is owned by New Zealand councils and allows shareholding councils to access funds at low interest rates.
Last week the Council's Finance and Corporate Committee authorised the borrowing and investment of $35 million at fixed rates of interest for six months. Councillor Vern Wilson voted against the move.
The money will be invested with three banks in line with Council’s investment policy.
When it expires in February 2018 the $35m will be returned firstly to the Council, then to the LGFA in full. But the excess interest earned from the investment ($258,682) after payment of interest on the borrowing will go back to the Council to benefit Waipa district ratepayers.
Waipa District Council entered into similar financial arrangements in 2017, securing more than $184,000 in additional interest revenue.
Chief financial officer Ken Morris said Waipa could take advantage of such opportunities because of its relatively low debt levels and strong cash balances.
Money from this latest investment will be reflected in the 2017/2018 annual accounts.
Media enquiries, contact Jeanette Tyrrell (on behalf of council) 027 507 7599