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Waipa District Council has extended a short-term financial arrangement that has already returned a $100,000 windfall to ratepayers.
In September last year the Council took advantage of a favourable difference in borrowing and investment rates to borrow and invest $21.5 million at a fixed interest rate for six months. That arrangement has now returned $100,109.59 to council coffers.
Yesterday the Council took steps to extend the borrowing and reinvest that money for a further four months at a fixed rate, to earn an additional $84,000. The transaction was formally approved by the Council’s Finance and Corporate Committee earlier this month.
Chief financial officer Ken Morris said Waipa District Council could only take advantage of such opportunities because of its relatively low debt levels and strong cash balances. Last year’s annual report showed Waipa’s end-of-year debt was $13.2 million with a cash balance of $15.5 million.
“The market has made these interest rates available to us and our district is fortunate to be in a position where we can take advantage of them,” he said.
In line with Council’s investment policy, the money has been invested with highly-rated banks with the arrangement locked-in for both sides.
The interest earned from these and other investments will be reflected in the 2016/2017 annual accounts.
For more information, contact Jeanette Tyrrell (on behalf of Council) 027 507 7599