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19 February 2018
A short-term borrowing arrangement will return close to $140,000 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.
Earlier this month the Council's Strategic Planning and Policy Committee authorised the borrowing and investment of up to $35 million at fixed rates of interest for up to four and a half months. Council has retained $5.5 million of ready borrowing capacity for potential contingencies.
The money will be invested with three banks – the BNZ, Westpac and ANZ – in line with Council’s investment policy.
When it expires in June 2018 the $35m will be returned firstly to the Council, then to the LGFA in full. But the excess interest earned from the investment ($139,629), after payment of interest on the borrowing, will go back to the Council to benefit Waipa district ratepayers.
Waipa District Council entered into two similar financial arrangements in 2017, securing nearly $343,000 in additional interest revenue.
Money from this latest investment will be reflected in the 2017/2018 annual accounts.
Councillor Vern Wilson was the only elected member to vote against the move.
Media enquiries, contact Jeanette Tyrrell (on behalf of council) 027 507 7599