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Fraser Coast Council debt almost halved in six years
7 January, 2019
The Fraser Coast Regional Council has almost halved its debt over the last six years which is helping to free up funds to deliver the services and facilities our growing region needs, Mayor George Seymour said today.
Cr Seymour revealed today the Council’s debt had fallen to below $100 million for the first time in a decade, reducing from a peak of $174.5 million in 2012/13 to $98.7 million as of 31 December 2018.
“The Council has been focussed on sound economic management and living within our means so we can deliver the services and facilities the people of the Fraser Coast want and deserve while also keeping rate rises to a minimum,” he said.
“We’ve been working hard to pay back our debt and we now haven’t had to borrow for the past five years with no plans to borrow for at least another two years.
“As anyone with a home loan knows, the more you pay back and the quicker you do it, the less interest you have to pay.
“As a result of Council’s debt reduction, our annual interest bill has fallen from more than $10 million a year to around $6 million a year.
“That’s $4 million a year more we have to spend on maintaining and building roads and water infrastructure, on parks and libraries and all the other services Council provides in our local communities.
“By keeping our debt down and our borrowings low, we’re helping ensure future generations won’t be burdened by unsustainable rate rises, while also not compromising on delivering the services and facilities our growing region needs now.
“While we know there’s more to do, I thank all the Councillors and staff for their hard work and focus on long term financial sustainability to ensure we can do our very best for our community now and into the future.”
Figures released today reveal the Fraser Coast Regional Council’s debt was $96.7 million in 2007/08 before peaking at $174.5 million in 2012/13.
Council’s debt as of 31 December 2018 is $98.7 million and by 30 June 2019, debt will have fallen to about $93 million – the lowest level in a decade.