‘NORTHCOTE BUDGET’ EDITION
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HEY BIG SPENDERS! DAREBIN BORROWS HUGE EDITORIAL COMMENT
‘Alarm bells should be ringing after Darebin Council last week signalled that it plans to borrow $114 million over the next decade. At one stage, borrowings will be 49 per cent of rate revenue. That’s out of control.’
Tens of millions sought in loan funds by Council
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■ THE politically-Left Darebin Council has signalled plans to borrow tens of millions of dollars in coming years. A financial plan submitted to last week’s meeting of Councillors forecast that $8 million will be borrowed in the 2021-22 year. The Darebin Council borrowings in the 202223 year are expected to blow out to $23 million, with a further $15 million borrowings sought for the 2023-24 period. The Council says that it is “proposing to access debt funding to complete a range of major infrastructure projects including the construction of the Northcote Aquatic and Recreation Centre, the Reservoir Leisure Centre and Global Learning Hub”. The borrowings continue in 2025-26 with $5 million, then a further $60 million over the 202627 and 2027-28 financial years. Another $10 million will be borrowed in the 2030-31 year, according to the projections. Currently, the Council has a 0 per cent rate of borrowings against rate revenue. The total borrowings will be 49 per cent of the rate revenue in 2027-28, acccording to the Council’s own figures. ● See The Local Paper’s analysis of financial matters affecting Darebin Councillors on Page 4 of this issue.
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