PRESTON POST-RESERVOIR TIMES EDITION EAST PRESTON • EAST RESERVOIR • KEON PARK • KINGSBURY • PRESTON • REGENT • RESERVOIR • RUTHVEN • WEST PRESTON • WEST RESERVOIR Local and Independent. Not associated with any other publication in this area.
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WEDNESDAY, APRIL 14, 2021
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HEY BIG SPENDERS! DAREBIN TO BORROW BIG 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.’
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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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■ 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.
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