Council Debt to Reduce
South Burnett Regional Council announced at the Budget meeting on Wednesday 10 July 2024 that there will be no additional borrowings over the next 12 months.
Council is planning for future borrowings in the 2025-26 and 2026-27 financial years to assist with costs associated with the Gordonbrook Dam Wall upgrade and a new landfill waste cell to cater for the regions increasing population, extending the ability for Council to manage its landfill obligations. The forecast loans are to ensure that Council remains in compliance with relevant government legislation, if alternative funding can be sourced, Council will review its need to undertake these borrowings.
Council’s borrowings with the Queensland Treasury Corporation are predicted to land at $23,838,084 for June 2024. Total borrowings will be reduced down to $20,337,536 over the next twelve months through loan repayments, with a large portion of Council’s current loans due to be paid out by 2030-31. This is compared to a peak in borrowings of $44,931,544 in 2016.
For further information contact Council on 4189 9100 or email info@sbrc.qld.gov.au.
