Council Proposes To Join Local Government Funding Agency Scheme

Nov 19, 2018
401 Views

The Invercargill City Council proposes to join the Local Government Funding Agency
scheme, and invites residents to make submissions on the proposal Council Interim Director of Finance Dave Foster said by joining the scheme, Council could borrow at lower interest margins, resulting in cost savings.

The LGFA is a council-controlled trading organisation established by a group of local
authorities and the Crown.
“Until now, Council borrowing was acquired through a similar process to which
businesses might access loans, such as through banks. Council also issued local
authority bonds,” Mr Foster said.
“While Council has always benefitted from reasonable interest rates in the past, it has
been identified that Council could save up to $521,000 each year by utilising the
LGFA scheme.

“The LGFA is unique in that it only provides funding like this for local government
agencies, which is why Invercargill City Council can benefit from the scheme.”
To find out more about the proposal, and how to make a submission,

visit: icc.govt.nz/public-documents/consultation

Submissions close 5pm, Friday November 23, 2018.

You may be interested

Southland Business Leader Slams Education Minister’s Proposal For ITPs
News
281 views
News
281 views

Southland Business Leader Slams Education Minister’s Proposal For ITPs

Editor - Feb 20, 2019

Carla Forbes, creative director and owner of Invercargill marketing and communications consultancy Market South, former President of the Southland Chamber…

Fonterra Signs Up Farms To Supply a2 Milk Company
Farming, News
220 views
Farming, News
220 views

Fonterra Signs Up Farms To Supply a2 Milk Company

Editor - Feb 20, 2019

Starting today, Fonterra is signing up farms to supply milk for The a2 Milk Company in the 2019/2020 season. Mike…

Poland World Track Champs Gain Another Southlander
News, Southland
115 views
News, Southland
115 views

Poland World Track Champs Gain Another Southlander

Sports Hub - Feb 20, 2019

Following a whirlwind 72 hours, Southland's Corbin Strong has landed home from Bundaberg last night and has flown out this…