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Borrowings history

During the 2012–13 financial year, we borrowed $29 million to fund major building works. The borrowings were at a fixed interest rate for 10 years and we were due to repay this in full in 2022–23. However, during the 2022–23 financial year, we reviewed our existing loan portfolio and refinanced the rest of this loan for another 10 years. 

We expect to repay all existing borrowings by 2033.

Existing borrowings

During the 2022–23 year, we made $25.91 million in principal repayments on existing borrowings. This means that on 30 June 2023, our total borrowings will be $85.33 million. The projected cost of servicing these borrowings is $8.12 million during 2023–24.

Future borrowing strategy

Our borrowing strategy is to pay off existing debt over time so that we can look at new borrowings for significant infrastructure projects for the community. This strategy allows us to invest in new infrastructure while paying off our debts.

We will look at different borrowing strategies for each area of planned borrowings as they become due.

Future proposed borrowings 

The following table sets out our future proposed borrowings, based on our forecast position on 30 June 2023. 

Financial year ending New borrowings Principal paid Interest expense Balance 30 June
2023 19,700,000 25,907,000 3,952,000 85,333,000
2024 – 8,117,000 3,408,000 77,216,000
2025 – 8,460,000 3,063,000 68,755,000
2026 – 8,819,000 2,703,000 59,936,000
2027 – 8,659,000 2,353,000 51,277,000
2028 – 9,015,000 1,996,000 42,262,000
2029 – 9,386,000 1,625,000 32,876,000
2030 – 9,773,000 1,239,000 23,103,000
2031 – 10,175,000 836,000 12,928,000
2032 – 10,594,000 417,000 2,334,000
2033 – 2,334,000 69,000 –
Total 19,700,000 111,239,000 21,661,000 –

Statement of borrowings 

Indicator Forecast Actual 2022–23 Budget 2023–24
Total amount borrowed as at 30 June of the prior year $91,540,000 $85,333,000
Total amount to be borrowed $19,700,000 $0
Total amount projected to be redeemed – $25,907,000 – $8,117,000
Amount of borrowings 30 June $85,333,000 $77,216,000