Borrowings

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 2024–25 year, we made $8.46 million in principal repayments on existing borrowings. The cost of servicing these borrowings is $3.03 million. On 30 June 2025, our outstanding borrowings will be $68.76 million.

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 2025.

Financial year endingNew borrowingsPrincipal paidInterest expenseBalance 30 June
202508,460,0003,025,00068,755,000
20269,500,0008,819,0002,941,00069,437,000
2027010,386,0002,713,00059,049,000
2028010,825,0002,267,00048,224,000
2029011,282,0001,803,00036,943,000
2030011,759,0001,323,00025,184,000
2031012,256,000825,00012,928,000
2032010,594,000388,0002,334,000
203302,334,00060,0000
20340000
20350000
 9,500,00086,715,00015,345,000 

Statement of borrowings

Indicator

Forecast Actual 2024-25


Budget 2025-26

Total amount borrowed as at 30 June of the prior year

77,216,000

68,756,000

Total amount to be borrowed

-

9,500,000

Total amount projected to be redeemed

(8,460,000)

(8,819,000)

Amount of borrowings 30 June

68,756,000

69,437,000