Borrowings

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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 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 ending	New borrowings	Principal paid	Interest expense	Balance 30 June
2025	0	8,460,000	3,025,000	68,755,000
2026	9,500,000	8,819,000	2,941,000	69,437,000
2027	0	10,386,000	2,713,000	59,049,000
2028	0	10,825,000	2,267,000	48,224,000
2029	0	11,282,000	1,803,000	36,943,000
2030	0	11,759,000	1,323,000	25,184,000
2031	0	12,256,000	825,000	12,928,000
2032	0	10,594,000	388,000	2,334,000
2033	0	2,334,000	60,000	0
2034	0	0	0	0
2035	0	0	0	0
	9,500,000	86,715,000	15,345,000

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