Do you know how much debt Council is in? No? Would you even know where to look?
With so much recent discussion around Council’s financial management, I’ve managed to score a win for some transparency in the way we report this.
As I point out in this speech, figures that I suspect most ratepayers would like a clear presentation of includes how much debt Council is in, how it’s changed, and how we measure up to our neighbours and demographic peers.
I expected a fight; to need to move a motion to get something simple: a better summary of debt in our Annual Report. Instead, Council staff commendably took up my suggestion and have recently responded to me with this:
“It is acknowledged that Council, due to the Special Rate Variation, major projects funding and media climate is in a position where accurate and forthright information pertaining to its financial position is of value to stakeholders.
With this noted, Council will develop a section within its 2025/2026 Annual Report on borrowings and other financial matters of importance. This will be actioned by relevant teams developing the Annual Report.”
I thank our staff for their proactive stance in response to my suggestion.
Oh, and to answer my earlier question:
Council’s current debt stands at $54,809,000.
In 2009, Council had zero debt.
The Richmond Pool project cost-blowout alone may add an additional $43,000,000 of debt to Council, which is why I regretfully had to withdraw my support for it.
Look forward to a big announcement from me soon about a project aimed at improving transparency and access to Council data.
What do you think?