Council plans to join scheme

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 agency is a council-controlled trading organisation established by a group of local authorities and the Crown. ‘‘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,’’ Foster said. To find out more about the proposal, and how to make a submission, visit: icc.govt.nz/publicdocuments/consultation/. Submissions close on 5pm, November 23.