SDRC off Treasury watchlist
Regional Council was removed from a Treasury Corporation watchlist after it slashed its debt burden by a third over the past two years.
Mayor Tracy Dobie said removal from the watchlist meant the council could borrow money again.
“While there are no plans to borrow, that weight is off us,” she said.
Shortly after taking office in 2016, the current council resolved to pay about $2 million off its principal debt each year. Debt went from about $31 million in
2016 to $22 million in the first quarter of the 2018-19 financial year. Part of the reduction came from a budget surplus, while the bulk came from land sales.
“We sold off council land to break the back of the debt so it would become easier for us to manage,” Cr Dobie said.
“It was about tidying the property portfolio up and rationalising it.”
With less debt, Cr Dobie said the council would have an easier time keeping rate increases to a minimum and saving for capital works like the Wallangarra Urban Design Frame Work.