Council wipes millions off huge debt

Loans figures slowly declining as Clarence Valley Council attempts to be fit for the future.

Mayor Jim Simmons. Picture: Caitlan Charles

CLARENCE Valley Council have made more than $3m in loan repayments since the December loan borrowing report was made in the February council meeting.

Mayor Jim Simmons said he knows it doesn't seem like a significant amount when you look at the total - $119,584,677 - but the incremental decreases show the council is making inroads into the debt reduction.

"I believe council operates efficiently with its cash," he said.

Cr Simmons made note of the decrease in the Corporate Governance and Works committee meeting on Tuesday night, highlighting what he thought was a positive thing for the council's finances.

"I didn't go into the meeting with any preconceived notions about it," he said.

"I noticed it at a previous meeting and I thought it was a reasonable reduction and it was continued at this meeting."

Cr Simmons said he believes the council staff and councillors are doing a good job.

"There is a good group of councillors and they're providing a healthy input into proceedings and I've got every confidence in the council officers," he said.

Clarence Valley Council made repayments of $3,207,721 in the March 2018 quarter, which comprised of $1,288,634 of principal and $1,919,087 of interest.

These payments have been included in council 2017/18 budget.

Loan Balance

GENERAL FUND

Dec 2017: $17,307,921

Mar 2018: $16, 979,519

WATER FUND

Dec 2017: $23,829,698

Mar 2018: $23, 608, 643

SEWER FUND

Dec 2017: $73,078,213

Mar 2018: $72,455,303

DOMESTIC WASTE MANAGEMENT FUND

Dec 2017: $6,657,478

Mar 2018: $6,541,212

TOTAL

Dec 2017: $120,873,310

Mar 2018: $119,584,677

CLARENCE VALLEY COUNCIL MEETINGS

• Council block owners from repairing river bank
• Disputes with contractor causing bridge issues

Originally published as Council wipes millions off huge debt