LGOIMA Request Details

​I refer to your official information request dated 04 July 2022. The information you have requested is below.

1: How much in 000's does the council owe to lenders? Total debt owed to external agencies as at 30 June 2022 is $88.8M.

2: Who does the Council borrow money from and what interest rates does the council pay? Council uses the Local Government Funding Agency (LGFA) for long term borrowing, interest rates fluctuate, the average cost of borrowing for council as at 31 March 2022 was 2.43%. (The average has not yet been calculated as at 30 June 2022.)
*Assuming you mean LGFA not LGIF

3: Is the Council a shareholder in the LGIF and if so what dividends has the Council received from the LGIF? Yes Council is a shareholder of the Local Government Funding Agency (LGFA), For the year ended June 2021, the total LGFA dividend paid was $857,000 which is a dividend rate of 3.428% on the $25 million of equity. Manawatu has 100,000 shares and received $3,428 for the 2021 financial year. LGFA pays a dividend of 1.5% over its cost of funds. This is calculated each year but is at the discretion of the Directors (no information on dividends for the 2022 year yet)