COFFS Harbour City Council’s Bank Balances and Investments totalled $234,918,345 at 31 March 2021 – an increase of $8,220,321 on the same time last year.

“Despite the global economic impact of COVID-19 and record low interest rates, the investment strategy that we are pursuing continues to provide good returns on the funds we have available to support major capital projects for the community,” said Council’s Acting General Manager Andrew Beswick.

Advertise with News of The Area today.
It’s worth it for your business.
Message us.
Phone us – (02) 4981 8882.
Email us – media@newsofthearea.com.au

“Councils make investments to pay off the loan borrowing costs required to build large capital projects like the Wiigulga Sports Complex, the Cultural and Civic Space, water and sewer infrastructure, large road projects and bridges.

“More than 56% of the cash, cash equivalent and investments held by Council is made up of funds that have specific and restricted uses – such as, water and sewer reserves, the Domestic Waste Management reserve, Developer Contributions and, as yet unspent grant funds.”

Mr Beswick said Developer Contributions represent only about 10% of Council’s cash reserves.

“Those funds can only be spent for those purposes, but the remainder is available to help pay off the loan funds that we use to finance capital projects that provide the wide range of services the community expects through new, renewed and upgraded facilities,” Mr Beswick said.

In the long term, earnings from investments can vary due to economic conditions and financial markets.

Council’s investment portfolio takes current conditions into account and complies with the Office of Local Government Investment Policy Guidelines.

By Emma DARBIN