Brimbank council will consider using the state government’s new local council lending framework to help fund future projects.
The government last week announced that councils will now have improved access to low-interest loans to support the development of key infrastructure and other projects.
Acting Local Government Minister Mary-Anne Thomas said the new framework will give councils access to lower interest rates financed through the Treasury Corporation of Victoria (TCV).
The government’s strong credit rating means the government can borrow directly from the TCV at a lower interest rate to help councils to fund general working capital needs, as well as project-specific infrastructure.
Brimbank council financial and organisational excellence director Shane Marr hadn’t been able to use the previous framework to borrow money for key projects.
“Brimbank council welcomes the opportunity to access low interest loans under the state government’s new local council lending framework.
“Council will consider future borrowing to support key capital works projects across the municipality.
“Under the previous framework, Brimbank council did consider using lending for projects but none met the criteria at the time.
“We remain focused on providing the best services and facilities in the community and investing in our city’s future, to help make Brimbank an even better place to live, work, play or visit. ”
Ms Thomas highlighted the Footscray Town Hall project as an example of what these loans could help council’s achieve.
“I encourage councils to take advantage of the low-interest loans because access to affordable finance can make a world of difference when providing their communities with the best services and facilities.”
