Council brings in mega investment return
MARANOA Regional Council has seen $1.5 million come back into the kitty this year, as its investments make a solid return.
The monthly investment report for April was tabled at the general meeting on Wednesday, showing the latest figures on income from various deposits.
"As of the end of April, council has gotten $1.5million back on their investments,” Deputy Mayor and finance portfolio chair Jan Chambers said.
"It is using money that would otherwise just sit there and working it to get a return that will go into something for the community.
"If we weren't earning interest, we would be $1.5million worse off.”
Debate ensued when receiving the report, with conjecture from the Mayor that the council should invest more money locally.
In total, 30 securities were named in the financial report, representing a wide portfolio in council investments to a total value of $59,642,994.27.
"Having diversity in the portfolio means we are maximising the best returns that we can get,” CrChambers said.
"We do invest with the National Australia Bank and the Commonwealth Bank, which are both in our community.
"But I think when you are dealing with the (amount of) money that we are dealing with, you have to go further - you don't just deal locally when you are putting that amount of money on investments.
"When you are a council, you need to deal with the particular avenue of the branch somewhere else.”