Council collects more than $8m in overdue rates in a year
FRASER Coast Mayor Chris Loft says having a State Government adviser on board is helping the council focus on making the best investment choices for the region after a performance report was released this week.
The report, complied by Fraser Coast council chief executive officer Lisa Desmond, shows the council has $202.81 million in investment funds as of July 31, made up of $117.50 million in term investments and a further $85.31 million in capital guaranteed investments.
Cr Loft said the council had been advised to invest its money in areas that would bring additional income or create jobs.
He said the council was also committed to lessening its debts.
"It's just like a household budget - that aim is to pay off the mortgage or the debt," Cr Loft said.
According to the performance report, the council's total loan borrowings have a balance of $139.08 million as of July 31.
Loan borrowings totalling $25,706,700 are expected to be applied for during this financial year and submitted for approval to the Department of Infrastructure, Local Government and Planning
The report also shows a huge reduction in overdue rates owed to the council.
Total overdue rates owed to council as of July 31 is $15,010,106, with more than $20 million in outstanding rates collected since January 2015.
The report says the council's collection agency Collection House continues to achieve strong recovery levels. The collection agency recovered $384,124 in July alone, with more than $8.4m collected in the past 12 months.
Cr Loft said the council's finance committee, chaired by councillor Rolf Light, was reviewing all of its processes that included the annual 11% compound interest paid on overdue rates.