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