Official Information Request - interest rate on borrowed funds
Official Information Requests
Sent: Tuesday, May 14, 2024 12:22 PM
Subject: Information request - interest rate on borrowed funds
I refer to your information request of 8 May 2024 for the current interest rate on funds that have been borrowed by council. Your request was processed under the Local Government Official Information and Meetings Act.
For the year ended 30 June 2023 the average effective rate was 4.18% (as per the 2023 Annual Report):
| Year | Interest Rate |
|---|---|
| 2025 | 4.23% |
| 2026 | 4.67% |
| 2027 | 4.87% |
| 2028 | 5.00% |
| 2029 | 5.20% |
| 2030 | 5.50% |
| 2031 | 5.50% |
| 2032 | 5.50% |
| 2033 | 5.50% |
| 2034 | 5.50% |
This is forecast to rise through the 2024-2034 Long-term Plan as existing loans on fixed rates mature and we reprice based on current market rates as per our Significant Forecasting Assumptions.
