Dave TombsThe Dunedin City Council should consider a partial switch to the Local Government Funding Agency, because it could be millions of dollars better off if it did, an independent review has suggested. It could also benefit by a further $3.84million in savings over the next decade, by using the LGFA to refinance existing debt and source new loans, the report found. Bancorp recommended the council join the LGFA and use it as a source of funds for term loans beyond 12 months, where savings would be realised. ''The use of multiple funding sources demonstrates prudent funding risk management and the ongoing diversification of funding sources.'' The agency was established by the Government to source large-scale loans at lower cost for councils.

Source: Otago Daily Times February 26, 2019 15:33 UTC