This little disagreeable fact is buried in a table to be found on page 114 of its draft annual report given to councilors for the council meeting today.
As a slight sweetener to that figure, however, the average interest rate it pays on its debt has fallen from 5.42% to 4.89%.
More revelations that won’t be in the media releases of Mr Dougherty’s “Communications Team” to follow.
From the discussion on the Kapiti Coast Group FB page: not all the increased borrowing has been spent; there a net increase of $45 million in the amount stated as being held on term deposit, presumably with a bank, although there are no details about how long for and at what interest rate. You’d think that it is at the same rate as what it has increased its borrowing by (it’s unlikely to be higher). However, the issue remains — why borrow this massive extra amount if it’s not going to be used in the near future? The whole assumption of an ever increasing number of ratepayers to service an ever-increasing amount of debt is worrying.