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Published on 17 May 2021
When it comes to council finances, one of the most common topics Onkaparinga residents ask about is debt—what is debt, why does council borrow money, and how sustainable is this?
“Put simply, debt means borrowing money for a specific purpose, which is why debt is sometimes referred to as borrowings,” says City of Onkaparinga Mayor Erin Thompson in a new video released this week.
The video is part of the Your rates, your city campaign, which aims to help demystify council finances following feedback received by the community during engagement on council’s Long Term Financial Plan.
“By borrowing money, we can deliver the facilities and infrastructure the community needs without the need for large rate increases,” Mayor Thompson continues.
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