An analysis of Council's financial policies identified a gap in that Alpine Shire Council does not have a Borrowing Policy.

Council paid out its last borrowing in July 2015 and has not borrowed funds since then. Council does not intend to borrow funds in 2023/24, or in the following three years as per the published 2023/24 Budget.

The proposed Borrowing Policy was developed by reviewing other councils' Borrowings Policies (or like named policies), to develop a policy that took the best of these policies.

The policy sets out the circumstances in which Council will undertake borrowings and manage its loan portfolio. The purpose of this policy is to provide clear direction on the authority of Council or Council officers to make borrowing decisions.

The draft policy was provided to the Audit and Risk Committee at their November meeting for feedback. Feedback was considered in the preparation of the draft Borrowing Policy before Council.

There is no suggestion that Council is seeking to borrow funds in the current budget cycle or in the near future.