Council funds economic generating infrastructure from savings
Date published: 6 October 2017
Statement from Townsville Mayor Councillor Jenny Hill:
Reports that TCC will be borrowing funds to contribute to the economic generating infrastructure in the Galilee basin are wrong.
Council’s investment will be funded from within its cash reserves over the next two financial years.
The belt tightening undertaken as a result of the reform process of the last 12 months enables Council to invest without borrowing.
The deal securing the FIFO and Regional HQ hub in Townsville is estimated to bring up to $90 m into the local economy annually for 30 years.
Up to 900 ongoing jobs and 1,200 jobs during construction for Townsville residents will flow from the deal. The largest economic stimulus the city has received in decades.
Additionally, an estimated income stream to the city of $1.5m per annum from rates, charges, and a new fee for service drug and alcohol testing service for all workers travelling to the Region from Townsville.