The Local Government Finance Authority of South Australia (LGFA) opened for business in March 1984 and evolved primarily from the difficulties many councils experienced in accessing loan funds from traditional financial institutions. Every South Australian council automatically became a member of LGFA but there was no compulsion for councils to use our services, however, from the very start of business we have received consistent loyal support and backing from all South Australian councils.
Fast forward 35 years to 2019 and while there is no doubt that Councils have greater access to loans funds than they once did, the LGFA model remains as relevant now as it was back then.
Not only does the LGFA continue to provide competitively priced deposit and loan products to the South Australian local government sector, it also provides the following benefits:
- Secure Investments:
The State Government of South Australia guarantees all deposits held with the LGFA.
- The Bonus:
The LGFA have paid a bonus every year since our inception. The bonus is paid on a pro-rata basis and is currently heavily weighted towards deposits.
- We have paid $42 million of bonus back to the sector since inception.
- Tax Equivalent Regime:
The LGFA pays tax equivalents into the Local Government Research Fund, which is used to fund research relevant to the sector.
- We have paid $29.3 million in tax equivalent since our inception.
- Retained Earnings:
The LGFA has over $65 million of retained earnings which is primarily invested in loans to the South Australian local government sector.
The current staff acknowledge the last 35 years and thank all South Australian councils for their continued support
Top Row: Geoff Hollitt, Davin Lambert and Robert Hardy
Bottom Row: Karren Smith, Paul Slater, Megan Button and Oly Dimadis