SUNSHINE Coast Council will spend more than $44 million servicing its debt this financial year as it prepares to borrow another $23.2 million.
Figures provided in response to a question from Councillor Hungerford show Council expects to make $30.68m in principal repayments and pay $13.6m in interest during 2026-27.
The $44.28m repayment figure has been revised from Council’s adopted Long Term Financial Plan after it borrowed $50 million in 2025-26, rather than the $66.8 million originally assumed.
Council pays an average 3.2 per cent interest.
The figures come as Council works to repair its finances after acknowledging it had been “spending beyond its means” following a series of operating deficits.
Its 2026-27 budget included a 9.7 per cent overall rates increase for most owner-occupiers and forecasts a $7.6 million operating deficit.
Council also plans to borrow another $23.2m this year but that debt is not expected to be drawn down until June. Repayments will begin in 2027-28, with Council estimating annual principal and interest costs of about $2.24m.