NZX Announcement
24 February 2023

LGFA releases Draft SOI 2023-26 and Forecast Borrowing Programme

Under the Local Government Act 2002, LGFA is required to publish a Draft Statement Of Intent (SOI) by 28 February 2023 and publish a Final SOI by 30 June 2023.  The draft is attached below:

DRAFT_LGFA StatementOfIntent 2023-2026.pdf
LGFA Draft Statement of Intent 2023-2026
775.71 KB

The three year financial forecasts within the SOI assume the Three Waters Reform programme does not proceed, which is consistent with how councils have prepared their 2021-31 Long Term Plans (and borrowing forecasts).

LGFA will update the market as assumptions relating to the Three Waters Reform programme change.

The Draft SOI outlines an assumed bond issuance programme of:
FY24 $3.2 billion
FY25 $3.2 billion
FY26 $3.15 billion

There is no change to the current FY23 bond issuance programme of $2.9 billion but an update will be provided in early April 2023. To date LGFA has issued $2.113 billion of bonds this financial year.

Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive.
Telephone +64 4 974 6744