San Fulgencio Council reduces its debt to the banks by 62% this term

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San Fulgencio Council reduces its debt to the banks by 62% this term
San Fulgencio Council reduces its debt to the banks by 62% this term

The municipality owes 849,000 to financial institutions after investing 566,000 of its surplus in repaying debt that saved 47,000 euros in interest

The San Fulgencio Council, with mayor, José Sampere (PSOE), and councillor for Finance, David Vives (Ciudadanos), has released a report which confirms the agreement adopted in the last plenary session to allocate the 566,248 euros of its budget surplus to the amortization of two bank loans. This action “will mean savings for the municipality in the payment of interest of approximately 47,650 euros over the next five years.

The City Council will have repaid more than 32% of its municipal debt, reducing it from 1,767,507 euros as of December 31, 2019 to the current 849,262 euros.

The municipality had two million euros of debt at the beginning of this term, which now stands at 849,000 euros.

This is the second reduction in the municipality’s financial debt during this legislature, since, at the end of last year, the same procedure served to reduce it by about 761,462 euros, when another of the bank loans was amortized.

The mayor highlighted the great daily work carried out by both the City Council workers and all of the municipal councillors. “From this government team we want to express our firm commitment as we continue working for the municipality, with the aim of achieving healthy and efficient accounts,” said Sampere, “to be able to dedicate all of our financial policy to improving the public services that our population needs and demands and to improve the quality of life of our residents”.

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