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The mayor meets this Friday with the deputy general director of Studies and Financing of Local Entities of the Ministry of Finance (09/05/2017)

The Mayor, Juan José Cánovas, meets this Friday in Madrid with the Deputy Director General of Studies and Financing of Local Entities of the Ministry of Finance and Public Function, Gabriel Hurtado, in order to unblock the situation that occurs with the municipal budgets of the 2017 and settle the refinancing of the BBVA loan, with which all regularization of municipal loans with different banks would end.

At present, the Town Hall continues to work with the budget extended in 2015, since the extension was requested to the Ministry for the year 2017 based on the base document of 2015;

While the 2017 municipal budget project is now being finalized, which must also be authorized by the Ministry.

In addition, the mayor will ask the minister responsible for the "formal formalization" of the loan from BBVA, which the Plenary approved last February to refinance a loan of 21,008,445 euros with this entity, which "would solve a very serious financial problem Dragged from previous legislatures in the municipal coffers. "

The mayor stressed that this operation "closes the total refinancing of the debt that represents a significant respite for the operation of municipal management" and added that "the situation continues to be complicated but the approval of the Adjustment Plan, as a framework for Reference, has made the stabilization of the municipal coffers is on the way to solution. "

Juan José Cánovas advocated continuing to take extraordinary measures to make the debt sustainable without impacting the pocket of citizens, maintaining the capacity of municipal investments and the provision of quality public services.

Outlining the BBVA loan

The councilman stressed that this would end all the procedures of loans and overdrafts that had this council, so that once signed this operation "we are already up to date with all banking entities."

This updated loan with BBVA has to be negotiated with the Ministry of Finance, so that through the line of the Ordinary Funds, the fee to be paid to the bank, is paid in ten years to the Ministry and so on.

The offer of the bank consisted of a capital proposal of 13,240,793 euros plus interest, to which must be added the costs of rupture (4.7 million euros) and delay (3.1 million euros);

Leaving a total capital of 21,008,445 euros to be paid in ten years to the bank through annual quotas of 2,100,844 euros plus interest.

The mayor has shown his confidence that the Ministry will give green light to the proposal, given that the municipal government is committed to provide coverage in terms of liquidity considering the update that is being carried out of taxes and municipal taxes.

Source: Ayuntamiento de Totana

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