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The Department of Finance reports that the Ministry of Finance and Public Service has communicated to the City of Totana, in resolution of last November 14, the authorization by approving that the totanero Town Hall may formalize the loan from the Fund of Financing a Local entities.

The City Council of Totana, with this new approval by the Ministry, may substitute the debt that is being withheld by the Ministry from the participation of the State Taxes for the formalization of loans from the Financing Fund to Local Entities.

In no case does it imply the granting of new financing or an increase in it, but it covers the actual debt that is being withheld from the income that Totana receives from the ministry, as reported by the councilor of the branch, Ana María Cánovas.

This request was approved in full last September with the sole purpose of addressing this debt with much more favorable measures for the City of Totana, where we find a 4-point interest rate low, right now this debt is over 5% and will go to 1.002%.

The amounts of this refinancing are the debt that is maintained with the Mancomunidad de Canales del Taibilla for 4,851,069.10 euros and the three loans from the Payments to Suppliers Fund for a total amount of 30,399,177.43 euros, respectively.

The City Council is being subject to withholdings by the Ministry of deliveries in the participation of State Taxes, so that instead of receiving 538,976 euros that correspond, they are receiving 265,031 euros from these funds.

The councilor of Finance assesses "positively" this new measure to be taken, since, as he said, "the City of Totana will receive every month the total amount of income of the state for a total of 538,976.96 euros and loans with the low interest calculated a savings of 1,215,359 euros, "he said.

As reported, the Department of Treasury has as a priority to allocate all this liquidity to late payment with both citizens and companies, with the aim of updating the debt counter with creditors.

Source: Ayuntamiento de Totana