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Cambridge returning $300,000 for bond payments

Laura PondWestern Suburbs Weekly

MORE than $300,000 is being refunded to people who have paid bonds to the Town of Cambridge.

The Office of the Auditor General last year stated local governments should hold work, building and hire bonds in municipal rather than trust funds.

It said any interest earned from bonds held in trust funds should be returned to ratepayers where practical.

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A report by Town staff to the July 2019 meeting said bonds were deposited into trust after June 2012 and found it would cost more than $20 to process refunds of these.

Council voted at that meeting to only refund interest earned of more than $20, reducing the total refund amount by nearly $60,000.

The revised model delivers more than $309,000 to 1379 people, with nearly 90 per cent of those owed more than $100 each.

A progress report presented at the December meeting said the Town had contacted people about $214,125 of the total owing, with $89,959 refunded.

It has since contacted ratepayers regarding the remaining $95,086.

More council news:

Price rise at popular golf course

Council decisions wrap