Totana council plan to sell off assets and raise cash.

Totana has debts of 42 million and assets of over 400 million.

Totana is working on a plan to catalogue assets which the Town Hall believes may have to be sold off in order to reduce the municipality’s long-term debts.

Mayoress Isabel María Sánchez says that the level of debt to banks currently stands at approximately 42 million euros, while the total assets belonging to the local government are worth around 400 million, and the sale of some of these assets forms a central part of the council’s plans. In her statement Sra Sánchez reassures the citizens of Totana that the financial adjustment plan will guarantee the future financial stability of the Town Hall, and restore economic stability to the municipality.

Other councils are also seeking finances by releasing assets to clear off debts, and relinquish rented spaces to make better use of their own assets and properties, as is the regional government, all of whom are engaged in activities to compact office space and move staff into centralised locations to reduce both operating costs and the amount of space used.