Submitted on 2012/02/26 at 12:43 pm
I looked up the DCC site, and just happened to feel like looking at the Finance, Strategy and Development 31 December 2011 report. Of particular interest is the Public Debt Summary Statement.
Stadium balance $148.404m. Interest paid $4.222m. Now if DVL is to assume $110m of this debt, it is official, the balance of $38.40m stays on the DCC’s books. A dollar to a doughnut this is the private funding underwrite.
The total debt of the DCC is $344.819m. Not sure what DCHL’s debt will be at 31 December but at 30 June last, it was $4.316m short term and $534.220m long, for a total of $538.54m. All up, it would seem that at New Year’s Eve we citizens are shouldering a total of $883.336m. Feel good? Split that among 54,000 ratepayers and this amounts to $16,358 per person! Still feel good? We ought to, as this earns us the title of champion most highly rated citizens in New Zealand, by a country mile. Where is the medal?
Investment and miscellaneous property debt (excluding property operational but including Carisbrook) carries debt of $33.869m. Here is a portfolio the DCC could do without. Investments like this are for organisations having a debt/equity ratio much much healthier than the DCC’s. Sold up, this portfolio could remove that debt and release the equity for further debt reduction. I recently did an exercise on this aspect and emailed it to Dave Cull copied to Paul Orders. Response? Zilch!
Interesting also, is that of the total debt of $344.819m, that pertaining to all Transport Network, Public Health, City Development, Museums (including OSM, and Chinese Garden), Sport Recreation & Leisure (excluding all things stadium), and Corporate Support add up to $140.881m. So, it can readily be seen just what a tremendous burden the stadium is upon the city.
Report – FSD – 09/02/2012 (PDF, 660.0 KB)
Financial Result – 6 Months to 31 December 2011
See Attachment 7 – Statement of Public Debt as at 31 December 2011 Summary Sheet
Posted by Elizabeth Kerr