Your council doesn’t want you to know that.
Massage. Lack of accountability.
### ODT Online Mon, 29 Oct 2012
Council debt to peak at $600m
By Chris Morris
The Dunedin City Council and its companies are about to reach the top of a $600 million debt mountain and start down the other side. However, it was likely to be years before there was room on the council’s books for any major new projects, potentially leaving the council exposed if “something untoward came along”, Mayor Dave Cull said.
Council figures showed consolidated debt – spread across the council and its companies – had risen to $616 million by the end of the 2011-12 financial year on June 30, including core council debt of $216 million.
Overall debt was expected to peak in the next eight months, but would then begin a gradual decline as two decades of major capital projects and upgrades came to an end. The details are contained in the council’s latest annual report, for the year to June 30, to be considered at today’s full council meeting.
Dunedin City Council
Meeting: Monday, 29 October 2012
Council Chamber, Municipal Chambers, at 2pm
Agenda – Council – 29/10/2012 (PDF, 118.9 KB)
Report – Council – 29/10/2012 (PDF, 1.1 MB)
Approval and Adoption of Annual Report
At ODT Online:
This is what we owe
Submitted by russandbev on Mon, 29/10/2012 – 10:09am.
Based upon the $616m debt figure, which is not necessarily the correct level of debt, each ratepayer owes $10,807. Compare this to Kaipara where a debt level of $4,395 per ratepayer was considered to be unsustainable and a commissioner was appointed by Government. This Council is out of control and does not yet recognise that the decision to build the stadium based on the PWC proven falsehoods was wrong, and by the continued pouring of money into keeping it open makes no sense whatsoever.
Posted by Elizabeth Kerr