DCC on latest financial results

Benefits being massage therapist [ehowcdn.com] 1Don’t take it lying down, not yet

Dunedin City Council – Media Release
Financial Rating Outlook Remains Stable

This item was published on 04 Dec 2014

The Dunedin City Council has maintained its financial rating. In a Research Update released today, Standard and Poor’s (S & P) has affirmed the AA long-term and A-1+ short-term issuer credit ratings.
DCC Group Chief Financial Officer Grant McKenzie says it is pleasing to have the rating affirmed. “This reflects the ongoing work by elected members and staff to limit operational spending and reduce debt levels.”
In its 2014 update, S & P states the ratings reflect its view of New Zealand’s extremely predictable and supportive institutional framework, plus Dunedin’s strong financial management and very strong budgetary performance. “The stable outlook reflects our expectations that Dunedin will continue to manage its financial position in line with our forecasts.”

█ S & P is expected to release its full report in about a week.

Contact Grant McKenzie, Group Chief Financial Officer on 03 474 3849.
DCC Link

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LARGE DROP IN EXPENDITURE DUE TO DELAYED PROJECTS

### dunedintv.co.nz December 4, 2014 – 5:43pm
DCC coming in under budget in latest financial results
As the year draws to a close, the city council’s latest financial results are being analysed. Overall things are looking good for the council, with many expenses coming in under budget. But the favourable accounts have highlighted a problem with one particular service.
Video

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21.11.14 Stadium Review: Mayor Cull exposed
19.11.14 Forsyth Barr Stadium Review
15.11.14 Stadium #TotalFail

3.11.14 DCC: What happened to $20 million cash on hand? #LGOIMA
[DCC refuses to answer, processing . . . ]

23.8.14 DCC public finance forum 12.8.14 (ten slides)
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Posted by Elizabeth Kerr

*Image: ehowcdn.com – Benefits being massage therapist

12 Comments

Filed under Business, DCC, DCHL, DCTL, Delta, Democracy, DVL, DVML, Economics, Enterprise Dunedin, Hot air, Media, Name, New Zealand, People, Politics, Project management, Property, Site, Sport, Stadiums, What stadium

12 responses to “DCC on latest financial results

  1. Calvin Oaten

    Wow! S&P have given the ‘big tick’ (A-1 short-term issuer credit ratings) or nearly did. Question: Did S&P know about the stadium review with its increase to the ratepayers to subsidize and pay down the stadium debt ? Did it know of the proposed spend on city cycleways and the Peninsula road $37 million remodel? Did it know about the $20 million cash spend which no-one seems to know what it went on? Does it know about the $.850 million per annum donated to the ‘Elite Sports Academy’ to aid it to pay off the $10 million loan for its building attached to the Stadium, underwritten by the DCC? If it knew all these things, its ‘rating’ is a sick joke. If it didn’t know then it is a sicker joke.

  2. Rob Hamlin

    “DCC Group Chief Financial Officer Grant McKenzie says it is pleasing to have the rating affirmed. “This reflects the ongoing work by elected members and staff to limit operational spending and reduce debt levels.”

    DCC only has this rating because it has the legal right to screw its ratepayers at will. Even if it somehow manages to stuff this cast iron situation up, the Kaipara precedent shows that Key’s mob will legislate retrospectively to put the ratepayers back into the lunchbox and the creditors that the ratings agencies really work for back on the way to wealth.

    • Elizabeth

      The Mangawhai, Kaipara, people are intent on prosecuting the KDC chief executive. They are bright people, and at the same time much fewer in number than we the ineffectual at #DUD.

      • Hype O'Thermia

        It’s probably being fewer in number that has worked for them, a community small enough for everyone to be within shortish links of everyone else. Here many people are the full 6 degrees of separation from large numbers of other Dunedin people and for all the connection & commonality they have they might as well be Finland and Fiji.

  3. Hype O'Thermia

    LARGE DROP IN EXPENDITURE DUE TO DELAYED PROJECTS
    Isn’t this like still having plenty of money the day before payday because you didn’t pay the rent and ‘lecky bills last week?

  4. Quaid

    Ratepayers duped and almost dead financially speaking. So much for a happy retirement!

  5. Elizabeth

    Quaid, that would be more than one generation of retirees (legacy plus, thanks DCC) !!

  6. Elizabeth

    emimusic Published on Mar 3, 2009

    Radiohead – Go To Sleep
    Music video by Radiohead performing Go To Sleep. (C) 2006 EMI Records Ltd

    “Go To Sleep”

    Something for the rag and bone man
    Over my dead body
    Something big is gonna happen
    Over my dead body
    Someone saw someone’s daughter
    Over my dead body
    This is how I ended up sucked in
    Over my dead body
    I’m gonna go to sleep
    And let this wash all over me
    We don’t really want a monster taking over
    Tip toeing, tying down
    We don’t want the loonies takin’ over
    Tip toeing, tying down our arms
    May pretty horses
    Come to you as you sleep
    I’m gonna go to sleep
    And let this wash over me

  7. Rob Hamlin

    {Your comment has been copied to https://dunedinstadium.wordpress.com/2014/11/21/stadium-review-mayor-cull-exposed/ where last you raised the subject. -Eds}

    I cannot find my last post in Chingford Park and Disc Golf Dunedin. However, I have now looked up this mob on the incorporated societies register. One of the 15 signees of the document is the prior owner of this site.

    The society to whom the DCC wish to sign over one of our major parks for four years is itself less than four months old and is run from a residential address in Waverley. I can find no information on membership, officers, committee structure etc – which is not surprising given the fact that it’s only been going for four months. There is absolutely no evidence that I can find of demand over and above current park usage, and no case as to why current usage should be displaced.

    A similar mob are trying to make a grab for an even larger (18 hole) lump of Lismore Park in Wanaka, but the residents’ association, who may be a bit wider awake that the North East Valley Project mob, are actively resisting as of last month: http://www.odt.co.nz/your-town/wanaka/136829/disc-golf-course-plan-opposed.

    As to the nature of occupation – three points of the Dunedin Disc Golf Society’s constitution stand out:

    Objective #1:
    “Develop establish and [sic] permanent golf course in Dunedin”

    Seems to indicate longer than four years is envisioned.

    Rule
    “Membership shall be subscription or events based”

    In other words it appears that you can pay for your disc golf (access to proposed Chingford Park occupying course?) by either being a member of this club and paying a subscription or paying a one-off fee to this club for an event that may be an organised event/contest or a single visit to play. A practice that is pretty much in line with mainstream golf clubs.

    Control and investment of funds
    “Persons may be reimbursed for expenses incurred or paid reasonable remuneration for services rendered…”

    This is not an unusual clause, but it does mean that people could draw an income from the Chingford Park operation.

    All in all I would let them put in their baskets and then play for a few years more as equal members of the wider Chingford Park users’ community, and see how they get on, before signing the place over to them willy-nilly and over and above the interests of its current and much longer term community of present local users.

    Rule

    Membership shall be subscription or events based

    In other words it appears that you can pay for your disc golf (access to proposed Chingford Park occupying course?) by either being a member of this club and paying a subscription or paying a one-off fee to this club for an event that may be an organised event /contest or a single visit to play. A practice that is pretty much in line with mainstream golf clubs.

    Control and investment of funds

    “Persons may be reimbursed for expenses incurred or paid reasonable remuneration for services rendered…”

    This is not an unusual clause, but it does mean that people could draw an income from the Chingford Park operation.

    All in all I would let them put in their baskets and then play for a few years more as equal members of the wider Chingford Park users’ community, and see how they get on, before signing the place over to them willy-nilly and over and above the interests of its current and much longer term community of present local users.

  8. Hype O'Thermia

    “All in all I would let them put in their baskets and then play for a few years more as equal members of the wider Chingford Park users’ community, and see how they get on, before signing the place over to them” – yes Rob, but what if in 4 years there’s a council that’s not sleepwalking through cloudless cuckoo land?