[pedantic] Our city council for a speed hump ….ONLY at #DUD

### ODT Online Fri, 16 Oct 2015
Speed hump blunder undone pronto
By Craig Borley
A speed hump, installed in error as part of the South Dunedin cycleway works, was removed yesterday after only two days. The blunder occurred after the contractor was given the wrong plans.
Read more

Another unfortunate side effect of Greening Dunedin

speed bumps timthumb arghcentral.com [via netsolhost.com]

█ A report on redrawn plans for South Dunedin’s cycle network will be tabled at the ISC meeting on Thursday, 22 October 2015.

Posted by Elizabeth Kerr

*Image: arghcentral.com – timthumb (7.2.11) by Paul Sundstrom

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8 Comments

Filed under Business, Construction, Cycle network, DCC, Democracy, Design, Dunedin, Economics, Media, Name, New Zealand, NZTA, Ombudsman, People, Pics, Politics, Project management, Property, Site, Town planning, Transportation, Urban design, What stadium

8 responses to “[pedantic] Our city council for a speed hump ….ONLY at #DUD

  1. Gurglars

    As Neddy Seagoon said over 60 years ago.

    Who is responsible for pulling up the drains in Hackney?

    And who is responsible for putting them back again?

    If you keep giving money to bureaucrats they will either waste it or spend it on themselves – or both.

  2. Calvin Oaten

    Pssst! Don’t tell Richard Thomson but I see the DCC has just saved $170,000 a year through Dunedin City Treasury (DCTL) re-negotiating a $50million bond at lower interest. Brilliant!!! That’s “just one more step in finding savings, efficiencies and more economical ways of doing what we want to do.” Says Dave Cull. It means we won’t have to find $170,000 in future years. But hey hold on! The $50m bond is for seven years, but the margin is set in tranches of 90 day bank bills and could fluctuate “significantly” every three months. DCTL had adopted a “conservative” risk management approach to hedge against rate changes. Yeah right! That’s the old “derivatives” casino game again. Win and lose off and on, hope like hell it’s win when it comes to maturity. Seven years is a long time to hope. Meanwhile the council’s overall group debt still is ($598 million), not a big reduction like Dave Cull has been promising. I guess that is fair enough, seeing as neither he nor Richard Thomson have any idea in the wide world how city finances work. The $170,000 has already gone in the do, redo, do and redo of cycleways, the Mosgiel Aquatic Centre, the cricket lights and trips to China. I would guess the next time we hear Dave talk about debt reduction will be just before or after the ‘second coming’.

  3. Hype O'Thermia

    Calvin, you mention something that’s been as fascinating to watch as the oval ball (RWC) and cricket ball (Cairns no longer “box”ing so clever) – the “do, redo, do and redo of cycleways” bouncy ballsup.

    Residents riled by changes to intersection
    Community angst keeps growing over work on the South Dunedin cycle network, following a change to give way rules at a St Kilda intersection.
    http://www.odt.co.nz/news/dunedin/359712/residents-riled-changes-intersection

    I wonder if this will be another oopsy. Note the final paragraph: “Mr Harrison said the council had received feedback on the priority change and would conduct “a safety audit to review its effectiveness”.”

  4. Elizabeth

    Dunedin City Council – Media Release
    Dunedin City Treasury refinances maturing bond

    This item was published on 15 Oct 2015

    The Dunedin City Council’s treasury company has successfully renegotiated a new bond, or floating rate note, of $50 million. Dunedin City Treasury Limited Manager Richard Davey says the issue does not increase debt for the DCC group, but replaces a floating rate note for the same amount that matured today. The new note was issued for a further term of seven years, maturing in 2022.

    “Refinancing the $50 million tranche of debt for a further seven years highlights investors’ confidence in the future financial performance of the DCC group, especially given the Standard and Poor’s AA rating for the DCC.”

    A floating rate note pays a rate of interest made up of the floating 90 day bank bill rate plus a margin agreed at the outset. The margin to be paid by Dunedin City Treasury for this bond issue is an additional 0.56%. Mr Davey says this rate is lower than that paid for the previous bond and will result in interest savings of $170,000 a year across the DCC group.

    █ The new bond was arranged by ANZ Debt Capital Markets.

    Dunedin City Treasury is owned by Dunedin City Holdings Limited (DCHL) and manages debt for the DCC and its companies. DCHL is in turn owned by the DCC.

    Contact Dunedin City Treasury Limited Manager on 03 477 4000.
    DCC Link

    ODT: DCC saves $170,000 a year in debt servicing

  5. Elizabeth

    Received from Douglas Field in reply to Calvin Oaten
    Sat, 17 Oct 2015 at 8:44 p.m.

    Calvin Oaten reminds us of  dcc debt

  6. Gurglars

    There is a valid reason why the DCC has an AA credit rating. By law we the ratepayers are responsible for the DCC debt, any such rating is a measure of our ability to pay, rather than theirs.

  7. Gurglars

    And ANZ “arranged” this new bond. Did the apparent 0.56% saving trumpeted include the fee charged by ANZ?

    Pretty unlikely I would say, this therefore bull..it figure is incorrect. The cost of renegotiation will be regarded as an ongoing expected expense.

    If the council did not have to borrow the $50 million through better management measures, it would not have this expense OR the interest bill.

  8. Hype O'Thermia

    Gurglars, “…this therefore bull..it figure is incorrect.”
    Puts scope for meaningful content, that microsoft forgot to include, into “bull-it points”.

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