Tag Archives: Annual reports

DCC: Full Council meeting Tue, 27 Oct 2015 at 1pm

Venue: Council Chamber, Municipal Chambers, The Octagon

Agenda – Council – 27/10/2015 (PDF, 51.3 KB)

Public Forum
a) Legal High Retail Location Policy – Carl Lapham, Cupid Shop
b) Work Opportunities within the Council – Anneloes de Groot
c) Oil and Gas Block Offers – Siana Fitzjohn, Annabeth Cohen, Rosemary Penwarden – Oil Free Otago
d) Trans Pacific Partnership Agreement and Council’s Previous Resolution – Jenny Olsen
e) Safety of Roads – Neil Burrow

Item of interest on the main agenda, apart from annual reports:

● 25 Delegations to Officers to mediate on the 2GP Dunedin District Plan
Report from Corporate Services. Refer to pages 25.1 – 25.5.

The general public should be wary of Proposed 2GP mediation processes and how they are to be conducted. Mediation processes could segment (playing to like interests) planning direction and rules to such an extent the public will lose the ‘big picture’ which includes, if needed, having the Proposed 2GP set aside and sections fully redrafted (!!) for community ownership; and, of course, the public not recognising or becoming oblivious to cumulative adverse effects promoted within the Proposed 2GP, and these not being dealt to with sufficient weight.
If in doubt at mediation, positively strive to be heard at hearing – slow the process down until you have individual clarity as a submitter. Do not be pressured by DCC staff and management to agree anything without your taking time and effort to carefully deliberate potential cumulative adverse and knock-on effects.
The current district plan took YEARS to become operational —note well, there is NO RUSH to settle the Proposed 2GP if it is inequitable.

Report – Council – 27/10/2015 (PDF, 255.8 KB)
Block Offer 2016 Submission

Report – Council – 27/10/2015 (PDF, 613.2 KB)
Legal High Retail Location Policy

Report – Council – 27/10/2015 (PDF, 224.8 KB)
Regional Policy Statement Further Submission

Report – Council – 27/10/2015 (PDF, 2.7 MB)
Dunedin City Council 2015 Annual Report

Report – Council – 27/10/2015 (PDF, 66.0 KB)
2015 Annual Reports of Dunedin City Holdings Limited, its Subsidiaries and Associate Companies

Report – Council – 27/10/2015 (PDF, 63.9 KB)
2015 Annual Reports from Dunedin Venues Management Limited and Dunedin Venues Limited

Report – Council – 27/10/2015 (PDF, 391.9 KB)
Waipori Fund – Report for Quarter Ending September 2015

Report – Council – 27/10/2015 (PDF, 540.7 KB)
Review of the Food Safety Bylaw

Report – Council – 27/10/2015 (PDF, 139.5 KB)
Boundary Backflow Prevention

Report – Council – 27/10/2015 (PDF, 97.0 KB)
Delegations to Officers to Mediate on the 2GP Dunedin District Plan

Report – Council – 27/10/2015 (PDF, 86.7 KB)
Theomin Gallery Management Committee – Appointment of Committee Members

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DCHL: Annual Result for the year ended 30 June 2015

### dunedintv.co.nz Thu, 24 Sep 2015
DCHL in strong position
More than $15m has been paid out to the city council and its subsidiaries in the last financial year.
Ch39 Link

39 Dunedin News Published on Sep 24, 2015
DCHL in strong position

Dunedin City Council – Media release
Annual Result for the year ended 30 June 2015

This item was published on 24 Sep 2015

The Board of Dunedin City Holdings Limited (DCHL) is pleased to report the financial result for the DCHL group for the year ending 30 June 2015.

Highlights
● Profit after tax and subvention payments for the group was $12.9m.
● We have distributed to the Dunedin City Council (DCC) and its subsidiaries outside the DCHL group a total of $15.7m consisting of $4.5m in dividends, $5.9m in interest and $5.2m net in subvention payments.
● Cash from operations continues to remain strong at $32.3m. This was after paying the budgeted subvention payments of $7.9m to Dunedin Venues Limited.
Total borrowings across the group have reduced by $23m to $598m.
● The financial result for the year reflects the hard work and focus of the staff and directors of the DCHL group of companies, which is much appreciated.

Profit after tax for the group was $12.9m for the year consistent with last year’s result of $12.5m. The result for the year is a continuation of the solid returns for the group.

Aurora Energy Limited invested significantly in its network during the year, resulting in an overall increase of $23m in its asset base. This is a reflection of work being undertaken by the company in renewal investment on the Dunedin network and investment in the Central Otago network driven by growing consumer demand. Overall capital investment in the network over the next 10 years is expected to be $372m.

Now that Delta Utility Services Limited has fully exited its water and civil construction operations, it was able to have a full year concentrating on its core services. This saw a marked increase in demand and reflected positively on its results. Overall the company returned a surplus after tax of $4.7m.

City Forests Limited continues to consolidate its financial position through reduction in borrowings, an increase in its forestry investment and maintenance of its dividend distribution. The company had a net surplus of $7m after tax.

Taieri Gorge Railway Limited has turned around from a loss last year to record a surplus after tax of $173,000 in the year to 30 June 2015. The positive result is a reflection of an increase in passenger revenue and continued focus on costs within the business.

Dunedin International Airport Limited achieved an operating surplus of $1.7m for the year, consistent with its result of $1.8m for the previous financial year. The company was able to increase its dividend to DCHL in the year from $565,000 in 2013/14 to $640,000 in 2015/16.

A pleasing aspect of the financial performance is the continued drop in borrowings within the group’s balance sheet. Borrowings have decreased from $621 million at June 2014 to $598 million at June 2015. Most of this decrease has come from improved cashflow management within the group assisted by significantly reducing the interest costs for borrowing entities. All of the subsidiaries, other than Aurora Energy Limited, were able to reduce their debt levels during the year. An increase in debt levels by Aurora Energy Limited is expected given their capital investment programme.

Cash from operations continues to remain strong at $33m. The ability of the group to maintain strong operational cash flows is imperative to ensure that it can meet its dividends and capital investment requirements.

DCHL has signalled to the DCC, via its annual Statement of Intent, that its distributions to the Council will decrease from $15.7m to $11.2m over the next three years. With the planned capital investment being undertaken by Aurora, it is prudent that Aurora reduces dividend distributions to DCHL over the next three years to ensure the funds are invested into capital and to maintain an appropriate equity to total assets ratio. This naturally impacts in the distribution that DCHL can make to the Council.

Overall the upcoming 12 months for the group looks favourable. The capital investment by Aurora will provide financial stability for the company, Delta continues to grow its core contracts while maintaining its current contract base and improvements in the tourism market will continue to assist Taieri Gorge Railway. A favourable interest rate environment will assist in the cost of debt for Dunedin City Treasury Limited, and City Forests continues to operate well in the fluctuating forestry environment.

Contact DCHL Chair Graham Crombie on 0274 363 882
DCC Link

Related Post and Comments:
1.3.15 DCC: DCHL/DVL/DVML limited half year result | Term borrowings $586.5M
30.9.14 DCHL financial result

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Audit NZ making up for previous huge inadequacies over DCC books ?

LONG PROVEN:
Audit NZ as CAVALIER, INCOMPETENT and CORRUPT as DCC with regards to stewardship and protection of Ratepayer Funds —in particular, Harland era to the present

### ODT Online Fri, 20 Feb 2015
DCC censured by Audit NZ
By Chris Morris
The Dunedin City Council been criticised by Audit New Zealand after “significantly” underperforming in the delivery of last year’s annual report. The rebuke came in Audit NZ’s annual audit report, which said the council had missed deadlines to deliver last year’s annual report to Audit NZ by “a significant margin”. The quality of the council’s annual report was also “clearly below an appropriate standard”, and internal quality review processes appeared to be lacking, Audit NZ said.
Read more

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DCHL financial result

NO-ONE BELIEVES TERRY DAVIES ON DVML RESULT AND FORECAST (when DVL debt is deliberately not mentioned)

Terry Davies (1) 194022

Dunedin City Council – Media Release
DCHL Annual Result for the year ended 30 June 2014

This item was published on 30 Sep 2014

The Board of Dunedin City Holdings Limited (DCHL) is pleased to report the financial result for the DCHL group for the year ending 30 June 2014.

Highlights
● Profit after tax for the group was $12.5m.
● We have distributed to the Dunedin City Council (DCC) and its subsidiaries outside the DCHL group a total of $15.7m. This has fully met budget expectations and been achieved within the policy of not borrowing to pay dividends.
● Cash from operations remains strong at $30.1m. This was after paying the budgeted subvention payments of $7.9m to Dunedin Venues Limited.
● Total borrowings across the group have reduced by $4.7m to $621m.
● The financial result for the year reflects the hard work and focus of the staff and directors of the DCHL group of companies, which is much appreciated.

Profit after tax for the group was $12.5m for the year compared to $20.5m last year. This is a solid return for the year. The main difference between the 2014 and 2013 profit resulted from the 2013 year including a write up of approximately $7m in the value of the City Forests investment.

Aurora Energy Limited had a solid year, but profit was $1m less than last year due to the mild winter in 2013. Operating cashflow remained strong and was $4.1m higher than last year. 2014 also saw the company starting to increase investment in its asset base.

Delta’s profit was at a similar level to last year ($4.4m this year vs $4.6m last year). It has completed exiting its water and civil construction operations.

City Forests has had a strong year. Profit has reduced from $14.6m to $8.3m. This reduction in profit has been due to a lower write-up in value of the City Forests investment in the current year. The company paid a record dividend to Dunedin City Holdings Limited of $5.1m.

Taieri Gorge Railway experienced a small loss for the financial year of $51,000 compared to a surplus of $39,000 achieved last year. Operating cashflow remained strong at $433,000 and was also higher than last year.

Cash from operations has remained strong at $30.1m. Cashflow is the most critical measure as it is the basis for dividends and capital investment. The solid cash generation performance has also enabled the DCHL group to lower its net debt by $4.7m over the year.

Progress has continued to be made in restructuring the governance of the group. A number of directors resigned during the year and we need to thank them for their services. We need to specifically record the service of two directors who resigned this year after serving as members of the group’s board of directors for a significant number of years. Both Ray Polson and Ross Liddell resigned as directors during the year and contributed in a significant way to the development of the DCHL group in a wide range of roles. It is with sadness that I must note the passing of Ross in July of this year.

Given the normal operational challenges facing the members of the group the board of DCHL remain positive on the outlook for the group of companies.

Contact Graham Crombie, DCHL Chair on 0274 363 882.

DCC Link

### ODT Online Tue, 30 Sep 2014
‘Solid’ results from DCC companies
By Chris Morris
The Dunedin City Holdings Ltd group of companies have delivered “solid” results, despite an $8 million drop in profits and another loss for the entity running Forsyth Barr Stadium, chairman Graham Crombie says.
Read more

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*Image: Ch39 30.9.14 [screenshot tweaked by whatifdunedin] – Terry Davies

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Stadium costs, read uncapped multimillion-dollar LOSSES

Forsyth Barr Stadium critic Russell Garbutt, of Clyde, is not surprised by reports of looming stadium losses.

### ODT Online Wed, 26 Feb 2014
Opinion
Stadium costs predictable, so why the surprise now?
By Russell Garbutt
The ongoing revelations on stadium losses detailed today (ODT, 21.2.14) come as no surprise to anyone who has closely followed this debacle from when the Otago Rugby Football Union first gathered the Carisbrook working party together until now, when a succession of different managers, directors and councillors are all realising that what was promised is as chalk is to cheese.
While not directly specified in the article, the turnaround of an expected $10,000 profit to a $1,400,000 loss in 2014-15 is in the operational budget, and it seems Sir John Hansen, chairman of DVML, is putting most of the blame for this truly stupendous reversal of fortunes down to costs of running the stadium.

While ratepayers continue to face annual injections of over $9 million into the stadium, this is by no means the real figure.

The ”realities” of the real costs of running the stadium are now being recognised, it seems. But let us all just remember a few things that occurred when the stadium was being proposed and then built.
Read more

Related Posts and Comments:
11.2.14 Stadium: ‘Business case for DVML temporary seating purchase’
24.1.14 Stadium: It came to pass . . .
20.12.13 DVML: No harassment policy or complaints procedure, really?
3.12.13 DVML issues and rankles [Burden’s reply]
30.11.13 DVML in disarray
18.11.13 DVML: Burden heads to Christchurch #EntirelyPredictable
12.10.13 DVML works media/DCC to spend more ratepayer money
4.10.13 DVML . . . | ‘Make the stadium work’ losses continue
20.8.13 DVML foists invoices on DCC
20.6.13 Stadium: DVML, DVL miserable losers! #grandtheftdebt

For more, enter *dvml* or *stadium* into the search box at right.

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DCC meeting, Monday 7 October Annual reports

Meeting of the Dunedin City Council
Monday 7 October 2013 at 1.00 PM
Council Chamber, Municipal Chambers

Agenda – Council – 07/10/2013 (PDF, 73.5 KB)

Report – Council – 07/10/2013 (PDF, 42.4 KB)
Annual Reports of Dunedin City Holdings Ltd and Group Companies. The individual reports can be found at: www.dunedin.govt.nz/dchl

Report – Council – 07/10/2013 (PDF, 41.7 KB)
Annual Reports from Dunedin Venues Management Ltd and Dunedin Venues Ltd 2013. The individual reports can be found at: www.dunedin.govt.nz/dvml and www.dunedin.govt.nz/dvl

Report – Council – 07/10/2013 (PDF, 70.8 KB)
Delegations during the Election Period

Report – Council – 07/10/2013 (PDF, 112.6 KB)
Otago Rural Fire District Proposal

Report – Council – 07/10/2013 (PDF, 2.2 MB)
Approval and Adoption of Annual Report

DCC 41 staff copy

### ODT Online Sat, 5 Oct 2013
Staff numbers down, wage bill unchanged
By Debbie Porteous
The Dunedin City Council now has 41 staff earning more than $100,000, but spending on key management personnel is less than it was two years ago, chief executive Paul Orders says.
The council’s annual report for the year to June 30 showed that while the total number of council employees had declined, the council’s total annual wage and salary bill remained about the same. The report was published yesterday and will be considered at a full council meeting on Monday.
Mr Orders said overall the report revealed a series of positive trends. While staff numbers were reducing, service levels were being maintained.
Read more

● The DCC annual report shows a small operating surplus of about $8 million.
● It confirms the council’s consolidated debt – spread across the Forsyth Barr Stadium, the council and its companies – rose to $623 million, up from $616 million at the end of the 2011-12 financial year.
● The report notes 2012-13 was the last year of capital expenditure on a number of large debt-funded capital projects and upgrades.
● Core council debt is expected to continue to rise from $225 million at June 30 to peak at $272 million in 2015-16, before beginning a gradual decline.

Related Post and Comments:
26.9.13 DCC: Council consolidated debt $623 million

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Stadium: DVML, DVL miserable losers! #grandtheftdebt

### ch9.co.nz June 20, 2013 – 6:18pm
DVML forecasts small profit
The company that runs Forsyth Barr Stadium has forecast a small surplus for the first time in 2015. DVML has been running at a loss, but forecasts that will change to a $10,000 surplus. But the company that owns the stadium, DVL, has forecast its loss will be about $1 million more than expected, at more than $5 million. DCC chief executive Paul Orders said both were just projections, and the DVL loss was due to tax changes. The forecasts will be considered by the council on Monday.
Ch39 Link [no video available]

SURPRISE
Reports for the Council meeting to be held on Monday 24 June 2013 at 1pm not yet available at the DCC website.

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