Tag Archives: City Forests

Whaleoil on “dodgy ratbag local body politicians” —just like ours at DCC

Whale Oil Beef Hooked logo### whaleoil.co.nz Fri, 31 Oct 2014 at 5:20pm
Why is there no law to rein in dodgy ratbag local body politicians?
By Cameron Slater
Former ARC Councillor Bill Burrill is not the first dodgy ratbag Councillor to trough from abuses of power to his own pecuniary advantage in recent years. A few years back in 2009 Council Watch was calling for a number of Councillors from the Canterbury Regional Council to be prosecuted and sacked from their positions after an investigation by the Auditor General Lyn Provost found that four individuals had broken the law by acting in conflict with their official role. Back then those Canterbury Councillors failed to declare a conflict on interest that [led] to a financial benefit for themselves by participating in discussion and voting on proposals before Council. Under investigation the Auditor General’s office chose not to prosecute stating that whilst the Councillors should have withdrawn as a matter of principle – they had each received and shared legal advice that they could participate. And here in lies the problem. The Auditor General and Office of the Ombudsmen publish clear guidelines for Councillors and council staff but the reality is that the law is erroneously filled with holes that are exploited and there is precious little oversight of Local Government leading to the Auditor General loathing to bother and the Courts uninterested.
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Posted by Elizabeth Kerr

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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.
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Posted by Elizabeth Kerr

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

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Filed under Business, DCC, DCHL, Delta, DVL, DVML, Economics, Media, Name, New Zealand, People, Politics, Project management, Property, Stadiums, What stadium

DCC: Wise Response Appeal (potential risks), and raw log export by City Forests

City council vote most interesting in the divide – a sign of better things to come at DCC !?

Crs Benson-Pope, Aaron Hawkins, Staynes and Wilson and Mr Cull voted to sign the appeal, but were defeated by Crs John Bezett, Doug Hall, Noone, Andrew Whiley, Hilary Calvert, Mike Lord and Vandervis. (ODT)

### ODT Online Wed, 21 May 2014
DCC votes against backing risk appeal
By Chris Morris
The Dunedin City Council has ruled out throwing its weight behind the Wise Response Appeal, after councillors divided into camps over environmental concerns and fears of party political lobbying. […] Councillors eventually voted 7-5 against the council adding its name to the appeal, and instead decided only to ”note” a staff report detailing the appeal.
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Wise Response http://wiseresponse.org.nz/

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”What the union is suggesting is that City Forests should take a lower price, make a lower profit, and pay a lower dividend to the ratepayers – so essentially, they are suggesting the ratepayers of Dunedin subsidise the jobs of the wider Otago sawmilling community. It’s a reasonable proposal, but that’s what it means.” –Mayor Dave Cull

### ODT Online Wed, 21 May 2014
Forestry log profit ‘doomed’
By John Lewis
The Amalgamated Workers Union New Zealand has laid blame for the impending closure of Southern Cross Forest Products squarely at the feet of the Dunedin City Council and local forestry growers. Yesterday, receiver KordaMentha announced 101 Otago-based staff at SCFP would be laid off progressively from mid-June.
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‘Heads up’ leaves mill workers shocked
Doubt over $11m owed to unsecured creditors

Posted by Elizabeth Kerr

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Filed under Business, DCC, DCHL, Democracy, Economics, Media, Name, New Zealand, People, Politics, What stadium