Tag Archives: Council consolidated debt

DCHL —Which ‘Infinity’ were Councillors sold on #funnybusiness

ODT 13.10.16 (page 12)

odt-13-10-16-letter-to-editor-garbutt-p12

The published reply has no direct bearing on Russell Garbutt’s enquiry.

● INFINITY YALDHURST LIMITED (5886102)
Incorporation Date: 09 Feb 2016
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/5886102

● INFINITY INVESTMENT GROUP HOLDINGS LIMITED (1004601)
Incorporation Date: 06 Dec 1999
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/1004601

● INFINITY FINANCE AND MORTGAGE LIMITED (5920307)
Incorporation Date: 17 Mar 2016
Address for service:
Infinity Finance and Mortgage Limited, 12a Fovant Street, Russley, Christchurch 8042
http://www.companies.govt.nz/co/5920307

Related Post and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA

█ For more, enter the term *delta*, *dchl*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

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COMPLETE Dis-satisfaction with DCC, DCHL, DVML, DVL, Delta….

marigold-tweaked-by-whatifdunedin-cdn-guardian-ng

Fake it til you make it, and hey, don’t lift the marigolds.

Sorry Daaave, looks like a D for your council’s governance. —Actually, for the avoidance of euphemism, make that D- and lower for DIRE Performance, accompanying Drivel, and Diabolical treatment of Residents and Ratepayers in the aftermath of emergency situations.

Listening to Yes People and your dwindling voter base isn’t your best hope to resolve ongoing multimillion-dollar losses being sustained by a couple of the council-owned companies, to the point where the holding company led by chairman Crombie, fronts with a “qualified audit” only on presentation of its annual report(?) to Council.

[In July 2015 Graham Crombie was appointed to the Commerce Commission as an Associate Commissioner for a five year term.]

Damages to employment, liveability and opportunity in a No-growth city keep stacking.

“It is also yet another example of good public service jobs being lost from our smaller towns and cities.” –PSA spokeswoman

### ODT Online Thu, 13 Oct 2016
ACC jobs to go in Dunedin
By Vaughan Elder
After consulting with staff since June, the decision had been made to relocate all the roles over the next 12 to 18 months to the larger Christchurch office and have “one centre for consistent customer and rehabilitation services across the Southern region”.
Read more

****

Asked about people who continued to be negative about the city, he said: “Negativity is an attitude, it’s not a fact.”

### ODT Online Thu, 13 Oct 2016
Survey ‘shows Dunedin on right track’
By Vaughan Elder
A survey showing Dunedin residents feel increasingly positive about their city shows the city is on the “right track”, Mayor Dave Cull says. […] the annual survey was not all good news. Last year’s June flood was picked as a reason for increasing dissatisfaction with the city’s stormwater system [down 13 points to 43%]. Satisfaction rates also fell when it came to public toilets, the suitability of the city’s roads for cycling and the availability of parks in the central city.
Read more

[Chief executive Sue Bidrose] said some of the areas where there had been negative results this year and in past surveys correlated to negative media coverage in the Otago Daily Times.

*1577 survey responses from 5400 residents randomly selected from the electoral roll,

The Talking Head (without helmet, unprepared)

█ Dunedin City Council (media release)
Residents’ Opinion Survey released 12 Oct 2016. Link

Posted by Elizabeth Kerr

*Image: cdn.guardian.ng – marigold, tweaked by whatifdunedin

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unGreater Dunedin blisters on #CouncilConsolidatedDebt #DCC

SHOCK HORROR NEW IDEA
‘Next council should consider placing higher priority on asset maintenance and renewal.’

richard-thomson-odt-files-tweaked-by-whatifdunedin-bw### ODT Online Tue, 6 Sep 2016
Time for debt rethink, councillor says
By Vaughan Elder
A departing Dunedin city councillor has called for a fresh look at how quickly the city pays off debt as the council continues to eclipse repayment targets. In the wake of the council’s better than expected debt position, Cr Thomson said the new council should look at rethinking its financial strategy and discuss what an “appropriate level of debt would look like”.
Read more

“[Thomson] said the council had outperformed its debt targets for a range of reasons….”

Not the Cull council – rather, the assiduous work of former DCC/DCHL GCFO Grant McKenzie and his disciplined finance staff.

No politicians can take credit.

Especially not ex Greater Dunedin moonbeams such as Cull, Staynes, Thomson and their young swaddling ‘babe in the woods’.

N O T E S

1. Health Board car park. “How could Swann drive a Lamborghini into the DHB’s car park and: “Park it next to the District Health Board Corollas,” without any questions being asked?” Link

2. Citifleet and Citipark. Considerably more than +152 council fleet vehicles “missed” from DCC in a much longer timeframe than ten years (2003-13).

3. Delta Utility Services Ltd – staff vehicles. [Today] See numbers of Delta vehicles everywhere you shouldn’t, inside and outside work hours, not in connection with programmed work or emergency.
Why ? Pray to god, why is DCC governance MIA ?

Undisciplined lowlights treating Public Funds like chickenfeed.

Spendthrift mayor Cull and the motley majority of councillors (Greater Dunedin crackpots, as well as in their ghoulish afterglow…. with support from greenies Hawkins and Peat, and doughboy Benson-Pope), who in shambolic attendance to ‘governance’ have enormous trouble with accountability, prudence and transparency – sold Ratepayers down the “Swannee” again very recently in deciding a deal for Delta.

Without an ounce of diligence, councillors (except Crs Vandervis and Calvert – Cr Hall removed himself from the vote for some reason) accepted to rush the Delta decision for no reason, thanks to Cull, Thomson and Crombie, on Monday, 1 August 2016 – in so doing Cull’s council lost Ratepayers a further +$25million. No conscience.

If Cull is returned as mayor in 2016, Thomson’s replacement as chair of the Finance Committee is rumoured to favour Mike Lord (if indeed he himself is returned).

Note: Mike Lord sensibly left Greater Dunedin earlier than some.

Cr Thomson was inspired to make his parting comments after Cr Jinty MacTavish said the council should look at the possibility of reinvesting the money from asset sales into parks and recreation as opposed to automatically repaying debt.

“This is an excellent result and I think council can take considerable pride [from it],” Mr Cull said.

Did I mention the replacement cost of metal BTF tanks at Tahuna.
Another post….

Posted by Elizabeth Kerr

Election Year. This post is offered in the public interest.

*Image: odt.co.nz – Richard Thomson, tweaked by whatifdunedin

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DCC: DCHL/DVL/DVML limited half year result | Term borrowings $586.5M

Dunedin City Council – Media Release
Dunedin City Holdings Limited Half Year Result to 31 December 2014

This item was published on 27 Feb 2015

The Dunedin City Holdings group is reporting an improved profit after tax and higher operating cashflows in its half year result, compared to the same period last year.
For the six months to 31 December 2014, total revenue increased by 9%, to $128.3 million. This was due to strong income growth from across the group.
The profit after tax has increased 17% to $10.1 million from $8.7 million for the same period last year.
Cashflows generated by the operations of the group were $96.4 million which was $4.4 million higher than for the six-month period last year. Capital expenditure for the group was $4.1 million higher than at the same time last year.

Term borrowings (including the term debt due to mature within the next year) have decreased by $25.8 million to $586.5 million. These borrowings include debt held with the Dunedin City Holdings (DCHL) group, DCC operations and the Forsyth Barr Stadium companies as they all flow through Dunedin City Treasury Limited, a DCHL group company.

Graham Crombie DCHL 2DCHL Chairman Graham Crombie says, “The first six month of this financial year have produced a pleasing result for the group. Cashflow within the group is strong, the profit is higher and debt has reduced. This is a good outcome for shareholders, the ratepayers of Dunedin.”

Aurora Energy Ltd has had a good start to the financial year, being ahead in revenue and with a higher profit than last year. This is helped by higher demand at present in Central Otago due to additional irrigation activity.
Delta Utility Services Ltd profit is slightly down on last year, but revenue has continued to grow. Last year’s results were influenced by the discontinuation of some activities within the group.
Dunedin International Airport Ltd profit was up compared to last year. Changes in capacity at the Airport continue to be a challenge for the company.
Taieri Gorge Railway Ltd is performing better than at the same time last year. The tourism market has picked up. Some of this has been due to the timing of the cruise ship session being earlier this year than last.
City Forests Ltd profit for the first six month period has reduced. Log prices have fallen from the highs last year. The drop in the New Zealand dollar has assisted the company recently.

Dunedin Venues Ltd and Dunedin Venues Management Ltd do not form part of the DCHL reporting group. Their results, however, have also been released for the six month period.

Dunedin Venues Ltd trading was very close to its result for the same period last year. For Dunedin Venues Management Ltd, revenue was on budget for the first six months ($3.9 million) which was slightly down on same time last year ($4.1 million). The loss for the first six months was $1 million. The company expects to makes its budget for the full year.

█ The half year reports can be found at http://www.dunedin.govt.nz/dchl

Contact Chairman, Dunedin City Holdings Limited on 03 477 4000.
DCC Link

Posted by Elizabeth Kerr

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Harland to scale

  • Jim Harland and Sukhi Turner (via ODT 2.6.04) - supplied by Calvin Oaten 9.9.14
  • [zoom text with Ctrl + and Ctrl -]

    █ Ten years ago. Whoever typed THAT ?

    Related Post and Comments:
    8.9.14 Jim Harland and the stadium MESS
    27.6.14 Stadium costs $23.4144 million per annum
    2.6.14 Stadium costs ballpark at $21.337 million pa, Butler & Oaten
    23.5.14 Stadium | DCC Draft Annual Plan 2014/15 ● Benson-Pope asserts…
    9.5.14 DCC Draft Annual Plan 2014/15 Submission by Bev Butler
    10.4.14 Stadium: Edgar’s $1m donation (private sector fundraising)

    For more, enter the terms *harland*, *farry*, *malcolm*, *athol*, *stadium*, *dcc*, *cst*, *dchl*, *dvml*, *orfu* or *rugby* in the search box at right.

    Posted by Elizabeth Kerr

    *Image: Jim Harland and Sukhi Turner (via ODT 2.6.04) – supplied by Calvin Oaten

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    Jim Harland and the stadium MESS

    Meanwhile, as Mayor Dave Cull’s council keeps up with massive spending on low priorities and unnecessaries, this comes to light:—

    Jim Harland [odt.co.nz re-imaged by whatifdunedin] 2### ODT Online Mon, 8 Sep 2014
    Stadium budget help was declined
    By Chris Morris
    The Dunedin City Council declined an offer of specialist help to keep its Forsyth Barr Stadium budget on track, years before the cost jumped by millions of dollars, it has been confirmed. The decision, revealed in an Audit New Zealand report from 2010, has been criticised by Mayor Dave Cull, who said it was “a function of the attitude of the management and the executive at the time”. Former council chief executive Jim Harland defends the decision, saying the council’s oversight was felt at the time to be “appropriate”. The offer was detailed in the Audit NZ annual report to the council, dated December 2010, which covered the 12-month period to June 30 that year.
    Read more

    The decision to build a debt-funded stadium – of which Jim Harland, Malcolm Farry, Athol Stephens, DCC stadium councillors, ORC stadium councillors, and professional rugby cronies are GUILTY – was ALWAYS the decision to bankrupt the Dunedin City Council but more especially, and insidiously, the ratepayers and residents of ‘greater’ Dunedin and Otago.¹

    The Audit NZ offer was INANE and in any case a complete waste of time.
    Audit NZ is what it is, a basket case. Of sheer incompetence and hypocrisy, nationwide.

    Time for a full independent forensic audit of the Carisbrook Stadium Charitable Trust, fondly known as CST, headed by Malcolm Farry. This will also entail an intimate look at the way Dunedin City Council treated CST invoices, the Council’s spending delegations, and its chief signatories.

    Let’s hope somebody goes to clink before the accounting games are over.
    ___________________________
    ¹Only now are Otago power users waking up to the fact of high line charges being levied by Aurora Energy Ltd to fund subvention payments to ‘the stadium’ (see recent letters to the editor in the Otago Daily Times).
    Did the killer consolidated DCC think the people of Otago wouldn’t notice?

    Related Post and Comments:
    27.6.14 Stadium costs $23.4144 million per annum
    2.6.14 Stadium costs ballpark at $21.337 million pa, Butler & Oaten
    23.5.14 Stadium | DCC Draft Annual Plan 2014/15 ● Benson-Pope asserts…
    9.5.14 DCC Draft Annual Plan 2014/15 Submission by Bev Butler
    10.4.14 Stadium: Edgar’s $1m donation (private sector fundraising)

    For more, enter the terms *harland*, *farry*, *malcolm*, *athol*, *stadium*, *dcc*, *cst*, *dchl*, *dvml*, *orfu* or *rugby* in the search box at right.

    Posted by Elizabeth Kerr

    *Image: odt.co.nz (re-imaged by whatifdunedin) – Jim Harland

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    Stadium Review: dark yet rosy thoughts

    ODT 28.8.14 Letter to the editor Cuthbert p12 (1)ODT 28.8.14 (page 12)

    Posted by Elizabeth Kerr

    16 Comments

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