Tag Archives: Debt management

DCC Annual Report 2012/2013

The annual report is now available at the DCC website and below.
It is provided by sections in .PDF format.

Standard & Poor’s
Standard & Poor’s Financial Services LLC, provides independent financial information, analytical services, and credit ratings to the world’s financial markets. For more information go to Standard & Poor’s.

S&P Full Analysis Dunedin City Council (PDF, 321 KB)

Annual Report Documents
Annual Report 2012/13 Full version (PDF, 1.2 MB)
Organisational and Financial Management Report, Significant Activities Report and Council NZIFRS Financial Statements

Annual Report 2012/13 Section 1 (PDF, 399.4 KB)
Organisational and Financial Management Report

Annual Report 2012/13 Section 2 (PDF, 448.8 KB)
Significant Activities Report

Annual Report 2012/13 Section 3 (PDF, 361.1 KB)
Council NZIFRS & Financial Statements

Annual Report 2012/13 Appendix (PDF, 172.6 KB)
Community Outcome Monitoring, Supplementary Information

Annual Report 2012/13 Summary (PDF, 531.8 KB)
Dunedin City Council Annual Report Summary

OPEN MEETING ABOUT DCC FINANCES
When: Wednesday 27 November 5:30pm-7:00pm
Where: Meeting Room One, Municipal Chambers
ALL WELCOME – hosted by DCC Finance Committee

Related Posts:
23.11.13 DCC: Finance Committee [public forum] 27 November
17.11.13 DCC Finance Committee: Public meeting 27 November [INVITE]

Posted by Elizabeth Kerr

36 Comments

Filed under Business, DCC, Economics, Politics, Project management, Stadiums, What stadium

Audit NZ true but pale in delivery?

### ODT Online Thu, 14 Jun 2012
Audit NZ warns of risks from debt, stadium
By Chris Morris
Rates hikes, increased debt levels or cuts to services remain a risk for the Dunedin City Council as it grapples with uncertainty over the Forsyth Barr Stadium, Audit New Zealand warns. The assessment came in two Audit NZ reports presented to the council’s finance, strategy and development committee yesterday. One report studied the council’s draft long-term plan for the next decade, to 2022, while the other scrutinised the council’s performance in the year to June 30, 2011.

Audit director Ian Lothian, in his long-term report, said council assumptions the stadium would cover its own costs and ensure rates were not affected remained a “high financial risk” to the council’s plans.

Stadium revenue projections were “as yet unproven”, dependent on income from rentals and sponsorships, and “still … a big assumption”, Lothian warned. The near-liquidation of the Otago Rugby Football Union highlighted the risks inherent in the stadium investment, he said.
Read more

Report – FSD – 13/06/2012 (PDF, 1.1 MB)
Management Report from Audit New Zealand – Long Term Plan
Report – FSD – 13/06/2012 (PDF, 1.2 MB)
Management Report from Audit New Zealand – Year Ended 30 June 2011

The council fiasco widens. Keep indulging professional rugby (HPSNZ) why not.

### ODT Online Thu, 14 Jun 2012
Council to retain building
By Chris Morris
The Dunedin City Council has moved to retain direct ownership of High Performance Sport New Zealand’s Dunedin base. The move would see the council retain ownership of the $5.1 million building at Forsyth Barr Stadium, together with the land it sat on, worth $1.71 million. The council transferred the land to Dunedin Venues Ltd last year, and was to do the same with the building this month.
Read more

Posted by Elizabeth Kerr

6 Comments

Filed under Business, DCC, DCHL, DVL, DVML, Economics, Events, Media, ORFU, People, Politics, Project management, Property, Site, Sport, Stadiums

Asset sales (would Dave’s council sell us up)

YOU BETCHA BUT NOT THE STADIUM, WHY NOT THE STADIUM, MALCOLM ALWAYS SAW IT AS A LEGACY, OH, NOT TO UPSET MALCOLM THEN, ANYWAY STUART SAYS THE WATER KEEPS FALLING OUT OF THE SKY

### 3news.co.nz Mon, 28 May 2012 7:00p.m.
Local councils under pressure to use asset sales
Assets sales are never far from the headlines, and always, it seems, controversial. The Government is pressing ahead with the partial sale of four state-owned energy companies and Air New Zealand. They made their plans clear during the elections and therefore claim a mandate to sell, but how far does that go? Because it’s no longer just state-owned assets being eyed for potential sale, local councils are under increasing pressure to consider asset sales to fund new projects and reduce debt. Auckland has already said no, and now Christchurch has suggested in a very polite fashion that central Government should sod off. The Christchurch Council and ratepayers face extraordinary costs following the earthquake, but the mayor is firm that there will be no sale of the family silver.
Read more + Video

Posted by Elizabeth Kerr

48 Comments

Filed under Business, DCC, DCHL, Economics, Media, Name, People, Politics, Project management, Property, Stadiums

DCC living beyond its means [all spending and debt not declared]

Mr Cull said he was not alarmed by the level of debt, and believed the issues Dunedin faced could be addressed. “Headroom” created by lower debt levels was important.

### ODT Online Tue, 17 Jan 2012
As debt peaks, Cull talks of asset sales
By David Loughrey
Dunedin Mayor Dave Cull has raised the prospect of asset sales to deal with the city’s debt, as the amount owed hit a historic peak this financial year. The figure reached a grand total of $327.4 million this financial year which ends on June 31, just over 10 times what the city owed in 1999.

“The council could not stop developing the city, fixing things, or thinking about new things.”

Read more

Posted by Elizabeth Kerr

72 Comments

Filed under CST, DCC, DCHL, DVL, DVML, Economics, Politics, Project management

HELP, if the elected Council was bright

The Dunedin City Council faces a financial meltdown of unprecedented proportion; a squalid bankruptcy of governance the cause. No-one knows the true dollar scale of the problem and many of the accounts are closed to public scrutiny.

In the absence of a fully developed all-encompassing strategy to bring order to the books, the implication is the Council will leave it to generations of ratepayers to foot the bills. The cost will be to every citizen. In effect, that’s what the Forsyth Barr Stadium Debt Servicing Plan report to this week’s Finance Strategy and Development Committee says. The dangers of isolationist hands-off thinking.

Warren Larsen Report
Governance review of all companies in which Dunedin City Council and/or Dunedin City Holdings Limited has an equity interest of 50% or more.

From the time Larsen’s recommendations were adopted (Stuff 12.8.11), how long for the Council to ring changes? 6 months, a year? Longer, after the councillors are voted out or forcibly removed?

The lack of outward communication appears contrary to the imperative of Larsen’s report. By now, surely Council has an indicative critical path for release to the concerned public.

What are some ‘unearthing’ options for information?

Pin Mayor Dave Cull for the timeline to effect Larsen recommendations.
Forensic audit.
Statutory management.
Commissioner / Panel.
Legal action.
Independent senior business commentators to talk through details of logistical steps Council must take (in response to Larsen) to get its books in order – to avoid and retire cumulative debt, at the same time manage/streamline all Council business.

It’s all about a local authority corporate re-structure, involving large sums of borrowed money to clear. It includes identifying elements of usury, mis-spending, laundering, corporate fraud, deceit, ignorance, and incompetence; and, above all, hammering with all firepower what continues as Council’s unethical immoral avoidance of the fiduciary duty of care to Community.

A clear interpretation of what is now, what has been, and what lies ahead will be difficult if not impossible to achieve while obfuscation continues at DCC, DCHL, DVML, DVL, CST, and related entities.

It’s a chill air at Dunedin.

Posted by Elizabeth Kerr

27 Comments

Filed under DCC, DCHL, Economics, People, Politics, Project management

CRITICAL Dunedin City Council meeting #LarsenReport

UPDATED 11 August 2011

Dunedin City Council – Media Release
Larsen report now available

This item was published on 11 Aug 2011

A recent governance review of the Dunedin City Council companies was conducted by Warren Larsen. A public copy of his report is now available and a related report on the future cashflows from Dunedin City Holdings Limited is also now available.

If you would like a paper copy of the report, please contact Customer Services via dcc @ dcc.govt.nz or on 477 4000.

Contact Mayor Dave Cull on 477 4000.

Related documents:

Future Cash Flows from Dunedin City Holdings Limited (PDF, 388.3 KB)
The report presented to the Finance, Strategy and Development Committee on 25 July 2011 regarding the future cash flows from Dunedin City Holdings Limited.

Warren Larsen Report (PDF, 3.9 MB)
Governance review of all companies in which Dunedin City Council and/or Dunedin City Holdings Limited has an equity interest of 50% or more.

DCC Link

****

A meeting of the Dunedin City Council will be held on Wednesday, 10 August 2011, in the Conference Room, Dunedin Public Art Gallery, at 2.00 PM

The agenda lists those plentiful items to be discussed with the public excluded.

Agenda – Council – 10/08/2011 (PDF, 132.2 KB)

Report – Council – 10/08/2011 (PDF, 451.4 KB)
Final 2010/11 Carry Forward Budgets

Report – Council – 10/08/2011 (PDF, 2.2 MB)
Dunedin (New Zealand) Masters Games Governance Changes

Report – Council – 10/08/2011 (PDF, 67.4 KB)
Development Contributions Policy Review – Hearings and Deliberations Process

Report – Council – 10/08/2011 (PDF, 660.5 KB)
Octagon Free Wireless – Internet Access

Report – Council – 10/08/2011 (PDF, 59.9 KB)
Maori Participation Working Party Membership

Report – Council – 10/08/2011 (PDF, 3.5 MB)
Strategic Cycle Network

Report – Council – 10/08/2011 (PDF, 86.6 KB)
Representation Review

Report – Council – 10/08/2011 (PDF, 86.8 KB)
Security for Borrowings

Report – Council – 10/08/2011 (PDF, 502.6 KB)
Electoral System For Future Local Authority Elections

****

This part of the Council meeting was held on Monday, 8 August 2011, at Otakou Marae, Tamatea Road, Otakou, following a powhiri commencing at 11.00 AM

Agenda – Council – 08/08/2011 (PDF, 71.6 KB)

Report – Council – 08/08/2011 (PDF, 2.0 MB)
Draft Pukekura Reserves Management Plan – Approval for Public Consultation

Report – Council – 08/08/2011 (PDF, 808.7 KB)
Māori Participation Processes

Report – Council – 08/08/2011 (PDF, 1.3 MB)
Kāi Tahu Engagement with the Dunedin City Council

Posted by Elizabeth Kerr

4 Comments

Filed under Construction, CST, DVL, DVML, Economics, People, Politics, Project management, Site, Sport, Stadiums

chinchin #whatisdebt

### radionz.co.nz Monday 8 August 2011 at 14:10
Afternoons with Jim Mora
Dunedin’s Forsyth Barr Stadium
Dunedin ratepayers are facing the prospect of even higher rates to pay for the $200 million stadium. Rates next year could go up by nearly 12 per cent because of a looming budget shortfall. Jim talks to former Dunedin Mayor Peter Chin and project critic Dunedin City Councillor Lee Vandervis.
Audio Ogg Vorbis MP3 (17′10″)

****

The dormouse sleeps.

### ODT Online Fri, 5 Aug 2011
Ex-mayor Chin named in constitutional panel
Former Dunedin mayor Peter Chin is among a dozen high-profile New Zealanders who have been selected to oversee a review of the nation’s constitutional arrangements.
Read more

Posted by Elizabeth Kerr

3 Comments

Filed under Construction, Economics, People, Politics, Project management, Site, Sport, Stadiums