Tag Archives: Financial reporting

DCC on latest financial results

Benefits being massage therapist [ehowcdn.com] 1Don’t take it lying down, not yet

Dunedin City Council – Media Release
Financial Rating Outlook Remains Stable

This item was published on 04 Dec 2014

The Dunedin City Council has maintained its financial rating. In a Research Update released today, Standard and Poor’s (S & P) has affirmed the AA long-term and A-1+ short-term issuer credit ratings.
DCC Group Chief Financial Officer Grant McKenzie says it is pleasing to have the rating affirmed. “This reflects the ongoing work by elected members and staff to limit operational spending and reduce debt levels.”
In its 2014 update, S & P states the ratings reflect its view of New Zealand’s extremely predictable and supportive institutional framework, plus Dunedin’s strong financial management and very strong budgetary performance. “The stable outlook reflects our expectations that Dunedin will continue to manage its financial position in line with our forecasts.”

█ S & P is expected to release its full report in about a week.

Contact Grant McKenzie, Group Chief Financial Officer on 03 474 3849.
DCC Link

****

LARGE DROP IN EXPENDITURE DUE TO DELAYED PROJECTS

### dunedintv.co.nz December 4, 2014 – 5:43pm
DCC coming in under budget in latest financial results
As the year draws to a close, the city council’s latest financial results are being analysed. Overall things are looking good for the council, with many expenses coming in under budget. But the favourable accounts have highlighted a problem with one particular service.
Video

Related Posts and Comments:
3.12.14 Cycling at Dunedin —boring debate, network spending continues #DUD
26.11.14 Cr Hilary Calvert, an embarrassment
21.11.14 Stadium Review: Mayor Cull exposed
19.11.14 Forsyth Barr Stadium Review
15.11.14 Stadium #TotalFail

3.11.14 DCC: What happened to $20 million cash on hand? #LGOIMA
[DCC refuses to answer, processing . . . ]

23.8.14 DCC public finance forum 12.8.14 (ten slides)
5.7.14 DCC’s debt level — who do you believe?
17.12.13 DCC, Dunedin City Treasury and 3 big banks [Interest Rate Swaps]

Posted by Elizabeth Kerr

*Image: ehowcdn.com – Benefits being massage therapist

12 Comments

Filed under Business, DCC, DCHL, DCTL, Delta, Democracy, DVL, DVML, Economics, Enterprise Dunedin, Hot air, Media, Name, New Zealand, People, Politics, Project management, Property, Site, Sport, Stadiums, What stadium

Councils “in schtook” —finance & policy analyst Larry Mitchell

Received Sun, 21 Apr 2013 14:45:37 +1200
Topic ring a bell? We are using DCC and Kaipara as the salutary case studies.

Larry N. Mitchell
Finance & Policy Analyst (Local Government)

PO Box 404 103, Puhoi 0951, Auckland, New Zealand
Phone: 09 422 0598 Mobile: 027 479 2328
Email: larry@kauriglen.co.nz

Read here or scroll to end of post to download this paper.

Councils “in stchook”
… their debt is way too high … it matters … so do proper disclosures

Dealing as I do, with matters of New Zealand Council finances, the one area that produces most comment, sometimes heated debate, is Council debt. Public discussion of Council debt is muddled, an often fractious difference of opinion generating more heat than light.

For example, the most recent (March 2013) Office of the Auditor General’s report of their findings from New Zealand Local Government audits concludes that Councils have their debt levels “within a reasonable range”. Recent New Zealand Local Government Association press releases concur.

Compare these reassuring findings to those of the 2013 NZ LG League Table where the lowest ranked 15% (10 in number) of New Zealand Councils are revealed as exhibiting unfavourable financial sustainability and community affordability issues. Both contradictory positions can’t be right. Unfortunately, the debate over Council debt is complicated by unsatisfactory public reporting-disclosures.

Discussions of Council debt are often compounded by current Council practices. These amount to opaque, imprecise Council debt accounting and “smoke and mirrors” disclosures. It is tempting to suggest that these are deliberate attempts to suppress discussion of Council debt on a “don’t scare the horses” basis.

This is particularly evident for use of the term by Councils of “Internal Borrowing”, a meaningless label, better described as “Robbing Peter”, covering as it does Council treasury management dealings involving a clear misuse (some might say misappropriation) of asset replacement funds.

Add to these sleights of hand a motivation for the more highly indebted Councils to keep their heads down when their debt totals soar, along with a tendency toward misinformation.
Continue reading

7 Comments

Filed under Business, DCC, Name, People, Politics, Project management, Property

DCC refuses to release DVML six-monthly report until “most suitable time and forum” is found

This is the kind of City Council we have.

This is the kind of company the City Council owns.

This is the kind of stadium the City Council has, running at a crippling loss.

These are the kind of losers running this city, deciding your ratepaying destiny care of the selfish pricks that administer Professional Rugby.

30.3.12 ODT: Stadium report release date deferred again
A report on the financial position of the Dunedin company running Forsyth Barr Stadium is being held for another month, with little explanation yesterday of why. It means the public will have to wait longer for possible insight about whether the stadium will pay for itself, or end up an annual drain on city finances.

WHAT KIND OF MOOD ARE WE IN
There’s never a good time for trying to fool the public.
Not around the LTP and Annual Plan process.

Posted by Elizabeth Kerr

22 Comments

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

DCC concerned by Hide’s call for transparency if it means producing more reports

From the can you believe it file…

### ODT Online Fri, 16 Apr 2010
Hide’s call for transparency baffles council
By Chris Morris
A plan by Minister for Local Government Rodney Hide to force councils across New Zealand to open their books in new ways has been questioned by Dunedin Mayor Peter Chin. Mr Hide used part of his address to yesterday’s Sister Cities New Zealand Conference in Dunedin to outline plans for a new financial reporting system for local authorities. Under the new regime, council staff would be required to prepare pre-election financial reports every three years, providing ratepayers with simplified explanations of expenditure over the previous term and plans for the next term.

The move aimed to encourage greater understanding of council finances by ratepayers, who would then be in a better position to “put hard questions” to their elected representatives, Mr Hide said.

Read more

Related ODT story:
Sister cities’ link lauded

Post by Elizabeth Kerr

2 Comments

Filed under Economics, Politics, Project management, Stadiums