Tag Archives: Financial reports

DCC: Snow White cause of substantial loss + DRAFT Annual Plan

snow-white-and-the-seven-dwarfs [sisterlondon.com] 1Vestiges of Purity for ALL [ethical cleansing HITS town]

‘Some of the unfavourable variance because of divestment losses’

### ODT Online Wed, 30 Mar 2016
City pays cost for divesting
By Timothy Brown
Some of the Dunedin City Council’s divestment decisions have cost the city, it was revealed at yesterday’s council finance committee meeting. […] The council voted last May to scrap any investments the [Waipouri] fund had in the munitions, tobacco, fossil fuel extraction, gambling or pornography industries and to bar future investment in those industries. […] The fund had produced $783,000 in profit during the eight months to February 29. However, this was $1.657million down on the budgeted $2.44million profit.
Read more

Agenda – FIN – 29/03/2016 (PDF, 1.8 MB)
This agenda includes the reports

TABLE OF CONTENTS

1 Public Forum [page 4]
2 Apologies [4]
3 Confirmation of Agenda [4]
4 Declaration of Interest [5]

PART A REPORTS (Committee has power to decide these matters)

5 Financial Result – Period Ended 29 February 2016 [6]
This report provides a commentary of the financial performance of Council for the period ended 29 February 2016 and the financial position as at that date. The net deficit (including Waipori) for the eight months to February was $5.878 million or $381k worse than budget.

6 Financial Result – Period Ended 31 January 2016 [31]
This report provides the financial results for the period ended 31 January 2016 and the financial position as at that date. The net deficit (including Waipori) for the seven months to January was $6.668 million or $36k worse than budget.

Related Posts and Comments:
26.3.16 Dunedin: Erosion issues at St Clair and Ocean Beach
25.1.16 DCC: South Dunedin Integrated Catchment Management Plan (ICMP)
5.1.16 Hammered from all sides #fixit [dunedinflood Jun2015]
27.12.15 Pop Mashup(s) + Independent UK…on attack to local democracy
21.11.15 Mayor Cull won’t admit lack of maintenance #SouthDunedinFlood
14.7.15 DCC strategies needed like a hole in the head
27.4.15 She’s right: “We are a very poor city.” —Cr Hilary Calvert
6.4.15 Energy, a little picture #wow
25.5.14 Whaleoil: Rodney Hide on Dunedin’s Luddite Council
21.1.14 Jints, this one’s forya
13.1.14 Taking to water like a duck on oil

****

  • Dunedin City Council – Media Release
    Annual Plan consultation begins

    This item was published on 24 Mar 2016

    Should we be spending more on economic development in Dunedin and/or boosting funding for community grants? These are some of the questions the Dunedin City Council is asking residents as part of its 2016/17 Annual Plan and budget consultation, which opens today.

    Mayor of Dunedin Dave Cull says recent changes to the law mean the Council is taking a different approach to how it seeks feedback from residents on what should be included in the 2016/17 Annual Plan: “Just last year we went through a rigorous process developing a 10 year Long Term Plan (LTP), which sets out the city’s financial and strategic path. This year we are asking the community to comment largely on things we are proposing to add or change.” Some of the proposed changes are things that have already been discussed with the community and agreed on, but were either not funded in the LTP or not funded beyond the current 2015/16 year. Examples include the funding proposed for GigCity, UNESCO City of Literature and Dunedin’s Arts and Culture and Environment Strategies.

    Mr Cull says the planned increase in economic development resourcing is effectively a return of funding taken out several years ago because of budget constraints: “The proposed $790,000 increase in funding is largely community driven. One of the consistent messages emerging from residents is that job creation and business encouragement are vital for Dunedin. Our business sector is also telling us we need to market the city better to visitors and businesses.”

    Funding has also been provided for investigations into South Dunedin groundwater/ sea level rise issues [WHAT ISSUES – WHERE IS THE SCIENCE ?], and to investigate coastal erosion in other areas. Other proposed funding includes an extra $120,000 for community grants because there are always more requests than money available.

    These suggested changes can be achieved within the proposed 2.9% rates rise.

    The consultation document is now available at www.dunedin.govt.nz/2016AP. Public consultation on the Annual Plan closes at 5pm on 20 April. People are encouraged to provide their feedback early and, if possible, use the online form.

    A snapshot of what is proposed, presented in a map fold newsletter, will be delivered to every Dunedin household. Information will also be available at DCC service centres and libraries and at the Customer Services Agency in the Civic Centre. There will also be a public meeting and workshop, and six drop-in sessions with the opportunity for face-to-face discussion with Councillors. These will be held around the wider city during the consultation period.

    █ Comments on the DCC Facebook page and tweets to @DnCityCouncil using #DunedinAP will also be considered as feedback. The consultation period will be followed by hearings and deliberations in May and a final Annual Plan will be adopted by the Council in June.

    █ A range of supporting documents and an online submission form are available at www.dunedin.govt.nz/2016AP.

    Contact The Mayor of Dunedin on 03 477 4000.
    DCC Link

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    12.9.15 Cr Kate ‘Cycleways’ Wilson —(disingenuous) fails constituents
    22.8.15 DCC cycleway$ now tied to more ‘urban de$ign’ $pend, after reha$h…
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    22.7.15 DCC Long Term Plan 2015/16 – 2024/25
    24.6.15 DCC Residents’ Opinion Survey (ROS)
    29.5.15 Design alternatives to (pre-selected) bridge not canvassed by DCC
    5.5.15 DCC financial position | DCC reply: “$20M cash on hand” #LGOIMA
    4.5.15 DCC: Draft LTP matter —‘Unfunded Mosgiel Aquatic Facilities’
    28.9.14 “DCC entitlement” about to ramrod change at CBD #manipulation
    5.8.14 DCC staff-led CBD projects that impact… | consolidated council debt
    27.6.14 Stadium costs $23.4144 million per annum
    25.1.12 Waipori Fund – inane thinkings from a councillor
    17.11.13 Cull, MacTavish: (to borrow a phrase) “Have you fixed the debt crisis?”

    Posted by Elizabeth Kerr

    *Image: sisterlondon.com – SW + dwarves, tweaked by whatifdunedin
    (many thanks to Disney)

    33 Comments

    Filed under Business, DCC, Democracy, Design, Dunedin, Economics, Events, Hot air, Media, Name, New Zealand, People, Politics, Project management

    DCTL: New treasury manager

    Dunedin City Council – Media release
    DCC Appoints Treasury Manager

    This item was published on 10 Sep 2014

    Richard Davey has been appointed to the new position of Dunedin City Council Treasury Manager. Mr Davey, who is originally from Dunedin, has had more than 21 years of banking experience in New Zealand and Australia. His experience centres on dealing with corporate treasuries and solving their risk management and funding issues.

    As Treasury Manager, Mr Davey will oversee Dunedin City Treasury Ltd – a DCC-owned company provides funding and financial services to other companies in the Dunedin City Holdings Ltd group. Mr Davey will report to Group Chief Financial Officer Grant McKenzie.

    Mr McKenzie says, “We are delighted to announce Mr Davey’s appointment. His extensive skills and experience mean he will be a welcome addition to the DCC’s financial team.”

    Mr Davey says, “I am very pleased to be part of the DCC’s financial team, especially given the diverse treasury operations and exposures the group has. It’s also pleasing to be able to live in Dunedin and progress my career further with the Council.”

    Mr Davey was most recently Director Corporate and Institutional Markets with the National Australia Bank in Melbourne. He has a Bachelor of Commerce and a Postgraduate Diploma in Commerce from the University of Otago.

    The new Treasury Manager role was created following the retirement of Dunedin City Treasury Ltd Chief Executive John Knight, who left last month. Mr Davey starts in his new role on Monday, 15 September.

    Contact Group Chief Financial Officer on 03 477 4000.
    DCC Link

    ****

    ### dunedintv.co.nz September 11, 2014 – 5:56pm
    DCC in a better financial position
    The Dunedin City Council is in a better financial position than it had forecast for the financial year just finished. An interim result for the council during the last twelve months was presented to councillors this week. And while there are things to be celebrated, it’s not all good news on the council’s books.
    Video

    Report – FIN – 08/09/2014 (PDF, 2.3 MB)
    Interim Financial Result – 12 Months to 31 June 2014

    Report – FIN – 08/09/2014 (PDF, 668.6 KB)
    Financial Result – 1 Month to 31 July 2014

    Report – FIN – 08/09/2014 (PDF, 391.2 KB)
    Waipori Fund Quarterly Report to June 2014

    Related Posts and Comments:
    23.8.14 DCC public finance forum 12.8.14 (ten slides)
    14.10.13 DCC: New chief financial officer

    Posted by Elizabeth Kerr

    *Image: odt.co.nz (tweaked by whatifdunedin) – Richard Davey

    9 Comments

    Filed under Business, DCC, DCHL, DCTL, Economics, Name, New Zealand, People, Politics, Project management, What stadium

    Local body elections: who will explain DCC’s books . . .

    Received from Hype O’Thermia
    Monday, 22 April 2013 3:37 a.m.

    “In the boardroom, [Ngai Tahu chairman Mark] Solomon favours plain speaking. He tells a story about trying to get his head around the accounting terms used in Ngai Tahu’s financial statements, terms like EVA (economic value added) and WACC (weighted average cost of capital).

    To improve understanding of such terms he asked for an explanatory document to be created and issued that with the report to iwi. It worked. Recently at one meeting an 84-year-old woman stood and challenged Solomon, arguing Ngai Tahu’s WACC was 1 per cent too low.”

    Mark Solomon (stuff.co.nz)### stuff.co.nz Last updated 05:00 21/04/2013
    Business
    The wisdom of Solomon
    By Rob O’Neill – Sunday Star Times
    After 15 years on the board, the chairman of Te Runanga o Ngai Tahu, Sir Mark Solomon, is willing to retire, but he will stay on for the long haul if he can’t find the right successor to lead the tribal council. Solomon, knighted in the 2013 New Year’s honours list for services to Maori and business, said, as with any organisation, there were people who put their own interests first and people who put the collective interest first. In Ngai Tahu terms he calls these “I Tahu” and “We Tahu”. “I’ve always stood in the middle of the ‘we’ camp,” he told an Institute of Directors conference in Auckland last week. “It always seems to me that politics is about ‘I’ versus ‘we’.” Whoever takes on his job will have to also be a “we” person, he said. Read more

    Wouldn’t it be great if “Greater Dunedin’s” pre-election commitment to transparency had resulted in something like this, to bust asunder some of the tools used in official obfuscation!

    Imagine if such an explanatory document had been distributed to ratepayers instead of Rodney’s puff-mag, and not only given to councillors but read aloud, attendance compulsory, security staff present to monitor for sleepiness and texty-wexing lovey-dove or playing angry birds under the table.

    [ends]

    Posted by Elizabeth Kerr

    Image: Mark Solomon via stuff.co.nz

    17 Comments

    Filed under Business, DCC, DCHL, DVL, DVML, Economics, Name, People, Politics, Project management