Tag Archives: High finance

DCC putting up cover, walls paper thin [risk exposure VERY HIGH]

Don’t believe the garbage. The garbage was built by Dunedin City Council, Dunedin City Treasury Ltd, and Dunedin City Holdings Ltd. The City (again) is slapped by a wet Standard & Poor’s bus ticket.

It is not difficult to fathom that the situation with the City’s finances is far worse than at Kaipara District Council.

The Dunedin City mayor and councillors are mostly TOO STUPID to know any different than to grant applause – the Lunatics have taken over the Asylum, NOT the conservative and prudent management of the City’s finances.

Not one Lunatic City Councillor has any idea of the exact state of the City finances, of the exact type of financial instruments being used to ‘support’ +$623 MILLION of council consolidated debt, or of the exact risk exposure compounding by those instruments. The Lunatics actually believe as gospel truth Standard & Poor’s credit rating report (“stable”). Oh. My. God.

Lunatic Mayor and Councillors’ ability to apply powers of discovery, analysis and interpretation to the City’s financial instruments and the degree of risk exposure — with ultimate effect on Ratepayers and Residents — is a difference not unlike that of a nuclear scientist and a child rolling snow balls. RIP DCC. While the new apprentice CEO smiles.

Here are the white lies in writing:

Dunedin City Council – Media Release

Improved Financial Rating Outlook for DCC
The Dunedin City Council’s consistent efforts to achieve its financial targets have been rewarded

This item was published on 09 Dec 2013.

In a Research Update released today, Standard and Poor’s (S & P) has revised the DCC’s outlook to stable, taking the organisation off a negative outlook. It confirmed an AA long-term and A-1+ short-term issuer credit ratings. Mayor of Dunedin Dave Cull says the announcement is great news.

“This is an acknowledgement of the continued hard work by elected members and staff to reduce operational spending and debt levels.”

In November 2012, S & P confirmed the DCC group credit rating at AA long term and A-1+ in the short term, but put Dunedin on a negative outlook. This was not a downgrade, but the agency made it clear the DCC needed to follow through with its tough financial targets. In its 2013 update, S & P states the outlook revision to stable reflects the DCC’s improved liquidity and budgetary performance.

“We expect these improvements to be sustained, allowing Dunedin to reduce its debt burden.”

The agency also considered the likelihood of significant adverse findings from the Auditor-General’s inquiry into Delta Utility Services Ltd (a DCC company) to be low.

“The ratings reflect our view of New Zealand’s predictable and supportive institutional framework, plus our very positive view of Dunedin’s financial management, and the council’s strong budgetary performance. The outlook revision reflects Dunedin’s improved liquidity and budgetary performance, which we expect to be sustained, allowing Dunedin to reduce its debt burden.”

The revised outlook was announced at today’s full Council meeting, where a vote of thanks to staff was recorded, amid applause. S & P is expected to release its full report in about a week.

Contact Mayor of Dunedin on 477 4000.

DCC Link

Via ODT (and DCC Spooks):

DCC’s credit rating up
Dunedin city councillors burst into applause as it was confirmed yesterday international credit agency Standard and Poor’s had lifted its negative outlook for the Dunedin City Council. The news – delivered part-way through yesterday’s full council meeting – also left Mayor Dave Cull claiming vindication despite his critics.
http://www.odt.co.nz/news/dunedin/284751/dccs-credit-rating

Related Post and (fresh) Comments:
3.12.13 LGNZ: OAG report on Kaipara

Posted by Elizabeth Kerr

11 Comments

Filed under Business, DCC, DCHL, DCTL, Delta, Democracy, Economics, Hot air, Media, Name, New Zealand, People, Politics, Project management, Stadiums, What stadium

Abu Dhabi

End of last week, a colleague’s brother and his family flew out of Christchurch to take up work and residence in Abu Dhabi, the largest member of the United Arab Emirates federation and a major oil exporter. Population: one million.

It’s a place I know little about, except through Youtube videos profiling the fantasmic architecture and the forward-looking strategic plan.

At The Chronicles of Yarnia we mention Abu Dhabi will debut Personal Rapid Transit “Podcars” later this year.

Tonight, there’s more news feed on Abu Dhabi’s financial aid for Dubai.

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### TVNZ News 6:52PM Monday December 14, 2009
Abu Dhabi gives Dubai surprise bailout
Source: Reuters
Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $US10 billion injection, of which $US4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
Read more

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usnewsandworldreport 15 July 2008
Saadiyat Island in Abu Dhabi, UAE will become a cultural centre with organic, postmodern and cutting-edge architecture designed by world-class architects including Jean Nouvel, Zaha Hadid, Frank Gehry, and Tadao Ando. These futuristing buildings include the Louvre Abu Dabi, Abu Dabi Performing Arts Center, Abu Dabi Guggenheim Museum, and Maritime Museum.

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squintopera 17 June 2008
The Urban Planning Council of Abu Dhabi (UPC) appointed Squint Opera to create a short film illustrating their grand Urban Planning Guide for Abu Dhabi. The film was presented at Cityscape Abu Dhabi, 13-15 May 2008.

The film communicates the principles and visualises the UPC plans for the expansion of the city to attract investors, developers and architects. The UPC commissioned this film as an awe-inspiring vision demonstrating the scale, ambition and radical nature of the plan.

Alice Scott directed the six-minute film that describes the plan in 3D, bringing life to certain aspects of the unique environment and a future evolving culture. Through 4 main key themes (Green – Live – Work – Connect) we are shown pedestrians walking the shaded sidewalks, using the world-class metro system and trams surrounded by green, energy saving residential townhouses, villas, high rises, offices and retail developments. The imagery shows desert landscaping, renewable energy measures and water-cooling canals in the streets of Abu Dhabi and demonstrates a efficient quality of life for the future population.

Posted by Elizabeth Kerr

14 Comments

Filed under Architecture, Business, Construction, Design, Economics, Geography, Innovation, Media, People, Politics, Project management, Property, Site, Tourism, Town planning, Urban design