The point is $224 million is not the TRUE COST. It is FAR HIGHER. Dunedin City Council must stop all OBFUSCATION. Open the books to a full independent forensic audit of the council and related entities NOW.
Meantime, close the stadium to stem the losses.
### ODT Online Fri, 11 May 2012
Budget blowout pushes stadium cost to $224m
By Chris Morris
The final cost of the Forsyth Barr Stadium has risen to $224 million, after independent auditors uncovered a budget blow-out of more than $8 million, it has been confirmed. The findings showed the stadium’s capital cost had risen by $8.4 million, from $198 million to $206.4 million. Interest accrued during the stadium’s entire construction period, as loans began to be drawn down, also hadn’t been included in costs.
The $8.4 million overspend meant costs exceeded budgets by 4.2%.
The PWC review did not seek to apportion blame, but findings had been passed to council chief executive Paul Orders, who told reporters he would study them “coolly and calmly”.
Posted by Elizabeth Kerr