Tag Archives: Waipori Fund

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


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

    Related Posts and Comments:
    23.2.16 Hold on! DCC Annual Plan 2016/17 #CommunityEngagement
    30.1.16 DCC Rates: LOCAL CONTEXT not Stats —Delta and Hippopotamuses
    26.11.15 DCC report: Mosgiel Pool Future Aquatic Provision
    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…
    14.7.15 DCC strategies needed like a hole in the head
    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)


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

    DCC operating deficit $1M worse than budget

    ### dunedintv.co.nz Mon, 16 Nov 2015
    DCC earnings below budget
    The city council’s heading into Christmas with less money in its accounts than budgeted. Its latest financials have been revealed in a report to councillors. Revenue is down by half a million dollars compared to budget, as at the end of September. The council’s also made less money than expected on its Waipori Fund investments, and has received less funding. Energy costs have also been higher than anticipated. The operating deficit for the three months to September was almost a million dollars worse than budget.
    Ch39 Link [no video available]

    DCC Finance Committee met this afternoon, with the following agenda and reports tabled. There were no minutes for confirmation.

    Agenda – FIN – 16/11/2015 (PDF, 19.3 KB)

    Report – FIN – 16/11/2015 (PDF, 755.6 KB)
    Financial Result – Period Ended 30 September 2015

    Report – FIN – 16/11/2015 (PDF, 86.9 KB)
    Development Contributions Assessments 2014/15

    The Economic Development Committee met immediately prior to the Finance meeting. Four reports from Enterprise Dunedin were tabled.
    Refer to DCC website for this information.

    DEVIOUSLY with not much public notice a full Council meeting also took place today. You can see by the agenda items why this one was rushed through quietly in preamble.

    Agenda – Council – 16/11/2015 (PDF, 21.3 KB)

    Report – Council – 16/11/2015 (PDF, 91.3 KB)
    Refugee Settlement in Dunedin

    ████ Report – Council – 16/11/2015 (PDF, 91.3 KB)
    Appointment of Independent Commissioners to the Proposed Dunedin City Council District Plan Hearings Panel – Te Paepae Kaiwawao Motuhake O Te 2GP

    █ The public has until November 24 to make submissions.

    2GP banner

    █ Proposed Second Generation District Plan (2GP)

    [from the report, note the maori-isation under Cull’s steer]
    JOKE – meaning there was NO NEED at all for Councillor appointments
    18 expressions of interest were received by the deadline of 5pm on Monday 19 October 2015. One expression of interest was submitted a week after this deadline. This was excluded from consideration on the basis that the reasons for lateness were not sufficient to warrant an exception being granted.

    In accordance with the delegation from Council, the Chief Executive formed an evaluation panel to review the expressions of interest submitted. The Panel comprised: Chief Executive, Sue Bidrose; General Manager of Services and Development, Simon Pickford; City Development Manager, Anna Johnson; a Probity Officer (Group Manager Corporate Services, Sandy Graham) was appointed to oversee and document the completion of each evaluation step and ensure the process was fair and transparent. HAHAHAHA

    The candidates that were ranked the highest had:
    • A planning qualification or full NZPI membership
    • A wide-ranging experience in planning practice (as a commissioner or practitioner), having worked in a number of areas of planning and for a variety of local authorities
    • Significant experience as a commissioner hearing plan changes, and direct experience of the planning issues likely to emerge from the 2GP.

    In addition to assessing the candidates on their experience, the highest ranked candidates were contacted to ensure any conflicts of interests could be adequately managed, and reference checks were undertaken.

    [squeak] Finally, candidates’ appreciation and knowledge of iwi values and protocols and experience with topics related to natural hazards or other risk-based issues were considered.

    Six candidates scored at a level to appoint them to the Hearings Panel. The candidates’ rankings are set out in Attachment A [NOT PROVIDED] to this report. The expressions of interest from all six candidates suitable for appointment are included in Attachment B [NOT PROVIDED]. The full list of the expressions of interest submitted is set out in Attachment C [NOT PROVIDED].

    As a result of the ranking exercise, it is recommended that Council appoint the two highest scoring candidates for the membership of the Hearings Panel, and a further member from the candidates ranked second equal.

    Remuneration will be negotiated by the Chief Executive and management plans for any conflicts of interest will also be set at this time.

    ████ Elected members should note that the Council received objections in relation to its decision to appoint elected members to the Hearings Panel, indicating that there is a degree of public interest in the Council’s decision on the selection of decision makers for this process.

    Related Posts and Comments:
    ● 11.11.15 Letter to DCC chief executive re extension for public submissions…
    ● 9.11.15 Letter to DCC chief executive re Proposed 2GP hearings panel
    24.10.15 DCC and the AWFUL 2GP ‘threat of THREATS’
    12.10.15 DCC Proposed 2GP (district plan) —DEFEND YOUR PROPERTY
    3.10.15 DCC: Public Notice Draft 2GP + “Community Presentations”
    3.10.15 DCC appointees to draft 2GP panel #greenasgrass #infatuation
    ● 2.10.15 DCC Draft 2GP hearings panel lacks FULL INDEPENDENCE
    30.10.15 DCC 2GP molasses and the dreadful shooflies (You)
    ● 28.9.15 Message to DCC: The People can’t deal with your 2GP documentation…
    26.9.15 DCC: Proposed 2GP to line pockets of cowboy developers #FIGHTDIRTY

    Posted by Elizabeth Kerr


    Filed under Business, DCC, Democracy, District Plan, Economics, Enterprise Dunedin, People, Politics, Project management, Property, Resource management, What stadium

    DCC: Full Council meeting Tue, 27 Oct 2015 at 1pm

    Venue: Council Chamber, Municipal Chambers, The Octagon

    Agenda – Council – 27/10/2015 (PDF, 51.3 KB)

    Public Forum
    a) Legal High Retail Location Policy – Carl Lapham, Cupid Shop
    b) Work Opportunities within the Council – Anneloes de Groot
    c) Oil and Gas Block Offers – Siana Fitzjohn, Annabeth Cohen, Rosemary Penwarden – Oil Free Otago
    d) Trans Pacific Partnership Agreement and Council’s Previous Resolution – Jenny Olsen
    e) Safety of Roads – Neil Burrow

    Item of interest on the main agenda, apart from annual reports:

    ● 25 Delegations to Officers to mediate on the 2GP Dunedin District Plan
    Report from Corporate Services. Refer to pages 25.1 – 25.5.

    The general public should be wary of Proposed 2GP mediation processes and how they are to be conducted. Mediation processes could segment (playing to like interests) planning direction and rules to such an extent the public will lose the ‘big picture’ which includes, if needed, having the Proposed 2GP set aside and sections fully redrafted (!!) for community ownership; and, of course, the public not recognising or becoming oblivious to cumulative adverse effects promoted within the Proposed 2GP, and these not being dealt to with sufficient weight.
    If in doubt at mediation, positively strive to be heard at hearing – slow the process down until you have individual clarity as a submitter. Do not be pressured by DCC staff and management to agree anything without your taking time and effort to carefully deliberate potential cumulative adverse and knock-on effects.
    The current district plan took YEARS to become operational —note well, there is NO RUSH to settle the Proposed 2GP if it is inequitable.

    Report – Council – 27/10/2015 (PDF, 255.8 KB)
    Block Offer 2016 Submission

    Report – Council – 27/10/2015 (PDF, 613.2 KB)
    Legal High Retail Location Policy

    Report – Council – 27/10/2015 (PDF, 224.8 KB)
    Regional Policy Statement Further Submission

    Report – Council – 27/10/2015 (PDF, 2.7 MB)
    Dunedin City Council 2015 Annual Report

    Report – Council – 27/10/2015 (PDF, 66.0 KB)
    2015 Annual Reports of Dunedin City Holdings Limited, its Subsidiaries and Associate Companies

    Report – Council – 27/10/2015 (PDF, 63.9 KB)
    2015 Annual Reports from Dunedin Venues Management Limited and Dunedin Venues Limited

    Report – Council – 27/10/2015 (PDF, 391.9 KB)
    Waipori Fund – Report for Quarter Ending September 2015

    Report – Council – 27/10/2015 (PDF, 540.7 KB)
    Review of the Food Safety Bylaw

    Report – Council – 27/10/2015 (PDF, 139.5 KB)
    Boundary Backflow Prevention

    Report – Council – 27/10/2015 (PDF, 97.0 KB)
    Delegations to Officers to Mediate on the 2GP Dunedin District Plan

    Report – Council – 27/10/2015 (PDF, 86.7 KB)
    Theomin Gallery Management Committee – Appointment of Committee Members

    Posted by Elizabeth Kerr


    Filed under Business, DCC, DCHL, Democracy, Dunedin, DVL, DVML, Economics, New Zealand, OAG, Ombudsman, People, Politics, Project management, Stadiums, Town planning, What stadium

    DCC: DCHL on Waipori Fund

    Dunedin City Council – Media Release
    Positive Result for Waipori Fund

    This item was published on 22 Jul 2015

    The Waipori Fund performed strongly in the past financial year while meeting key targets. The fund’s capital base for 2014/15 is above its inflation adjusted target for the first time since 2008.

    The fund is managed by Dunedin City Treasury Limited, a company owned by Dunedin City Holdings Limited (DCHL). DCHL is in turn is owned by the Dunedin City Council.

    DCHL Chair Graham Crombie says this is an important measure because it shows the fund’s capital base is not being eroded. “As well as a good overall return for the year, it’s very pleasing to see the fund achieve this threshold.”

    The fact the fund reached the target in the past financial year was mainly due to strong equity in the bond markets and a weakening New Zealand dollar.

    The market value of the investment portfolio was $81.6 million at 30 June 2015. This was a 13.1% return for the year. This return also met the income objective of exceeding the official cash rate plus the consumer price index.

    The graph below shows the progress of the fund since its establishment. The fund was created from the sale of the Waipori electricity generation scheme. It provides a source of revenue for the Council which can be offset against rates.

    Waipori Fund

    Contact Group Chief Financial Officer on 477 4000.
    DCC Link


    The distribution to council was budgeted to increase slightly over the period of the council’s 10-year plan.

    ### ODT Online Fri, 24 Jul 2015
    DCC has no plans to spend surplus in Waipori Fund
    By Chris Morris
    The Dunedin City Council is celebrating a better-than-expected 13.1% jump in the value of its Waipori Fund, but has no plans to spend the bonus. […] Council group chief financial officer Grant McKenzie said the “solid” result reflected strong equity in bond markets and a weakening New Zealand dollar. […] “It’s just a funding stream for council.”
    Read more

    Posted by Elizabeth Kerr

    1 Comment

    Filed under Business, DCC, DCHL, DCTL, Economics, Media, Name, New Zealand, OAG, People, Politics, What stadium

    She’s right: “We are a very poor city.” —Cr Hilary Calvert

    ### ODT Online Mon, 27 Apr 2015
    Ethical policy decision tomorrow
    By Vaughan Elder
    The Dunedin City Council is set to make a final decision tomorrow on whether to dump investments in fossil fuel extraction. The vote comes after councillors were hailed as visionary when they voted in favour of an ethical investment policy, which also includes divesting from investments in tobacco, arms, gambling and pornography, for the $82.5 million Waipori Fund. […] Cr Hilary Calvert, who voted against divestment last year, said she could understand why others supported the policy, but divestment was a luxury the council could not afford.
    Read more

    Report – Council – 28/04/2015 (PDF, 1.0 MB)
    Updated Statement of Investment Policy and Objectives for Socially Responsible Investing

    Report – Council – 28/04/2015 (PDF, 428.2 KB)
    Waipori Fund – Report for Quarter Ending March 2015

    Posted by Elizabeth Kerr


    Filed under Business, DCC, Democracy, Economics, Media, Name, New Zealand, Offshore drilling, People, Politics

    Whaleoil: Rodney Hide on Dunedin’s Luddite Council

    Ever since Helen Clark allowed councils general competence we have seen debt burgeon and empire building of armies of council staff increase. It is time to rein in the excesses. The reforms have largely failed. I’m not even sure we need local councils in any case….except to just provide essential services. –Cameron Slater

    Whale Oil Beef Hooked logo### whaleoil.co.nz May 24, 2014 at 5:00pm
    Rodney Hide on Dunedin’s Luddite Council
    By Cameron Slater
    Rodney Hide excoriates the Dunedin City Council for their embracing of a buggy culture. [NBR paysite]

    “I was taken aback by Dunedin City Council committing to invest ethically. I would have thought it was already beyond reproach. But it turns out it’s not about the council not taking back-handers and the like but rather what it can and can’t invest in. Henceforth, it won’t invest in porn, munitions, tobacco or gambling. Seriously? Was investing in porn ever in prospect? I once took a paper to the cabinet to circumscribe council activity. I wanted to limit them to core services. To buttress my argument, I had examples of the nutty investments that councils had entangled ratepayers in. I remember dairy farms, property development, Lotto shops and cinemas. My concern wasn’t ethical investing but rather local government’s proper role. I wanted councils to stick to basics. I didn’t succeed but would have had a chance with the Dunedin example: a council having to make a rule to stop itself investing in pornographic movies.”
    Read more

    It matters enormously that city leaders are declaring fossil fuel extraction unethical. –Rodney Hide

    Posted by Elizabeth Kerr


    Filed under DCC, Hot air, Media, Name, New Zealand, People, Politics

    Waipori Fund – inane thinkings from a councillor

    ### ODT Online Wed, 25 Jan 2012
    DCC could borrow from self
    By David Loughrey
    The Dunedin City Council will consider borrowing from its own almost $70 million Waipori fund, instead of using commercial lending institutions. The idea would be to provide regular income to the fund through interest, and produce a situation where the council would, in effect, be paying interest on its loans to itself.
    Read more

    ### ODT Online Wed, 25 Jan 2012
    Communities will have to help pay: Cull
    By Chris Morris
    Communities across Dunedin will need to do more to help pay for projects, as the Dunedin City Council grapples with tight finances threatening to curtail spending on key ventures, Mayor Dave Cull says. The warning came as councillors met in public yesterday for the start of a two-day meeting to discuss the council’s 2012-13 pre-draft annual and long-term plans. The early budgets forecast a 4.7% rates increase from July 1, but councillors were also grappling with a list of about 40 unfunded projects – including the proposed $11.5 million Mosgiel pool and a new South Dunedin library – yet to be included in the council’s spending plans.
    Read more

    Citizens and ratepayers are given the “pay up or shut up” treatment—councillors are “of a mind” to include some projects in council spending plans…

    The top five projects, in order, were a new Maori consultation model, Ocean Beach erosion work, Caversham tunnel work, repairs to the St Clair sea wall, ramp and stairs, and a new council energy plan. [Added items] The council’s share of the Blueskin Bay library ($745,000) and priority parts of the strategic cycle network ($1.5 million over three years) in South Dunedin.

    Further discussion at DCC draft annual plan 2012/13 and DCC living beyond its means [all spending and debt not declared]

    Posted by Elizabeth Kerr


    Filed under CST, DCC, DCHL, DVL, DVML, Economics, People, Politics

    DCC: Look Ma no hand$

    The stadium had an effect on the surplus…

    ### ODT Online on Tue, 4 Aug 2009
    Timing issues cited in $13m DCC operating surplus drop
    By David Loughrey

    The Dunedin City Council’s operating surplus was almost $13 million less than expected at the end of the financial year, but timing issues, rather than budgetary problems, are mostly to blame, the council says. The surplus at the end of June was $4.7 million, compared with an expected $17.5 million.
    Read more


    Filed under Economics, Politics, What stadium