City Of Dunedin Mid Year Adjustments
Paying for the council debt
If there is a niggling sense of deja vu in the contretemps surrounding the Dunedin City Council's newly announced debt "hole", it is because fundamental aspects of the crisis have indeed been played out previously.
These include a categorical admission the council's holding company was not earning sufficient to meet its promised dividend returns to the council; and that it was having to borrow money to meet those commitments.
In mid-March, the Otago Daily Times reported Dunedin Mayor Dave Cull had questioned the ability of the council's group of companies to pay what it promised for the Forsyth Barr Stadium. He said the council should have been advised earlier there was a problem and the issue would be the first agenda item for a new group set up to liaise with council-controlled organisations (CCOs). While the company had told the council it could come up with the payment "it would appear that is not the case", Mr Cull then said. There was an unsustainable level of debt and the council would have "to look at cost-cutting options seriously" - including putting off projects and reducing operating costs.
Mr Cull's claims were countered in the same article by Dunedin City Holdings Ltd (DCHL) chairman Paul Hudson, who appeared bemused by the mayor's comments. "It's totally news to me," he said, adding DCHL was required to pay a dividend and was doing so, yet there was a proviso: the holding company had been paying a dividend to the council but it was having to borrow money to pay for it. "There will come a time when that is no longer sustainable," he said. The company was "not running out of money tomorrow or next year", he said, but it was putting out a signal the dividend needed to come from earnings rather than borrowings. "We are having that conversation at the moment.
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