Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Council Sticks With Airport Share Sale Plan

June 20,2002


The Auckland City Council has confirmed its commitment to the sale of its shareholding in Auckland Airport.

The council is going through the process of investigating the best strategy for selling the shares.

Next month the finance committee will consider a report on the proposed sale options which are being put together by its professional advisers.

The Deputy Mayor David Hay says, “The Council must go through a process that sees every possible bid or option put on the table. We will then sit down and weigh up which option will bring maximum benefits to ratepayers.”

Councillor Hay, says, however, that if the sale goes through, a priority will be to repay council debt.

“The council should act like any responsible parent – most parents aim to be debt-free so they can pass on their assets to their children and grandchildren, rather than pass on debts.

“Right now when we need to invest in the city. It makes more sense to sell the airport shares and to pay off debt so ratepayers do not have the rates increased to cover the interest cost of debt.

“There is no point in holding shares when you have current debt and a pressing need to invest in community assets.

“The Auckland City Council is not a financial institution and shouldn’t be in the position of holding assets when the council is building up debt.” If no action is taken debt will increase from $150 million to over $300 million with commitments to Britomart and an indoor arena at Quay Park”.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Spying On Politicians, Activists, Iwi, Quake Victims: "Failings Across Public Service"

A State Services Commission investigation into the use of external security consultants by government agencies has uncovered failings across the public service, including breaches of the code of conduct...

However, the inquiry found no evidence of widespread inappropriate surveillance by external security consultants on behalf of government agencies. More>>

 

Doesn’t Compromise Sovereignty: NZ To Back UN Migration Compact

Foreign Affairs Minister Winston Peters says New Zealand will support the UN Global Compact for Safe, Orderly and Regular Migration after being satisfied fears about the document are unfounded. More>>

ALSO:

Children's Commissioner: Child Poverty Law "Historic Cause For Celebration"

...It represents a cross-party commitment to a fundamental shift of policy for our most disadvantaged children and should help undo 30 years of damage to children from our most vulnerable families. More>>

ALSO:

Dope News: Binding Cannabis Referendum To Be Held At 2020 Election

The referendum on cannabis for personal use is part of Labour's confidence and supply agreement with the Greens. It could be one of potentially three referenda - decisions have yet to be made about euthanasia and changes to electoral laws. More>>

ALSO:

Vic: Victoria University Name Change Rejected

Education Minister Chris Hipkins has declined Victoria University of Wellington Council’s application for a legal name change. More>>

ALSO:

PM's Post-Cab 17/12/18: Chief Justice, M Bovis

Prime Minister Jacinda Ardern's final post-cabinet press conference of the year focussed on announcing the appointment of Helen Winkelmann as the next Chief Justice, and an update on effort to eradicate Mycoplasma bovis from New Zealand. More>>

ALSO:

Law Commission Issues Paper: Use Of DNA In Criminal Investigations

In the 22 years since the Act came into force, it has become clear that the modern-day fingerprint analogy is increasingly inapt... Theoretically, whole genome sequencing could ultimately become the standard method of analysing a DNA sample. Such a development will give a new perspective on the concept of genetic surveillance in the criminal context. More>>

State Highways: $1.4 Billion For Road Safety Improvements

The Safe Network Programme will make 870 kilometres of high volume, high-risk State Highways safer by 2021 with improvements like median and side barriers, rumble strips, and shoulder widening. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels