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


Airport dividends gives wings to major projects


30 June 2005

Airport share dividends gives wings to major projects

Auckland City Council will be receiving a financial windfall to the value of $18.7 million from its Auckland Airport shares, announced today.

Councillor Vern Walsh, chairperson of Auckland City’s Finance and Corporate Business Committee, says the special dividend from the shares is very welcome at this time.

“Auckland City has nearly completed its budgeting process for the year and although we will be receiving extra revenue from a 7 per cent real rates increase there are still many projects around the city that need an extra funding boost.

“There are always plenty of requests for funding and over the past couple of months we have been faced with some major costs which will need to be addressed over the next few years, particularly the unexpected repairs required for the long term future of the Civic underground car park.

“It is important that this special dividend is used to fund major projects that benefit all Aucklanders. To this end, the money will be placed in Auckland City’s strategic asset fund, which can only be used to fund major new assets of strategic benefit to the city.

This allows us to better plan for key infrastructure that Auckland City needs to remain a great place to live and work as the city grows.”

Mayor of Auckland City, Dick Hubbard, praised the Auckland International Airport Limited board and management for its ongoing good performance.

“The airport continues to be an excellent investment for Auckland City,” he said.

“The receipt of this special dividend is proof that we are making sound financial decisions on behalf of our residents and ratepayers.”

Auckland City owns 12.8 per cent of the Auckland International Airport Limited shares.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>


BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>


Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>


Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>


State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>


Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>





Featured InfoPages