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

 

ARC gambled with ratepayers funds - and lost.

Media release. 8th December 2008

ARC gambled with ratepayers funds - and lost.

Statement from David Thornton


Most ratepayers will be appalled that the Auckland Regional Council has funded and underwritten the David Beckham soccer game at Mt Smart Stadium last Saturday..

ARC chairman, Mike Lee, has already admitted there will be a loss - how big a loss we wait to hear - but a loss will impact on the ARC as a whole, and therefore put ratepayers at risk.

It is entirely unsupportable for the ARC to gamble with ratepayers funds by promoting a soccer game.- or any speculative commercial event.

Various ARC spokespeople have claimed that any loss would be 'ring-fenced' within the Mt Smart Business Unit.

The ARC says that, because Mt Smart operates as a stand-alone ‘Business Unit’, the financial reults need to be viewed over a full financial year – and it is probable, on that basis, there is room for an aoccasional event to show a loss.

That may be the case in normal private-sector business operations - but this a regional council owned company, and ultimately owned by ratepayers. .

The true position is that all activites of the Mt Smart business unit are, in effect, guaranteed by its owner, the Auckland Regional Council – which is ultimately funded by ratepayers of the region.

By promoting a speculative commercial event, which may end in financial loss, the ARC is gambling with ratepayers money.

The gambling must stop.


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog