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

 


Smoke and Mirrors accounting seen as a desperate ploy

19 August 2013

Smoke and Mirrors accounting seen as a desperate ploy

Kapiti Coast District Council’s debt level is now so high that valuing land under the district’s roads may be seen as a desperate ploy to avoid bankruptcy says leading mayoral candidate Jackie Elliott”

“I appealed to the Corporate Business Committee last Thursday against the proposal on the agenda, that Council value the land to add a potential $300million to the debt/asset ratio. The public are not going to wear this smoke and mirrors accounting. They will see it as a vehicle with which you will borrow more money,” Ms Elliott told the meeting.

Under the KCDC proposal the land under roads would be revalued from $200million up to $500million.

Councillors requested that the decision be deferred until after the election, or until they had a definitive reply from LGNZ and the Auditors Office, however Senior Manager Warwick Read and CEO Pat Dougherty expressed no desire to wait for any outside clarification. With Mr Dougherty suggesting it could take LGNZ years to even answer their letter and formulate a policy.

Cr Lester, said he wanted KCDC to follow ‘best accounting practices’, and that this was standard practice for Councils.

“They chose to use commercial rates. So they believe the land under our roads is worth the same as any prime piece of commercial land for sale on the Kapiti Coast. I have seen some appalling decisions made by this Council over this triennium, but in my opinion this one takes the cake,” says Ms Elliott.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

2040 Target And Lower Standards: “Swimmable” Rivers Five Times More Likely To Make You Sick

Forest & Bird has condemned the government’s new water quality standards, warning New Zealanders that they lock in current levels of water pollution and allow for a 5-fold increase in the chance of getting sick from swimming in a river.

“Despite an explicit assurance from Minister Smith that the new water standards would provide for human and ecosystem health, he has failed to deliver on either of these things,” says Forest & Bird CEO Kevin Hague. More>>

ALSO:

 
 

Immigration: Clampdown On Rogue Employers Good First Step

The Human Trafficking Research Coalition is pleased at the new clampdown on rouge employers who exploit migrants announced by Minister Woodhouse this morning, and believes this is a step in the right direction. More>>

ALSO:

Mayor: 750 New Social And Affordable Homes For Wellington (Over A Decade)

The next stage of Wellington’s Housing Upgrade Programme will see at least 750 new units of social and affordable housing built over the next decade, Mayor Justin Lester has announced. More>>

ALSO:

22/2: Christchurch Quake Memorial Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial. More>>

ALSO:


November Quakes:

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:


Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news