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Council appoints firm to review commercial assets

The Christchurch City Council has appointed corporate advisory firm Cameron Partners to review the commercial assets of its investment arm Christchurch City Holdings Ltd.

The Wellington firm will also review and confirm that the proposed funding arrangements for the Council’s 2014-2015 draft annual plan will enable the plan to be delivered. This work will follow the recent financial audit to be completed by Korda Mentha by the beginning of March.

The terms of reference include a financial review of CCHL and its ability to generate cash and capital, as well looking at how best to structure council controlled organisations (CCOs) and council-controlled trading organisations (CCTOs) to meet the demands of the rebuild.

The chair of the council’s finance committee Cr Raf Manji said the review was of high importance to the Council.

“The review will provide detailed information on funding options for the city's anchor projects, and how best to manage our assets in order to both meet the city’s strategic objectives and to provide the best financial return,” said Cr Manji.

“We need to be confident we can deliver what’s finally decided in the draft annual plan. In particular we need to confirm the amount to be received from the Council’s internal and external funding sources and when it will be available,” he said.

Cameron Partners was selected through a tender process involving five companies. The project is expected to take six weeks and to cost about $100,000.

ENDS

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