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

 


Extra Funds Proposed for Stadium Debt Repayment

Extra Funds Proposed for Stadium Debt Repayment

Dunedin (Friday, 9 May 2014) – The Dunedin City Council will consider using savings to repay more debt associated with the Forsyth Barr Stadium.

The Council will next week consider approving a one-off payment of $2.271 million to help balance the Forsyth Barr Stadium accounts. Of that, $1.77 million would be used to repay DVML debt, with the balance to fund a cash shortfall. The payment would be funded from DCC savings made in the current financial year.

DCC Group Chief Financial Officer Grant McKenzie says, “A one-off payment to reduce debt further would be good for all parties and would clearly respond to community demand for the DCC to reduce its overall debt level.”

In a report to be discussed as part of the Council’s Annual Plan deliberations next week, staff say the payment would enable Dunedin Venues Management Limited (DVML), which operates the Stadium, to balance its budget for 2014/15 while a comprehensive review of Stadium management and operations is completed.

The Stadium has been operating for more than two years and during that time it has been unable to meet its budget. The draft DVML budgets for the 2014/15 year and onwards forecast annual losses.

The report also recommends increasing the annual ratepayer contribution to the Stadium by an extra $715,000 annually from 2014/15, but this is an interim solution. That funding would come from rates.

In January 2014, the Council endorsed Chief Executive Officer Dr Sue Bidrose’s proposal to carry out a comprehensive review of the Stadium’s management and operating model. The review is being carried out in conjunction with parent company Dunedin City Holdings Limited and the DVML Board. It will be completed mid-year, which will be after the 2014/15 Annual Plan budget decisions have been made.

Mr McKenzie says, “An interim funding decision is required by the Council to allow the Stadium to meet its financial obligations in the coming financial year. The ongoing budget for DVML will depend on the outcome of the review.”


Report link: http://www.dunedin.govt.nz/__data/assets/pdf_file/0014/424202/ma_council_r_Stadium_2014_05_13.pdf

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Urban Planning Report: Momentum Grows To Replace The RMA

A major new report from the Productivity Commission lays the foundation for action on the growing political consensus that the Resource Management Act and associated laws are failing both cities and the natural environment and need a complete rewrite.

Published this morning, the final “Better Urban Planning” report is the culmination of eight years of investigations ordered by the government into the causes of unaffordable housing and urban planning. More>>

 

Gordon Campbell: On The Labour/Greens Deal (And The NZDF)

If Labour and the Greens were hoping their Budget Responsibility Rules (BRR) agreement would foster an unlikely alliance then hey… mission accomplished! Because it isn’t every day that Sue Bradford, the CTU and Matthew Hooton speak with one voice, as happened yesterday. More>>

ALSO:

Until After The Election: Extension Of Report-Back Date For Havelock North Inquiry

Attorney-General Christopher Finlayson announced today that the report-back date for the independent Inquiry into Havelock North Drinking-Water has been extended at the request of the Inquiry’s Panel. More>>

ALSO:

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news