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



Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news