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


Council approves advance of funding to Investment Company

Council approves advance of funding to Investment Company

Hawke’s Bay Regional Council has voted to approve an advance of $3.1 million to the Hawke’s Bay Regional Investment Company Ltd (HBRIC Ltd) to cover the period until financial close on the Ruataniwha Water Storage Scheme.

The decision was made in a public excluded session of Wednesday’s council meeting and supported by all councillors present.

All investment funds contributed by the Hawke’s Bay Regional Council in this development phase are part of its overall financial contribution to the Ruataniwha Water Storage Scheme. The Council resolved in June to invest up to $80 million, subject to HBRIC Ltd meeting certain conditions.

Of the total development costs incurred by HBRIC Ltd, $1.93 million was for the Board of Inquiry process for the Council’s Plan Change 6. These costs would otherwise have to be met from Council’s own operating budget.

Given the lodging of appeals to the High Court on the proposal, financial close for the scheme will no longer occur by 30 September 2014, with the best estimate now 31 March 2015.

While provision for $3.1 million has now been made, the bulk of these costs will be incurred after the High Court decisions on Appeals to the Board of Inquiry.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Relevant Consents Gained: Government Unveils RMA Reform Package

The government has formally hauled down the flag on its attempts to alter the balance of environmental and economic priorities in the Resource Management Act, unveiling a 180-page Resource Legislation Amendment Bill containing reforms that have been largely endorsed by most political parties. More>>


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>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news