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

 

S&P likes City Council’s financial management


S&P likes City Council’s financial management

Wellington City Council’s credit profile is considered by ratings agency Standard and Poor’s to be better than that of the Crown.

The international agency last week reaffirmed the City Council’s AA credit rating – which allows the Council to borrow at low interest rates and thus save significant amounts of money.

“We view Wellington City's stand-alone credit profile to be higher than the New Zealand sovereign, but have capped the ratings at the sovereign level,” the S&P review says.


S&P perceives the institutional framework within which New Zealand local government operates “as being one of the strongest and most predictable globally.

“This provides a source of credit strength that allows Wellington City to support higher debt burdens than some of its international peers can tolerate.

“We consider [the level of indebtedness] to be average to below average among New Zealand councils.”


The City Council has “very strong financial management and budgetary flexibility, strong budgetary performance and liquidity and low contingent liabilities”.

Councillor Justin Lester, the Chair of the Council’s Governance, Finance and Planning Committee, says Council Chief Executive Kevin Lavery, his senior managers and finance team deserve congratulations for the rating report.

“It really is a huge endorsement of what Standard and Poor’s calls the Council’s excellent financial management.”

Cr Lester says S&P considers the Council’s asset-management strategies to be sophisticated and that they are inextricably linked to the Council’s financial management tools.

Mayor Celia Wade-Brown says Standard and Poor’s “rightly” points out that future credit ratings will depend on decisions made in the Council’s upcoming Long-Term Plan.

“I welcome the view that Wellington City’s credit strength and institutional framework will allow higher debt burdens as we progress our strategy to invest in projects to grow the Capital’s economy. Wellington’s debt profile compares favourably with other councils in New Zealand, so we’re in a strong position to invest,” she said.

“This praise from Standard and Poor’s matches the recent comments by the deputy Auditor General that Wellington City is a ‘shining exemplar’ for infrastructure management.”

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Saudi Oil Refinery Crisis

So the US and the Saudis claim to have credible evidence that those Weapons of Oil Destruction came from Iran, their current bogey now that Saddam Hussein is no longer available.

Evidently, the world has learned nothing from the invasion of Iraq in 2003 when dodgy US intel was wheeled out to justify the invasion of Iraq, thereby giving birth to ISIS and causing the deaths of hundreds of thousands of people. More>>

 

PM To Japan, New York: Ardern To Meet Trump During UN Trip

“I’m looking forward to discussing a wide range of international and regional issues with President Trump, including our cooperation in the Pacific and the trade relationship between our countries." More>>

PM's Post-Cab: "A Way Forward"

At Monday's post-cabinet press conference, Prime Minister Jacinda Ardern announced a number of actions in response to the Labour Party's mishandling of sexual assault complaints. More>>

ALSO:

Gordon Campbell: On Allegations Of Left Wing Media Bias

“Left wing bias” accusations date back at least to the mid 1990s... The charge of left wing bias was ridiculous then, and is ridiculous now. More>>

Next Wave Of Reforms: Gun Registration And Licensing Changes Announced

“The Bill includes a register to track firearms and new offences and penalties that can be applied extraterritorially for illegal manufacture, trafficking, and for falsifying, removing, or altering markings – which are a new requirement under the Firearms Protocol.” More>>

ALSO:

Gordon Campbell: On Labour’s Mishandling Of The Alleged Sexual Assault

The focus of Labour’s alleged sexual assault scandal has now shifted from the party organisation to the Beehive... This is now a crisis of Beehive management and response, not something occurring at a distance within the party organisation. More>>

ALSO:

'History Rectified': Rua Kēnana To Be Pardoned

An official pardon for Tūhoe prophet and leader Rua Kēnana is one step closer after the Te Pire kia Unuhia te Hara kai Runga i a Rua Kēnana: Rua Kēnana Pardon Bill was read in Parliament for the first time today. More>>

ALSO:

Mental Health: Initial Mental Health And Wellbeing Commission Appointed

The Government has announced details of the initial Mental Health and Wellbeing Commission which will play a key role in driving better mental health in New Zealand. More>>

ALSO:

people outside the meeting house at WaitangiEducation: NZ History To Be Taught In All Schools

“We have listened carefully to the growing calls from New Zealanders to know more about our own history and identity. With this in mind it makes sense for the National Curriculum to make clear the expectation that our history is part of the local curriculum and marau ā kura in every school and kura,” Jacinda Ardern said. More>>

ALSO:

Sexual Assault Claims Mishandled: Labour Party President Resigns

Jacinda Ardern: “This morning I was provided some of the correspondence from complainants written to the party several months ago. It confirms that the allegations made were extremely serious, that the process caused complainants additional distress, and that ultimately, in my view, the party was never equipped to appropriately deal with the issue…" More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels