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


Palmerston North City Council’s AA Credit Rating Reaffirmed

Friday April 21

Palmerston North City Council’s AA Credit Rating Reaffirmed.

Palmerston North City Council has retained its AA credit rating from Standard and Poor’s.

The international credit rating agency says the rating reflects the Council’s “strong financial management and very strong budgetary performance.”

Its outlook for the Council remains stable.

PNCC Chief Financial Officer Grant Elliott says an “AA” rating is the highest rating the credit agency assigns to local authorities in New Zealand.

“The Council has worked hard in recent years to keep its level of debt to manageable levels so it has scope to borrow in future for necessary capital works.”

Mr Elliott says the Council’s outstanding debt of $97 million is lower than previously budgeted primarily because the capital expenditure programme is currently below budget

Standard and Poor’s has commented on the Council’s capital spending.

“The agency does note a slight improvement in this area compared to the previous year’s results and does recognise the work we are doing to increase forward planning for capital works but we acknowledge further improvements are needed in this area.”

Mr Elliott says the advantage of having a good credit rating is that it enables Council to borrow money on more favourable terms which in turn can save ratepayers money.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Kim Regime

During the Cuban Missile Crisis, the US had a very clear objective and eventually offered a quid pro quo of the removal of some of its own missiles from Turkey. This time, there’s no clarity about what the US is seeking, or offering.

It hasn’t helped that the US and the global media consistently agree on calling North Korea and its leadership “crazy” and “irrational” and urging it to “come to its senses”. When you treat your opponent as being beyond reason, it gets hard to comprehend what their strategy is, let alone work out the terms of a viable compromise. More>>


Recovery: Economic Impact Of Kaikōura Quake Revealed

The report details the impact on small businesses and tourism caused by disruptions to transport infrastructure and the economic impacts... The impact on New Zealand’s Gross Domestic Product (GDP) over the first 18 months following the earthquake has been estimated at $450-$500 million. More>>


Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>


CORRECTIONS (March 2017):


$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>


JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news