Council must keep its hands off our AECT dividends

July 27, 2015. 3:35pm

Auckland Council should keep its hands off Aucklanders’ AECT dividends, says ACT Leader and Epsom MP David Seymour.

The Council is due to receive advice in November on fundraising options, and at least one Councillor seems to have come out in favour of absorbing the AECT shares into Council finances.

“Don’t Councillors understand property rights? Individuals know how to get better value out of their money than government does,” said Mr Seymour.

“Families rely on this dividend. They budget for it, they cover vital expenses with it, and in some cases, they feed their kids with it. In a time of drastic, disparate rate rises, the dividend provides a rare dose of financial certainty.

“Councillor Brewer claims that Aucklanders won’t mind surrendering their dividends in exchange for rate cuts. But the Council’s spending record doesn’t provide much hope for this – local government in Auckland is out of control, spending on ambassadorial junkets, unelected advisory panels, and bloated transport schemes.

“Seizing AECT shares will give Council another excuse to ramp up its spending, leaving ratepayers and residents out of pocket.

“AECT shares are not the property of Auckland Council. They belong to Auckland residents. If Council wants to get its hands on these shares, it’s a telling sign of just how far it has overreached in attempting to govern Auckland.”

ENDS

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