Dunedin City Council's tax free $88 million dollar property portfolio

The Dunedin City Council have revealed a secret tax exempt $88 million dollar property portfolio after an appeal to the Ombudsmen to reveal hidden information in the Dunedin City Council Larsen Governance report.

Dunedin Gaurdian submitted an appeal to the Ombudsmen to force the Dunedin City Council to reveal hidden pages in the Larsen report which they released late last year in a heavily redacted form.

The new information was released today.

The city council's investment properties generated a combined rental income for 2011/2012 period of $8,290,350 million dollars.

The council's building at 211 George Street, which is currently leased to the Wall Street retail complex, was its most prolific earner, and made $3,463,000, last year.

Council governance manager Sandy Graham said in an email to the Dunedin Guardian that Dunedin City Council, as a local authority, is tax exempt.

The council's worst performing property investment is 14 Parry Street, which is currently vacant,valued at $350,000, and which made nothing last year.

The Dunedin Guardian appealed the original decision by the Dunedin City Council to keep various sections, including whole pages, from the Larsen governance report secret.

The DCC is keeping three items of the report secret under sections 7(2)(a), (7(2)(b) and 7(2)(f) of the Local Government Official Information and Meetings Act.

ENDS

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