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Hutt City Council retains strong credit rating

Hutt City Council retains strong credit rating

Hutt City Council has retained its AA long-term rating and A-1 short term issuer credit rating from Standard and Poor's.

Chief Executive Tony Stallinger says Council has long had a strong fiscal strategy and to retain this rating, the highest issued to any council throughout New Zealand, in a period when Council is embarking on ambitious projects is encouraging.

"In the 2014/15 Annual Plan, Council committed close to $100 million on a range of infrastructure projects to rejuvenate the city. Our history of robust financial management means we're able to balance continued fiscal responsibility with investments in new facilities".

The Walter Nash Centre is the first of these projects to be completed and opens in October. Other projects underway throughout the city include major enhancements at Fraser Park, the region's largest recreational sports ground, significant upgrades and developments to Avalon Park, the development of a new multi-purpose events centre capable of holding large-scale community and commercial events in the CBD, and the addition of a new 25-metre swimming pool to provide additional learn to swim facilities at Huia Pool.

Joint partnerships are also underway with the New Zealand Transport Agency (NZTA) and the Urban Cycleway Fund for the development of a new pedestrian/cycle bridge at the summit of the Wainuiomata Hill, scheduled for completion next month.

A city wide cycle network upgrade is set to commence in early 2016, and $4 million has been allocated toward the development of the Eastern Bays Shared Path including existing seawall upgrades to better connect Lowry Bay and York Bay for cyclists and pedestrians.

Over the past decade Council has consistently delivered one of the lowest increases to residential and business rates in the Wellington region and in the 2015/16 year kept average residential rates increases under 3 per cent.

ENDS


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