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

 

Christmas comes early: NPDC’s PIF powers over $300m mark

New Plymouth District ratepayers will have 300 million reasons to have a happy holiday season this year, thanks to NPDC’s investment fund which helps offset rates.

The Perpetual Investment Fund (PIF) topped $300 million for the first time since the Global Financial Crisis of 2007-8, hitting a total of about $304.5 million in December, up from $299.95 million the month before.

NPDC created the Perpetual Investment Fund (PIF) and TIML (Taranaki Investment Management Limited) in 2004 with the $259.4 million proceeds from the sale of its shareholding in Powerco.

“This financial year alone the PIF will inject almost $9 million into NPDC’s budget to help keep rates affordable as we Build New Zealand’s Lifestyle Capital,” says New Plymouth District Mayor Neil Holdom.

“The PIF underpins our strong financial performance and has been safeguarded by a release payment policy ensuring the benefits of this community asset are spread across both current and future generations of New Plymouth District residents,” he says.

International ratings agency Standard and Poor’s in September confirmed NPDC’s rating of AA/A-1+, the highest possible rating for local government in New Zealand, saying the level was enhanced by the PIF.

NPDC manages assets worth $3.3 billion, runs 17 different operational units and has an annual budget of about $155 million.

PIF fast facts

• The PIF has paid NPDC a total of $212.8 million since 2004, including $8.6 million in the last financial year.

• This financial year, the PIF will pay NPDC $8.8 million.

• NPDC created the Perpetual Investment Fund (PIF) and TIML (Taranaki Investment Management Limited) in 2004 with the $259.4 million proceeds from the sale of its shareholding in Powerco.

• TIML was a Council-Controlled Organisation.

• This became the New Plymouth PIF Guardians Limited (NPG) and remains a 100% CCO.

• In 2017, the management of the PIF was outsourced to Mercer.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Wage Cuts, And The Listener’s Demise

Various levels of across the board wage cuts – 10%? 15% ?- are being mooted for workers in some of our larger firms, in order to help the likes of Fletchers, Mediaworks etc survive the Covid-19 crisis. It is extraordinary that unions should be having to explain to employers (and to the public) just how unfairly the burden of such a response would fall. Basically, if you’re on a salary in six figures, a 10-15% haircut can still be worn fairly lightly. If you’re employed at or below the median wage, losing 10% of your income can be a hammer blow... More>>

 
 

Government: Seeking Infrastructure Projects


The Government has tasked a group of industry leaders to seek out infrastructure projects that are ready to start as soon as the construction industry returns to normal to reduce the economic impact of the COVID-19 pandemic, Economic Development Minister Phil Twyford and Infrastructure Minister Shane Jones say...More>>

ALSO:


Police Commissioner: Christchurch Terrorist Pleads Guilty

Police acknowledge the guilty pleas in the Christchurch Mosque attacks prosecution that were entered in the Christchurch High Court today. The guilty pleas to 51 charges of murder, 40 charges of attempted murder and one charge of engaging in a terrorist ... More>>

ALSO:

Transport: $54 billion Investment In Draft GPS 2021

The Draft Government Policy Statement (GPS) 2021 on land transport confirms that the Government will invest a record $54 billion in its balanced transport policy over the next decade. More>>

ALSO:

Gordon Campbell: On The Loss Of Abortion Safe Zones

No doubt, last night’s defeat of abortion law reform provisions that would have created safe zones around abortion clinics will be portrayed, by some, as a victory for free speech. It isn’t. It was a victory for bigotry and intimidation directed ... More>>

ALSO:

Gordon Campbell: On National's Regulation Crusade

Lets step back in time now, to simpler days and to simple-minded solutions. So…. if National gets elected, landlords will once again be able to evict tenants at will, raise rents anytime they like, and ignore the need to install a healthy standard of heating in the homes they put out to rent. This promised ‘bonfire of regulations’ is being done in the name of cutting red tape... More>>

ALSO:

SMC - Expert Reaction: PF2050 Strategy

DOC has released a strategy to reach Predator Free 2050, along with an action plan through to 2025. The predator-free goal focuses on three groups of mammals: possums, three species of rats, plus stoats, ferrets and weasels... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels