Council's Financials Even Worse Than Expected
COUNCIL'S FINANCIALS EVEN WORSE THAN EXPECTED
FRIDAY 25 SEPTEMBER 2015
FOR IMMEDIATE RELEASE
Today’s release of Auckland Council’s annual report show that the City is in an even worse financial shape than its critics predicted. The report, adopted by the Council yesterday and released today, show that the Council’s total liabilities have grown by more than a billion dollars, or 15 percent in 12 months.
Jo Holmes, Auckland Ratepayers’ Alliance spokesperson says:
“The fact that the Council is releasing the report on a Friday, the day spin doctors release bad news, speaks volumes about how bad these numbers are.”
“Today’s debt is tomorrow’s higher rates. While the Council will point to their asset base as try to justify the red ink, our analysis shows that even on a per household basis the Council is in a much sorrier state than Kaipara District Council which effectively went bust in 2012.”
“Auckland Council’s budget deficit dwarfs recent deficits in central government. Len Brown’s legacy looks set to be financial disaster."