Super City Debt A Ticking Time Bomb
SUPER CITY DEBT A TICKING
2 OCTOBER 2015
FOR IMMEDIATE RELEASE
Auckland Council’s debt per person is now so high that it makes the failed Kaipara District Council look prudent, according to an Auckland Ratepayers’ Alliance 'Ratepayers' Briefing released today. The paper, by Moritz Miersch, reports on the total liabilities incurred since the formation of the Super City and compares the same to Kaipara in 2012 when Government commissioners were appointed.
Ratepayers' Alliance spokesperson, Jo Holmes, says:
“Auckland Council now have $10.09 billion in liabilities. To put this in perspective, it’s around $20,000 the Council owes per Auckland household.”
“Despite record low interests rates, the Council's finance costs in 2014/15 amounted to $422 million. The Council's books are extremely vulnerable when the rates inevitably rise."
“Len Brown’s fiscal management has increased the credit card bill by 60% in the last 5 years and 15% in the last 12 months alone. It’s time the Council took responsibility for the tab it is leaving future generations.”