Printed from https://fyi.org.nz/request/23276-total-interest-cost-to-ratepayers on April 29, 2024 15:04

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Total Interest Cost to Ratepayers

Chris McCashin made this Official Information request to Wellington City Council

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From: Chris McCashin

Dear Wellington City Council,

Please provide the annual interest costs on council debt

Please also provide the debt ceiling for Wellington City Council - ie when does the LGFA stop lending money to Wellington City Council

Please provide our current credit rating

Yours faithfully,
Chris

Link to this

From: BUS: Assurance
Wellington City Council

Attachment image001.jpg
4K Download

Tēnā koe Chris.

 

Thank you for your email dated 27 June 2023 requesting information.

 

Our team will manage your request under the Local Government Official
Information and Meetings Act 1987 which requires us to provide a decision
as soon as possible, but no later than 26 July 2023, being 20 working days
of receipt.

 

The reference number for your request is IRC-5103

 

Please contact us if you have any further questions.

 

Kind regards

 

The Assurance Team

Email: [1][email address]

Wellington City Council | W [2]Wellington.govt.nz | [3]Facebook|
[4]Twitter

The information contained in this email is privileged and confidential and
intended for the addressee only.
If you are not the intended recipient, you are asked to respect that
confidentiality and not disclose, copy or make use of its contents.
If received in error you are asked to destroy this email and contact the
sender immediately. Your assistance is appreciated.

 

[5]http://wellington.govt.nz/~/media/Images...

 

 

 

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From: BUS: Assurance
Wellington City Council

Attachment image001.jpg
4K Download

Attachment IRC 5103 Chris McCashin Council Debt Reponse.pdf
538K Download View as HTML

Tēnā koe Chris,
Please see attached our response to your recent request for information.

Kia pai te rā - Have a good day

Ngā manaakitanga, 

Amber Smith 

[1](She/her)

Senior Advisor Official Information | Risk and Assurance

Te Kaunihera o Pōneke | Wellington City Council

E [email address] | W [2]Wellington.govt.nz | P 044994444 
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confidential and intended for the addressee only.
If you are not the intended recipient, you are asked to respect that
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If received in error you are asked to destroy this email and contact
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This is an Official Information request made via the FYI website.

 

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From: Chris McCashin

Dear BUS: Assurance,

Thanks for this - are you able to provide some additional information

1. What are the current interest rates, when do they mature and what are the interest cost forecast to be in the years 2023, 2024, 2025 & 2026

2. So as long as WCC keep raising rates - you can keep getting funding? For example the debt is 280% of what the total revenue was only a few years ago. But because Wellington has raised rates, seemingly you can get more funding because revenue has increased?

3. Please provide the last 10 years amount of money WCC has paid down on the principal debt? When is Wellington City Council forecasting that they will begin paying down any principal amounts.

I reiterate - at what point does council stop wasting money, reset, look at projects the majority (ruining the city), start funding infrastructure and pay down debt. You can't just keep off loading responsibility to the ratepayers, next generation.

Yours sincerely,

Chris McCashin

Link to this

From: BUS: Assurance
Wellington City Council

Tēnā koe Chris,

Thank you for your email dated 21 July requesting information.

Our team will manage your request under the Local Government Official Information and Meetings Act 1987 which requires us to provide a decision as soon as possible, but no later than 18 August 2023, being 20 working days of receipt.

The reference number for your request is IRC-5217

Please contact us if you have any further questions.

Kind regards

The Assurance Team
Email: [email address]
Wellington City Council | W Wellington.govt.nz |

The information contained in this email is privileged and confidential and intended for the addressee only.
If you are not the intended recipient, you are asked to respect that confidentiality and not disclose, copy or make use of its contents.
If received in error you are asked to destroy this email and contact the sender immediately. Your assistance is appreciated.

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Link to this

From: BUS: Assurance
Wellington City Council

Attachment IRC 5217 Chris McCashin Interest Costs To Ratepayers Release.pdf
606K Download View as HTML

Tēnā koe Chris,
Please see attached our response to your recent request for information.

Kia pai te rā - Have a good day.

Ngā manaakitanga, 

Amber Smith 

[1](She/her)

Senior Advisor Official Information | Risk and Assurance

Te Kaunihera o Pōneke | Wellington City Council

E [email address] | W [2]Wellington.govt.nz | P 044994444 
The information contained in this email is privileged and
confidential and intended for the addressee only.
If you are not the intended recipient, you are asked to respect that
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From: Chris McCashin

Dear BUS: Assurance,

Unfortunately this isn't sufficient based on the councils current financial position ($1B in debt) and forecast spending going forward.

Please provide best estimates with the information you have and write this on Wellington City Council letterhead.

Total Interest Costs (Estimate) - For years 2023, 2024, 2025 and 2026 - can provide a range best estimate to worst estimate

When do the ratepayers have a say on the debt ceiling? Because I am sure Wellington ratepayers would rather have some fiscal management than ever increasing rates when our rates are wasted on city killing initiatives that we are borrowing money to fund. It is just ludicrous.

And please confirm on Wellington City Council letterhead that the council has paid down zero debt in the last ten years.

Yours sincerely,

Chris McCashin

Link to this

From: BUS: Assurance
Wellington City Council

Kia ora Chris

Thank you for your email dated 15 August requesting information.

Our team will manage your request under the Local Government Official Information and Meetings Act 1987 which requires us to provide a decision as soon as possible, but no later than 12 September, being 20 working days of receipt.

The reference number for your request is IRC-5362.

Please contact us if you have any further questions.

Kind regards

The Assurance Team
Email: [email address]
Wellington City Council | W Wellington.govt.nz | |

The information contained in this email is privileged and confidential and intended for the addressee only.
If you are not the intended recipient, you are asked to respect that confidentiality and not disclose, copy or make use of its contents.
If received in error you are asked to destroy this email and contact the sender immediately. Your assistance is appreciated.

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From: BUS: Assurance
Wellington City Council

Attachment IRC 5362 Chris McCashin LGOIMA response.pdf
587K Download View as HTML

Tēnā koe Chris,
Please find attached our response to your recent request for information.

Kia pai te whakatā - Have a good weekend.

Ngā manaakitanga, 

Amber Smith 

[1](She/her)

Senior Advisor Official Information | Risk and Assurance

Te Kaunihera o Pōneke | Wellington City Council

E [email address] | W [2]Wellington.govt.nz | P 044994444 
The information contained in this email is privileged and
confidential and intended for the addressee only.
If you are not the intended recipient, you are asked to respect that
confidentiality and not disclose, copy or make use of its contents.
If received in error you are asked to destroy this email and contact
the sender immediately. Your assistance is appreciated. 

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 Please use this email address for all replies to this request:
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Please use this email address for all replies to this request:
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From: Chris McCashin

Dear BUS: Assurance,

Thanks for this - I reiterate my point

Interest rates are going to triple

Up to $75m in interest only

Who keeps giving you money?!

Surely some fiscal responsibility is needed

I could go through the long term plan for you and shave $300m in projected costs easy

No sane household runs their own finances like council

Yours sincerely,

Chris McCashin

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