File ref: IRC-5103
19 July 2023
Chris McCashin
[FYI request #23276 email]
Kia ora Chris
Total Interest Cost to Ratepayers
Thank you for your request made under the Local Government Official Information and Meetings
Act 1987 (the Act), received on 27 June 2023.
Wellington City Council has
granted your request for information. Please see below response to
your questions.
1. Annual interest costs on council debt.
As per the publishe
d Annual Reports of the last 5 years, the average annual Council interest costs
on borrowing is $25 million.
2. The debt ceiling for Welington City Council – i.e. When does the LGFA stop lending money
to Wel ington City Council.
The lending covenant limit based on our net debt to total revenue as set by the LGFA is 280% (this
can be found in their
Foundation policies).
3. Please provide your current credit rating.
Wellington City Council’s current credit rating is AA+, provided by Standard & Poor’s international
rating agency.
Right of review
If you are not satisfied with the Council’s response, you may request the Office of the Ombudsman
to investigate the Council’s decision. Further information is available on the Ombudsman website,
www.ombudsman.parliament.nz.
Please note, we may proactively release our response to your request with your personal
information removed.
Thank you again for your request, if you have any questions, please feel free to contact me.
Kind regards
Amber Smith
Senior Advisor Official Information
Wellington City Council | 2 of 2
