Fiscal responsibilty
David Edmund made this Official Information request to Wellington City Council
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From: David Edmund
Dear Wellington City Council,
RE the Long Term Plan
You specifically mention the following regarding fiscal responsibility.
"The answer from the Finance team is below:
The proposed budget included in the Long-Term Plan is significantly impacted by increases in inflation, interest and insurance costs, and depreciation. "
There is no mention of S&P's recent evaluation of WCC opening statement re "Large spending by Wellington City Council (Wellington) will continue to contribute to large after-capital account deficits and a debt burden well-above 'AA+' rated peers.
We expect the council to scale back expenses and implement high rate increases as part of the upcoming 2024-2034 long-term plan, resulting in a declining debt trajectory beyond fiscal 2025 (year ending June 30). . . . We could lower our ratings on Wellington if financial metrics underperform our base-case forecasts. This could occur if revenue growth falls below our expectations or if rising expenses are not contained, which could lead to debt, and interest expenses exceeding our forecasts. This could cause us to reassess our view of the council's financial management and view it as an indication of weakening budgetary flexibility."
Can you provide all information as to why you have not scaled back to any meaningful extent, large spending or expenses and what do you consider the threshold of such spending or expenses.
Yours faithfully,
David Edmund
From: BUS: Assurance
Wellington City Council
Kia ora
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From: BUS: Assurance
Wellington City Council
Kia ora David
Thank you for your email dated 11 May 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 10 June, being 20 working days of receipt.
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-----Original Message-----
From: David Edmund <[FOI #26735 email]>
Sent: Saturday, May 11, 2024 11:21 PM
To: BUS: Assurance <[Wellington City Council request email]>
Subject: Official Information request - Fiscal responsibilty
Dear Wellington City Council,
RE the Long Term Plan
You specifically mention the following regarding fiscal responsibility.
"The answer from the Finance team is below:
The proposed budget included in the Long-Term Plan is significantly impacted by increases in inflation, interest and insurance costs, and depreciation. "
There is no mention of S&P's recent evaluation of WCC opening statement re "Large spending by Wellington City Council (Wellington) will continue to contribute to large after-capital account deficits and a debt burden well-above 'AA+' rated peers.
We expect the council to scale back expenses and implement high rate increases as part of the upcoming 2024-2034 long-term plan, resulting in a declining debt trajectory beyond fiscal 2025 (year ending June 30). . . . We could lower our ratings on Wellington if financial metrics underperform our base-case forecasts. This could occur if revenue growth falls below our expectations or if rising expenses are not contained, which could lead to debt, and interest expenses exceeding our forecasts. This could cause us to reassess our view of the council's financial management and view it as an indication of weakening budgetary flexibility."
Can you provide all information as to why you have not scaled back to any meaningful extent, large spending or expenses and what do you consider the threshold of such spending or expenses.
Yours faithfully,
David Edmund
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From: BUS: Official Information
Wellington City Council
Tēnā koe Mr Edmund
Please find attached correspondence from Te Kaunihera o Pōneke |
Wellington City Council.
Nga mihi
Danika Morris-Brown
Senior Advisor Official Information
Ara Whaimana | Strategy and Governance
Te Kaunihera o Pōneke | Wellington City Council
E [1][email address] | W [2]wellington.govt.nz
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2. http://wellington.govt.nz/
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