Auckland Ratepayers Alliance Briefing Paper needs to be Peer Reviewed to hold any authenticity
The Auckland Ratepayers Alliance seems to have commissioned a report and subsequent briefing on Auckland Council’s debt levels.
From the Presser that came out from it:
Ratepayer Briefing on Super City’s liabilities
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.
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.
Click here to download the briefing paper, or view below.
As of 30 June, 2015 Council’s total debt stood at $7.34b as stated in the financials report below on page 66 (rather than the $10b as the ARA stated):
In any case if I were the Auckland Ratepayers Alliance I would have their briefing and report fully peer-reviewed by one of the large consultancy firms like PwC AS WELL AS a university in Auckland to make sure the claims are robust and stack up.
Otherwise it might as well be seen as another partisan hit job given the Central Government which is right-wing led is certainly no better with debt levels itself.