The National Party conference is currently going on in Nelson. A couple of reporters were tweeting about remits up for discussion. One of them was a remit to  cap local body debt at 10% (part of a right-wing crusade against rates, I guess). It failed. However, it made me think about Christchurch’s debt, which is currently at 60%, and projected to hit 247%!

The council’s debt levels are about to soar from 60 per cent of revenue to 247 per cent by 2017, just a few percent shy of its 250 per cent limit on total borrowings

(That from John McCrone’s Mainlander piece about CCC debt, which you should read if you haven’t already.) Obviously, this is due to the quakes, but also the government’s desire to have things like stadiums, cricket grounds, swimming pools, which they have included in the blueprint, then shifted the cost back to the council. 

Advertisements