Debt levels at Horowhenua District Council have spiralled to $99million

And they are nit picking over Mayor Feyen helping the local Brass Band pay their insurance among other worthy causes with nary a mention of the Raukawa payout aka bribe to allow them to spray human sewage over all of those pesky wahi tapu paying lip service to their Treaty partnership. And let’s not forget the gift of $1.86 mill to Willis & Bond property developers who purchased the pensioner housing at a fire sale price.

By Veronica Harrod

Debt levels at Horowhenua District Council have spiraled to $99million.

A Quarterly Treasury report by Council’s treasury advisors – Bancorp Treasury Services Limited – said, “As of Thursday 26 July, HDC has now got $99m in debt.”

The quarterly report also said Council’s net debt prediction in the Long Term Plan of $81 million by year end is based on the assumption of property sales of $7 million, new and improved asset purchases of $22 million and cash of $11 million by the end of 2018.

Also included in the Finance, Audit and Risk sub-committee agenda of 1 August was Council’s draft 12 month financial report to June 2018 which shows council spent $827,000 of a projected $956,000 budget on economic development projects that are not publicly detailed.

The draft 12 month report also serves as a stark reminder Council spends almost three times more on ‘economic development’ than ‘community development’ which had a forecasted budget of $361,000 compared with actual budget of $348,000.

SOURCE

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2 thoughts on “Debt levels at Horowhenua District Council have spiralled to $99million”

  1. this is what happens when gubment takes away interest free/low interest loans for infrastructure and councils have to fund themselves through borrowing at high interest from the private international banking sector. Social Credit funding for infrastructure is the only answer to this problem. http://www.socialcredit.nz

    Liked by 1 person

    1. Yes & pay their CEs immorally high salaries like 250K in this instance. All since they were corporatized. Agenda 21 takeover of all nations’ sovereignty by stealth. As you point out anyway, by the bankers.

      Like

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