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Last reviewed: Fri, 05 Apr 2013 RSS

Corporate and Financial Committee meets today

Friday, 5 April 2013

Draft Statements of Intent from the Council’s seven trading companies were reviewed at today’s Corporate and Financial Committee meeting.

The Statements of Intent set out the objectives and performance measures for Orion, Lyttelton Port Company, Christchurch International Airport, Enable Networks, City Care, Red Bus and EcoCentral. The Council owns shares in these trading companies through Christchurch City Holdings Limited (CCHL). 

The committee recommended the Council receive the draft SOIs from the trading companies, said Committee Chairperson Councillor Helen Broughton.

“It’s great that as a committee we have the chance to publically scrutinise and comment on these documents and we got through a huge volume of weighty work very efficiently today.”

CCHL is forecasting improved dividends of $46.0 million in the 2014 financial year, up from previous forecasts of $40 .7 million, based on the strong performance of City Care and also Lyttleton Port Company and Christchurch International Airport.

The committee also discussed options for the future of a Council-owned central city property on Welles Street. Development proposals for the site will be sought under a formal process if the Council supports the committee’s recommendation.

“We’d like to see this site used to revitalise the central city in line with the Central City Development Unit’s blueprint and other plans for the city. We’re not ruling out selling the site but the first step is to get a valuation, get some more certainty around the planning intent and then seek proposals. Several commercial and community groups have enquired about this property,” says Cr Helen Broughton.

The committee received half year financial statements for CCHL and the New Zealand Local Government Funding Agency Limited.

The committee also reviewed draft Statements of Intent for:
Christchurch Agency for Energy Trust Board
Vbase Limited
New Zealand Local Government Funding Agency Limited
Civic Building Limited
Tuam Limited
World Busker’s Festival Trust
Rod Donald Banks Peninsula Trust
Riccarton Bush Trust


Authorising Unit: Communications

Last reviewed: Friday, 5 April 2013

Next review: Saturday, 5 April 2014

Keywords: committee, finance, media