Ratepayers underpin vested interests’ development ambitions

The Taxpayers’ Union says councils around the country are not telling ratepayers about the cost of capital that ratepayers are underwriting for local authority subsidiaries.

Jordan Williams brought up the issue in relation to Greater Wellington Regional Council and losses arising from its subsidiary CentrePort as a result of earthquake damage last year. 

“We’ve been concerned for a long time that CentrePort has a privileged position of having a debt guarantee from Greater Wellington Council. 

 

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