Len’s borrowing

Four years ago, the Council had $3,081 million of debt (June 2011). At June 2015 it had $6,328 billion of debt. That is an increase of 105%.

An an annual basis it means Auckland Council have been borrowing $812 million a year.

That's $68 million a month.

Or $16 million a week.

On a daily basis that is $2.22 million every day for the last four years.

Now this isn't central where your take is uncertain, and you have cycles of surpluses and deficits. Government is your rates is a fixed amount and known and should match your (basically). Yet Len has chalked up $3.3 billion of borrowing in four years, which is partly why rates had to go up 10%.

Comments (60)

Login to comment or vote

Add a Comment