Horowhenua Debt Soars

Levin, heart of Horowhenua

Veronica Harrod reports from Levin that debt levels at Horowhenua District Council have spiralled to $99 million  — up by nearly a third.

This is an increase of $22 million since last year, when council debt stood at $77 million.
Council’s chief financial officer, Doug Law, says in the draft 12-month report to 30 June 2018 that net debt prediction in the Long Term Plan of $81 million was based on the assumption of property sales of $7 million, new and improved asset purchases of $22 million and $11 million in cash.
A copy of the draft 12-month report is included in the 1 August agenda of the Financial, Audit and Risk sub-committee.
1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.