City Council has rejected Government pleas to consider selling its
stake in assets to help fund its 40% share of the city's earthquake
repairs and will instead raise rates and rents.
council reaffirmed its position that it will not sell assets during
the first day of debate on the draft of a new three year plan, that
will replace a statutory 10 year financial plan.
Bob Parker said the council will not consider selling its stakes in
Port Lyttelton or Christchurch International Airport Ltd.
council is proposing a rates increase of 6.7% over the next three
will be made up of 4.74% to cover services and projects, as well as a
'special earthquake charge' of 1.93% to fund the council's lost
Recovery Minster Gerry Brownlee said he wants to see the resolutions
in detail before he makes any public comment.
Minister Bill English has said the council would be in receivership
if it were a business.
Employer's Chamber of Commerce chief executive Peter Townsend said
the council has been continually asked to at least carry out an
analysis of how much the city could raise in sales, should it need
Townsend said continual rates rises make the city more and more
unattractive to live in.
Parker said selling assets (does) not make financial sense as it
would result in higher rates in the long-term, but the council is not
ruling out selling some assets in the future, if it needs to.