Wellington has 5.8 Billon of Performing Assets -Yeah Right!
Plain speaking from Mayoral candidate
Bryan Pepperell
Bypass Prendergast has recently stated .."The City has $5.8 billion worth of assets. Our debt is just 4 % of our total assets. Council has agreed to borrow up to $20 million a year to pay for new assets. " The statement from Mayor Prendergast about the value of the city's assets in relationship to debt shows just why we are heading for a meltdown. The Mayor has steadily sold off the city's performing assets, beginning with Capital Power and the Parking Buildings and moving onto ground leases. Of the performing assets only the AirPort share is left, unless we sell Council housing and abandon our commitment to the poor and our pending agreement with the Labour Government to foot the badly needed revamp and modernisation of the housing stock. It appears that neither Mayor Prendergast nor Cnews Editor Ian McFarlane have understood the value of a performing asset as opposed the city's depreciating assets that make up most of the 5.8 billon dollars of the city's book value.
Cheers
Bryan Pepperell
posted by pepptalk at 3:38 PM
1 Comments:
...for someone apparently 'business - savvy', Mayor Prendergast needs to start listening to her mentor husband ( or perhaps she has & that's the problem!).
An 'asset' is only something which can be realised or provides real income and so has a real value.
Council housing is NOT an asset.
It cannot and MUST NEVER be considered a real asset.
You're right Pepp. The Airport share is the only REAL asset left after the wholesale sell-off subsequent Councils have enjoyed.
Just like juvenile, irresponsible inheritors they have squandered the 'Family Jewels' and are now, destitutely bemused as to why the money has dried - up.... AAAH...so now they want to be even MORE irresponsible and BORROW money to continue their impossible lifestyle.
Mayor Prendergast needs to go back to her chosen profession - Madwifery and leave good governance to those who are able.
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