IFT - Infratil

[Bjauck]

I don't think there is a fund, is there. The proposal was that the proceeds from selling the airport shares would be used to establish a fund.

Correct. After the vote was taken, the rainy day fund was emptied. The proposal had been for the sale proceeds to establish a fund in addition to the rainy day fund. However the rainy day fund has since been depleted. So the proposal basis, for the councillors’ original vote to sell, has materially changed.

[maclir]

What "rainy day fund" are you talking about? I don't think there is such a thing, it would be created by the sale of the shares.

[Bjauck]

What "rainy day fund" are you talking about? I don't think there is such a thing, it would be created by the sale of the shares.

I don’t know the Council accounts. I imagine most Councils have a contingency fund or funds.

The previously linked RNZ item mentioned the rainy day fund.

”Councillor Tony Randle said three centre-right councillors had originally voted in favour of selling the shares, as it came with a promise from the council not to spend its rainy day fund of $272 million. But since then, the money had been spent anyway, with the plan being to replace it with the proceeds from the sale of the shares.”

The proposal had been for the Airport sale proceeds to establish an additional “perpetual investment fund”.


https://wellington.govt.nz/your-coun...ort-share-sale

[maclir]

I don’t know the Council accounts. I imagine most Councils have a contingency fund or funds.

The previously linked RNZ item mentioned the rainy day fund.

”Councillor Tony Randle said three centre-right councillors had originally voted in favour of selling the shares, as it came with a promise from the council not to spend its rainy day fund of $272 million. But since then, the money had been spent anyway, with the plan being to replace it with the proceeds from the sale of the shares.”

The proposal had been for the Airport sale proceeds to establish an additional “perpetual investment fund”.


https://wellington.govt.nz/your-coun...ort-share-sale

I think the councillor has got things a bit mixed up.

[Bjauck]

I think the councillor has got things a bit mixed up.

As you know more than the Councillor, what does he mean by the Council’s promise not to spend the rainy day fund of $272m?

[maclir]

As you know more than the Councillor, what does he mean by the Council’s promise not to spend the rainy day fund of $272m?

He may have misspoken, he may have been misquoted. Whatever, I'm pretty sure that the council doesn't have a fund of $272m sloshing around. I'll ask one of the councillors whom I know.

[Bjauck]

He may have misspoken, he may have been misquoted. Whatever, I'm pretty sure that the council doesn't have a fund of $272m sloshing around. I'll ask one of the councillors whom I know.

The Council will no longer have the fund as he said it has gone now.

It was not an insignificant sum of money - and very similar to the $278m quoted in May as being the value of the Council’s stake in the airport.

https://www.1news.co.nz/2024/05/31/w...owned-airport/

[maclir]

The Council will no longer have the fund as he said it has gone now.

It was not an insignificant sum of money - and very similar to the $278m quoted in May as being the value of the Council’s stake in the airport.

https://www.1news.co.nz/2024/05/31/w...owned-airport/

I'm not sure what point you're trying to make. Are you saying that SEPARATE from any sale that the council has another 272m fund; and that they have spent that fund. If so, on what?

I have said I will put it to a councillor, and I have.