Wellington Scoop

Kāpiti decides not to establish long-term investment funds

Press Release – Kāpiti Coast District Council
Plans to establish two new long-term investment funds for Kāpiti have been set aside, following a decision at today’s first Kāpiti Coast District Council meeting for 2019. The funds will be removed from the Council’s 2019/20 Annual Plan.

The decision comes after a due diligence process, including external financial advice, that started following the June 2018 approval of the Council’s new Long Term Plan.

Mayor K Gurunathan said Council had been through a comprehensive process to assess how the long term investment funds could be put in place for the Kāpiti District before the decision not to proceed with next steps to establish the funds.

“The financial complexity underpinning the proposal and the timing during a volatile market has raised public concerns and councillors have taken those on board,” Mayor Gurunathan said.

“This process shows this Council is continuing to actively look at ways to find other ways of raising funds instead of burdening ratepayers.”

Content Sourced from scoop.co.nz
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