General Announcement::Auckland Council pressure on operating budgets

Issuer & Securities

Issuer/ Manager
AUCKLAND COUNCIL
Securities
AUCKLANDCOUN EU500M1%N270119 - XS1520344745 - 67KB
AUCKLANDC EUR500M0.125%N290926 - XS2055663764 - KJIB
AUCKLAND COU NOK1.4B 4%N280909 - XS0964196603 - 2ZFB
AUCKLANDCOEU185M 2.125%N340324 - XS1045821847 - 3E4B
AUCKLANDC NOK1B 2.0775%N311128 - XS1514161956 - 61YB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
07-Nov-2022 03:36:58
Status
New
Announcement Sub Title
Auckland Council pressure on operating budgets
Announcement Reference
SG221107OTHR9VJE
Submitted By (Co./ Ind. Name)
Andrew John
Designation
Funding Manager
Effective Date and Time of the event
07/11/2022 03:30:00
Description (Please provide a detailed description of the event in the box below)
Market Announcement

7 November 2022

Auckland Council pressure on operating budgets

Auckland Council (Council) is experiencing increased pressure on operating budgets from recent rapid rises in inflation and interest rates. The council has financial flexibility to respond through levers such as prudent use of debt, the level of rates increases, asset ownership options and changes to operational expenditure which could affect services.

Considering the use of these options to address operating budget pressures over both the short and long-term will be a key focus for the Council s upcoming Annual Budget 2023/2024 process. This process will commence with a meeting and workshop of the Council s Governing Body on 10 November 2022.

A report to the Governing Body meeting setting out the latest financial projections and the details of the budget process will shortly be available on the Council s website via the following link: AucklandCouncilBudgetUpdate

Final budget decisions will be made following public consultation early next year and the final Annual Budget 2023/2024 will be adopted by 30 June 2023.

Council remains strongly committed to maintaining a prudent and sustainable approach to long-term financial management.

Council has credit ratings of AA/Aa2 from S&P Global and Moody s respectively, both on stable outlook. The S&P Global and Moody s ratings are dated September and October 2022 respectively.

ENDS

For further information please contact:
Isabel Gailer
Senior Specialist Corporate Communications and Media
Mobile: +64 27 293 9358
Email: Isabel.Gailer@aucklandcouncil.govt.nz

Attachments

Auckland Council pressure on operating budgets - 7 Nov 2022.pdf
Total size =88K