General Announcement::City Rail Link - Update

Issuer & Securities

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

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
17-Apr-2019 12:29:04
Status
New
Announcement Sub Title
City Rail Link - Update
Announcement Reference
SG190417OTHRFG0I
Submitted By (Co./ Ind. Name)
Andrew John
Designation
Funding Manager
Effective Date and Time of the event
17/04/2019 00:00:00
Description (Please provide a detailed description of the event in the box below)
17 April 2019

City Rail Link Update

City Rail Link Limited has advised that the estimated project cost for City Rail Link (CRL) is now $4.4 billion. This represents a $1.0 billion increase to CRL s existing budget of $3.4 billion. As CRL sponsors, Auckland Council and the Crown fund this project in equal shares.

Auckland Council has identified a range of potential initiatives which would enable its share of the requested increase in financial commitment to be met within current debt policy limits.

These initiatives comprise:
- Interest cost savings due to lower market interest rates;
- A reduction in cash holdings from improved cash management;
- Re-assessment of the valuation of operating commitments which impact on Auckland Council s debt policy limits;
- Development and implementation of the off-street parking strategy, including recycling assets to invest in CRL and new or upgraded park and ride facilities; and
- Flexibility around the timing of Auckland Council s CRL contributions.

On 2 May 2019, Auckland Council s Governing Body will consider budget decisions in response to this funding request.

ENDS


For further information, please contact:

Katherine Forbes, Public Affairs
Mobile +64 21 872 680
katherine.forbes@aucklandcouncil.govt.nz

Attachments

CRL - NZX release 17 April 2019 FINAL.pdf
Total size =121K