The Chistchurch Mayor says asset sales could stem huge rate rises

The Christchurch City Council is considering selling $400 million of assets to address a nearly $1 billion shortfall in financing the city's rebuild. The Cameron Partners report http://resources.ccc.govt.nz/files/TheCouncil/policiesreportsstrategies/reports/CameronPartnersReviewAugust2014.pdf was released on Friday on the value of the council's assets and its options to reduce its $2 billion debt. It revealed the council needs to find an extra $783 million to $883 million by 2019. Options given are increasing rates, borrowing more, maximising insurance payments and full or partial asset sales. Christchuch Mayor Lianne Dalziel says "After everything we've been through in Christchurch, I honestly don't believe that we can stand up as a council and say to the people of Christchurch that we want to increase (their) rates in the double digits. I don't want to have to do that."