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27. 11. 96
SUPPLEMENTARY REPORT BY THE CHAIRMAN OF THE PROJECTS AND PROPERTY COMMITTEE
7. CHRISTCHURCH CONVENTION CENTRE
FUNDING FOR FURNITURE, FITTINGS AND EQUIPMENT RR 4177
| Officer responsible | Author |
| Major Projects Co-ordinator | Albert Louman |
| Corporate Plan Output: Corporate Plan, Volume 2, Capital Output 8.1.2 - 8.1.3 |
I have been requested by the Projects and Property Committee to report direct to the Council on a source of funds for the additional expenditure of $865,000 for the Convention Centre project.
My recommendation is that this funding be sourced from the budget provision set aside in the Annual Plan for the funding of the hospital car park. It is now no longer necessary for the Council to provide the capital fund for this project and therefore the designated loan raising facility for this year's Annual Plan will be sufficient to cover the requirement. It needs to be noted however, that while the budget made provision for the debt servicing on this loan I understand there will be operating costs in respect of the hospital car park project which the Council will manage on an operating basis. These costs will need to be taken account of in next year's Annual Plan and will be in excess of that already provided for.
A review of Council expenditure for the four months to 31 October 1996 is currently being carried out. While there may possibly be some funding available as a result of the four monthly review, this is far from certain and I do not believe it is appropriate to make a commitment in anticipation. I would be supportive of utilising any surplus funds from the six monthly review rather than raise the loan which would otherwise be necessary. This needs to be contingent upon funds being available.
In summary, I would recommend that the Council fund the additional costs of $865,000 by utilising funding available from the Hospital car park project but that consideration be given to utilising any surplus funds available from the four monthly review if these are subsequently found to be available.
CONSIDERED THIS 27TH DAY OF NOVEMBER 1996
MAYOR