Official Information Request - Debt and rates

Sent: Thursday, February 8, 2024 3:52 PM
Subject: LGOIMA request - debt and rates

I refer to your LGOIMA request of 7 January 2024 regarding council debt and rates, and provide the following responses to your questions:

1. How much debt has the Council had at the end of the last financial year?
   As at 30 June 2023 Council had net debt of $343 million.
2. What is the Council’s current maximum limit for debt?
   Council has a financial strategy that imposes a debt/revenue ceiling of 250%, below the legal debt ceiling of $280% debt/revenue. As at 30 June 2023 Council’s debt/revenue ratio was 205%.
3. Does the Council have intentions (for example plans, drafts, resolutions, discussions) to increase the amount of debt in the future? And if yes, by how much in what timeframe?
   Council is currently working through the draft 2024-34 Long-term Plan, which includes future projects and related borrowing. This draft plan will be adopted by Council and consulted on with the public through March and April this year.
4. How many people live in the area that the Council manages?
   Statistics NZ most recent population estimate as at 30 June 2023 is 78,200.
5. From how many rating units does the Council collect rates?
   As at 30 June 2023 there were 29,158 rating units within Rotorua.