Otago Daily Times

Council budget hole grows


Auckland: The Auckland Council is now forecastin­g a $1 billion hole in its finances by 2024 from the impact of Covid19.

The council produced an emergency budget in July to cope with a

$450 million deficit this financial year, but work by finance officers forecast this could grow by $540 million over the next three years.

Auckland Mayor Phil Goff said about 60% of the council’s income came from sources other than rates, such as concerts and visitor attraction­s, operations at Ports of Auckland and dividends from Auckland Airport shares.

He said these income sources had taken a big hit, and on the assumption borders could be closed for another two years, the latest council forecast showed a $260 million hit in 2021, $170 million in 2022 and $110 million in 2023. — The New Zealand Herald

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