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Forecast
2008/09
$000
CAPITAL EXPENDITURE
Renewals
61,718
New assets
57,869
Total annual capital expenditure programme
119,587
RENEWALS FUNDED BY
Depreciation
56,363
Borrowings
5,355
NEW ASSETS FUNDED BY
Borrowings
31,469
Housing grants
11,599
Development contributions
2,357
LTNZ subsidies
10,364
Bequest and trust funding
2,080
Total capital expenditure funding
119,587
Note that the annual capital expenditure programme excludes expenditure carried forward from 2007/08
STATEMENT OF PROSPECTIVE CAPITAL EXPENDITURE
AND CAPITAL EXPENDITURE FUNDING
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76 FUNDING STATEMENTS
RATES FUNDING STATEMENT
Rate
Factor
Differentiation
Total Value of Factor
Rate/charge
Rates yield
GST Inclusive
000’s
GENERAL RATE
Capital Value
Base differential use
$34,713,579,000
˘0.163763
56,848
Capital Value
Commercial, industrial & business use
$10,825,828,000
˘0.623924
67,545
TOTAL
124,393
SEWERAGE RATE
Fixed charge
Base differential use / connection status
63039 properties
$112.50
7,092
Capital Value
Base differential use / connection status
$36,136,112,000
˘0.039854
14,401
Capital Value
Commercial, industrial and business use
/ connection status
$9,362,122,000
˘0.145243
13,598
TOTAL
35,091
WATER RATE
Fixed charge
Base differential use/connection status
57056 properties
$112.50
6,419
Capital Value
Base differential use/connection status
$30,329,485,000
˘0.043930
13,323
Consumption
unit charge
Base differential use/connection status
n/a
$1.58 / m3
394
Capital Value
Commercial, industrial and business use
/connection status
$988,866,000
˘0.231738
2,292
Consumption
unit charge
Commercial, industrial and business use
/connection status
n/a
$1.58 / m3
11,132
TOTAL
33,560
STORMWATER RATE
Capital Value
Base differential use (excluding rural)
$34,212,208,000
˘0.033485
11,456
Capital Value
Commercial, industrial and business use
(excluding rural)
9,816,573,000
˘0.029175
2,864
TOTAL
14,320
INDOOR COMMUNITY
SPORTS CENTRE RATE
Capital Value
Base differential use
$34,212,208,000
˘0.002887
987
Capital Value
Commercial, industrial and business use
9,816,573,000
˘0.002911
286
TOTAL
1,273
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Rate
Factor
Differentiation
Total Value of Factor
Rate/charge
Rates yield
GST Inclusive
000’s
Base sector targeted
rate
Capital Value
Residential use
$34,713,579,000
˘0.021999
7,636
Commercial sector
targeted rate
Capital Value
Commercial, industrial & business use
$10,825,828,000
˘0.019305
2,090
Downtown levy
Capital Value
Commercial, industrial & business use
/ central city location
$7,613,605,000
˘0.146946
11,188
Tawa driveways levy
Fixed charge
Shared residential access driveways in
the suburb of Tawa and maintained by
the Council
247 properties
$100.00
25
Marsden Village levy
Capital Value
Commercial, industrial & business use
located in Marsden shopping village
$12,164,000
˘0.132420
16
TOTAL RATES REQUIREMENT (INCLUDING GST)
229,592
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78 FUNDING STATEMENTS
INDICATIVE RATES FOR 2008/09
The tables below provide a guide for rates for 2008/09 (inclusive of GST). Indicative rates are shown for
different types of properties depending on the increase in the property’s value since last year. Residential
rates include a Uniform Targeted Rate of $225 (including GST) per property for water and sewage. This assumes
you have no water meter - if you do have a water meter, your rates bill will not include the Uniform Targeted
Rate for water. Greater Wellington - The Regional Council rates are excluded from these figures.
TOTAL RATES 2008/09 (INCLUDING GST)
Base (residential)
share
$000
Commercial
share
$000
Total
Rates
$000
General Rate
56,848
67,545
124,393
Water Rate (incl. water meters & UAC)
20,136
13,424
33,560
Sewerage Rate (incl. UAC)
21,493
13,598
35,091
Stormwater rate
11,456
2,864
14,320
Targeted sector rates
7,636
2,090
9,726
Downtown Levy
-
11,188
11,188
Indoor Community Sports Centre targeted rate
987
286
1,273
Tawa driveways
25
25
Marsden Village
16
16
Total Rates
118,581
111,011
229,592
INDICATIVE RESIDENTIAL PROPERTY (WITHOUT A WATER METER)
2008/09
Capital Values
$
2008/09
Rates
$
Percentage change in capital value from last year
5%
10%
15%
20%
Expected percentage change in rates
200,000
837
1%
5%
9%
13%
300,000
1,143
1%
5%
10%
14%
400,000
1,449
1%
6%
10%
15%
500,000
1,755
1%
6%
10%
15%
600,000
2,061
1%
6%
11%
15%
700,000
2,366
2%
6%
11%
16%
800,000
2,672
2%
6%
11%
16%
900,000
2,978
2%
6%
11%
16%
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INDICATIVE SUBURBAN COMMERCIAL PROPERTY RATES (WITH WATER METER)
2008/09
Capital Values
$
2008/09
Total Rates
$
Percentage change in capital value from last year
5%
10%
15%
20%
Expected percentage change in rates
250,000
2,051
-9%
-3%
3%
9%
500,000
4,103
-9%
-3%
3%
9%
750,000
6,154
-9%
-3%
3%
9%
1,000,000
8,206
-9%
-3%
3%
9%
1,500,000
12,308
-9%
-3%
3%
9%
2,000,000
16,411
-9%
-3%
3%
9%
5,000,000
41,028
-9%
-3%
3%
9%
10,000,000
82,056
-9%
-3%
3%
9%
INDICATIVE DOWNTOWN COMMERCIAL PROPERTY RATES (WITHOUT WATER METER)
2008/09
Capital Values
$
2008/09
Total Rates
$
Percentage change in capital value from last year
5%
10%
15%
20%
Expected percentage change in rates
250,000
2,998
-9%
-3%
2%
8%
500,000
5,996
-9%
-3%
2%
8%
750,000
8,995
-9%
-3%
2%
8%
1,000,000
11,993
-9%
-3%
2%
8%
1,500,000
17,989
-9%
-3%
2%
8%
2,000,000
23,986
-9%
-3%
2%
8%
5,000,000
59,964
-9%
-3%
2%
8%
10,000,000
119,929
-9%
-3%
2%
8%
INDICATIVE DOWNTOWN COMMERCIAL PROPERTY RATES (WITH WATER METER)
2008/09
Capital Values
$
2008/09
Total Rates
$
Percentage change in capital value from last year
5%
10%
15%
20%
Expected percentage change in rates
250,000
2,419
-8%
-2%
3%
9%
500,000
4,838
-8%
-2%
3%
9%
750,000
7,256
-8%
-2%
3%
9%
1,000,000
9,675
-8%
-2%
3%
9%
1,500,000
14,513
-8%
-2%
3%
9%
2,000,000
19,350
-8%
-2%
3%
9%
5,000,000
48,375
-8%
-2%
3%
9%
10,000,000
96,750
-8%
-2%
3%
9%
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80 FUNDING STATEMENTS
RATING MECHANISMS
RATES
Rates are assessed under the Local Government
(Rating) Act 2002 on all rateable rating units in
the Rating Information Database. Where rates are
based on value, the capital value of the property as
assessed annually by Quotable Value New Zealand
Limited will apply. The latest revaluation was carried
out as at 1 September 2007 and will be effective for
the 2008/09 rating year.
Policy Objective
• To provide the Council with adequate income to
carry out its mission and objectives.
• To support the Council’s achievement of its
strategic objectives.
• To be simply administered, easily understood,
allow for consistent application and generate
minimal compliance costs.
• To spread the incidence of rates as equitably as
possible, by balancing the level of service provided
by the Council with ability to pay and the
incidence of costs in relation to benefits received.
• To be neutral in that it does not encourage people
to redirect activity in order to avoid its impact.
• To reflect the decisions of the Council’s policies and
rating reviews.
GENERAL RATES
General rates are set under section 13 of the Local
Government (Rating) Act 2002 on all rateable rating
units in the City of Wellington.
The Council proposes to set a general rate based on
the capital value of each rating unit within the city.
The general rate will be set on a differential basis,
based on land use. All rating units (or part thereof)
will be classified for the purposes of General rates
within one of the following rating differentials:
DIFFERENTIAL RATING CATEGORIES
NON-RATEABLE
Included any land referred to in Part 1, Schedule 1 of
the Local Government (Rating) Act 2002. This land
is non-rateable with the exception of targeted rates
for sewerage and water where rates are applicable.
50 PERCENT NON-RATEABLE
Includes all land referred to in Part 2, Schedule 1 of
the Local Government (Rating) Act 2002. This land
is 50 percent non-rateable in respect of the rates
that would have applied had the property not been
classified as non-rateable, with the exception of
targeted rates for sewerage and water for which the
land is fully rateable.
BASE DIFFERENTIAL
This includes:
a) Separately rateable land used solely for one
or more household units; excluding those
properties that provide short stay (28 days or less)
commercial accommodation for which a tariff
is charged
b) Vacant land zoned residential
c) Rural land (including farmland and lifestyle
blocks) under the District Plan that is
administered by Council, but excluding any rating
unit that is zoned rural industrial
d) Separately rateable land occupied by a charitable
organisation, which is deemed by the Council to
be used exclusively or principally for sporting,
recreation or community purposes and that does
not generate any private pecuniary profit.
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COMMERCIAL, INDUSTRIAL AND
BUSINESS DIFFERENTIAL
This includes:
a) Separately rateable land used for a commercial or
industrial purpose
b) Vacant land zoned commercial, industrial or rural
industrial under the District Plan administered
by the Council
c) Land used for offices, administrative and/or
associated functions
d) Land used for commercial accommodation for
which a tariff is charged and where the principle
purpose is the provision of short stay
accommodation
e) Business-related premises used principally for
private pecuniary benefit
f) Utility networks
g) Any property not otherwise categorised within
the Base differential.
ANNUAL UNIFORM
GENERAL CHARGE
The Council does not assess a Uniform
Annual General Charge.
DIFFERENTIAL RATING CATEGORY
CONDITIONS
• The Council has resolved to achieve a target
in 2011/12, which modifies the differential
apportionment so that the commercial, industrial
and business sector pay 2.8 times the General
rate per dollar of capital value payable by
those properties incorporated under the Base
(Residential) differential. For 2008/09 the General
rate differential ratio will be 3.8:1.
• The separated parts of a rating unit will be
differentially rated where a part of the property
is non-rateable or the property fits under one or
more rating differential and either:
a) The total capital value of the rating unit is
above $800,000 or
b) Minority use(s) account for more than
30 percent of the total capital value of
the rating unit.
In any other case, the General rate differential is
determined by principal use.
• In regard to the rates attributable to a rating
unit during the transition period between two
differential rating categories, a ratepayer may
apply for a change in rating category at any time
between the lodgement of a consent application
with the Council (on the condition that the
principal prior use has ended) and the earlier of
either:
a) The time at which the Council gives final
approval of the completed works, or
b) The property is deemed (by the Council) to be
available for its intended use.
In situations where the change in land use does not
require a Council consent, but warrants a change
in differential rating category, the onus is on the
ratepayer to inform the Council prior to the property
being utilised under the new use.
• The rating differential classification of all rating
units must be set prior to the commencement
of a rating year and will remain in place for that
entire rating year. Any change in circumstances
that results in a change of differential classification
during a rating year will apply from 1 July of the
following rating year.
• Any property eligible for mandatory 50 percent
non-rateability under Part 2, Schedule 1, of the
Rating Powers Act will be first classified under the
appropriate General rate differential classifications
and the non-rateability applied to that rate.
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RATING MECHANISMS
CONTINUED…
TARGETED RATES
Targeted Rates are set under section 16 of the
Local Government (Rating) Act 2002.
SEWERAGE RATE
A targeted sewerage rate is to be apportioned
60 percent: 40 percent between properties
incorporated under the Base differential and the
Commercial, Industrial and Business differential in
accordance with the Revenue and Financing Policy.
This rate pays for the cost of the provision of the
sewerage treatment facilities for the city.
For the purposes of these rates the sewerage
collection and disposal service is treated as being
provided if the rating unit is connected to a public
sewerage drain (either directly or indirectly),
irrespective of whether the property is considered
fully rateable or is mandatory non-rateable or 50
percent non-rateable under Schedule 1 of the Local
Government (Rating) Act 2002.
The targeted Sewerage rate is calculated as follows:
For rating units incorporated in the Commercial,
Industrial and Business differential:
A rate per dollar of capital value on all rating units
connected to a public sewerage drain, to collect 40
percent of the required rates funding, after having
deducted the total dollar amount budgeted to be
collected through Trade Waste Charges (excluding
consent fees).
For rating units incorporated in the
Base differential:
A fixed amount of $112.50 (incl. GST) and a rate per
dollar of capital value on all rating units connected
to a public sewerage drain, to collect 60 percent of
the required rate funding.
WATER RATE
A targeted rate for water is to be apportioned with
the aim of achieving a 60 percent: 40 percent
split between properties incorporated under the
Base deferential and the Commercial, Industrial
and Business differential in accordance with the
Revenue and Financing Policy.
This rate pays for water collection and treatment
facilities, the water distribution network and water
conservation for the city.
This rate is set on all rating units serviced by a
water connection. For the purpose of these rates,
the water service is treated as being provided if
the rating unit is connected to the public water
supply (either directly or indirectly), irrespective of
whether the property is considered fully rateable
or is mandatory non-rateable or 50 percent non-
rateable under Schedule 1 of the Local Government
(Rating) Act 2002.
The targeted water rate is calculated as follows:
For rating units incorporated in the Commercial,
Industrial and Business differential, either:
a) A fixed water meter charge of $1.58 (incl. GST)
per cubic meter of water used by all rating units
connected to the public water supply with a
water meter installed, plus an administrative
charge of $84.37 (incl. GST) per annum, or
b) A rate per dollar of capital value on all rating
units connected to the public water supply,
without a water meter installed.
For rating units rated incorporated in the Base
differential, either:
a) A fixed water meter charge of $1.58 (incl. GST)
per cubic meter of water used by all rating units
connected to the public water supply with a
water meter installed, plus an administrative
charge of $84.37 (incl. GST) per annum, or
b) A fixed amount of $112.50 (incl. GST) per rating
unit and a rate per dollar of capital value on all
rating units connected to the public water supply
without a water meter installed, to collect the
required Base differential contribution.
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STORMWATER NETWORK RATE
A targeted stormwater rate is to be apportioned 80
percent to the non-rural rating units incorporated
under the Base differential and 20 percent to the
Commercial, Industrial and Business differential in
accordance with the Revenue and Financing Policy.
This rate pays for the cost of the provision of the
stormwater collection/disposal network for the city.
Properties classified as “rural” under the Council’s
operative District Plan are excluded from the
liability of this rate.
The targeted Stormwater network rate is calculated
as follows:
For non-rural rating units incorporated in the
Commercial, Industrial and Business differential:
A rate per dollar of capital value to collect 20 percent
of the required rates funding.
For non-rural rating units incorporated in the
Base differential:
A rate per dollar of capital value to collect 80
percent of the required rates funding.
COMMERCIAL, INDUSTRIAL AND
BUSINESS SECTOR TARGETED RATE
This rate pays for activities where the Council’s
Revenue and Financing Policy identifies that
the benefit can be attributed to the commercial,
industrial and business sector and where the activity
is not incorporated in other service related targeted
rates. This incorporates the following:
• 100% of the cost of the events attraction and
support activity
This rate is levied on all properties incorporated
in the commercial, industrial and business sector
and is calculated on a rate per dollar of rateable
capital value.
BASE SECTOR TARGETED RATE
This rate pays for activities where the Council’s
Revenue and Financing Policy identifies that the
benefit can be attributed to properties incorporated
under the Base differential rating category
(incorporating residential ratepayers).
This incorporates the following activities:
• 100% of the facilitation of community
environmental initiatives, cultural grants,
facilitation of recreation partnerships and
community advocacy activities.
• 80% of the provision of community centres and
halls activities.
This rate is levied on all properties incorporated
under the Base differential rating category and
is calculated on a rate per dollar of rateable
capital value.
DOWNTOWN LEVY
This rate pays for tourism promotion, facilitation
of suburban and city centres vitality and the
New Zealand International Arts Festival. It also pays
for 70% of the visitor attractions activity and 25% of
the provision of galleries and museums activity.
This rate is levied on all commercial, industrial
and business properties in the downtown area
and is calculated on a rate per dollar of rateable
capital value. For the purpose of this rate, the
downtown area refers to the area designated as
the “Central Area” under the operative Wellington
City District Plan.
TAWA DRIVEWAYS LEVY
This rate pays for the maintenance of a specified
group of residential access driveways in the suburb
of Tawa, overseen by the Council. This rate is levied
on a specific group of rating units in the former
Tawa Borough at a fixed amount of $100
(including GST) per annum.
MARSDEN VILLAGE LEVY
This rate is collected by the Council on behalf of
the Marsden Village Association on all commercial,
industrial and business properties in the Marsden
shopping village and is calculated on a rate per
dollar of capital value.
INDOOR COMMUNITY SPORTS
CENTRE TARGETED RATE
A targeted rate was introduced from 2007/08 to cover
$11 million of the capital cost of the new indoor
community sports centre. Over a ten year period this
rate is levied on rateable properties and is calculated
based on a rate per dollar of rateable capital value.
RATES REMISSION AND
POSTPONEMENT POLICIES
Refer to the Council’s Remission and
Postponement Policies.
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84 FINANCIAL STATEMENTS
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Forecast
2008/09
$000
INCOME
Revenue from rates and levies
204,081
Revenue from operating activities
121,764
Revenue from investment property leases
10,907
Finance income
5,673
Other revenues and gains
4,515
Total operating income
346,940
EXPENDITURE
Finance expense
22,656
Expenditure on operating activities
235,313
Depreciation and amortisation
69,577
Total operating expenditure
327,546
Net surplus / (deficit) for the year
19,394
The surplus reflects the impact of funding received for capital purposes, unfunded depreciation and
accounting for fair value changes.
PROSPECTIVE STATEMENT OF
FINANCIAL PERFORMANCE
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Forecast
2008/09
$000
EQUITY - OPENING BALANCES
Accumulated funds and retained earnings
4,727,246
Revaluation reserves
1,042,203
Hedging reserve
5,468
Restricted funds
22,874
Total equity - opening balance
5,797,791
CHANGES IN EQUITY
RETAINED EARNINGS
Transfer from retained earnings
(964)
Transfer to retained earnings
2,348
RESTRICTED FUNDS
Transfer from restricted funds
(2,348)
Transfer to restricted funds
964
Net income recognised directly in equity
–
Net surplus/(deficit) for the year to retained earnings
19,394
Total recognised income and expense for the year
19,394
Total changes in equity
19,394
EQUITY - CLOSING BALANCES
Accumulated funds and retained earnings
4,748,024
Revaluation reserves
1,042,203
Hedging reserve
5,468
Restricted funds
21,490
Equity - closing balance
5,817,185
PROSPECTIVE STATEMENT OF
CHANGES IN EQUITY
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86 FINANCIAL STATEMENTS
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Forecast
2008/09
$000
ASSETS
Current assets
Cash and cash equivalents
1,883
Trade and other receivables
32,529
Inventories
1,005
Total current assets
35,417
Non-current assets
Derivative financial instruments
5,468
Other financial assets
15,611
Investment in subsidiaries
6,509
Investment in associates
19,558
Intangibles
8,815
Investment properties
213,361
Property, plant & equipment
5,924,337
Total non-current assets
6,193,659
TOTAL ASSETS
6,229,076
LIABILITIES
Current liabilities
Trade and other payables
54,833
Borrowings
95,267
Employee Benefit Liabilities
6,528
Provision for other liabilities
4,811
Total current liabilities
161,439
PROSPECTIVE STATEMENT OF
FINANCIAL POSITION
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WELLINGTON CITY COUNCIL DRAFT ANNUAL PLAN 08/09
Non-current liabilities
Borrowings
233,046
Employee benefits
1,480
Provisions for other liabilities
15,926
Total non-current liabilities
250,452
TOTAL LIABILITIES
411,891
EQUITY
Accumulated funds and retained earnings
4,748,024
Revaluation reserves
1,042,203
Hedging reserve
5,468
Restricted funds
21,490
TOTAL EQUITY
5,817,185
TOTAL EQUITY AND LIABILITIES
6,229,076
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88 FINANCIAL STATEMENTS
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Forecast
2008/09
$000
NET SURPLUS/(DEFICIT) BY STRATEGY
Urban Development
(14,268)
Transport
(19,504)
Economic Development
(16,378)
Environment
(107,441)
Cultural Wellbeing
(12,771)
Social and Recreation
(41,203)
Governance
(13,229)
Total
(224,794)
Council
244,188
Net Surplus/(deficit)
19,394
CAPITAL EXPENDITURE BY STRATEGY
Urban Development
10,457
Transport
29,069
Economic Development
2,195
Environment
30,222
Cultural Wellbeing
3,010
Social and Recreation
34,284
Governance
-
Total
109,237
Council
10,350
Total Annual Capital Expenditure Programme
119,587
Capital Expenditure Carried Forward from 2007/08
21,775
Total Capital Expenditure
141,362
PROSPECTIVE SEGMENTAL
ANALYSIS BY STRATEGY
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TEMEN
TS
WELLINGTON CITY COUNCIL DRAFT ANNUAL PLAN 08/09
Forecast
2008/09
$000
Cash flows from operating activities
Cash receipts from rates and levies - Council
204,681
Cash receipts from activities and other income
99,730
Cash receipts from Government grants and subsidies
25,949
Cash receipts from investment property leases
10,907
Cash paid to suppliers and employees
(210,535)
Grants paid
(25,277)
Net cash flow from operating activities
105,455
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received
4,750
Interest received
100
Loans made/repaid
(5,000)
Purchase of property, plant and equipment
(141,362)
Asset Proceeds
3,900
Net cash flow from investing activities
(137,612)
Cash flow from financing activities
Increase in borrowings
54,813
Interest paid on borrowings
(22,656)
Decrease in borrowings
-
Net cash flow from financing activities
32,157
Net increase / (decrease) in cash and cash equivalents
-
Cash and cash equivalents at beginning of year
1,883
Cash and cash equivalents at end of year
1,883
PROSPECTIVE STATEMENT OF
CASH FLOWS