Finance and Performance Committee of the whole - Terms of Reference Ngā Ārahina Mahinga

Chair	Councillor MacDonald
Deputy Chair	Councillor Coker
Membership	The Mayor and all Councillors
Quorum	Half of the members if the number of members (including vacancies) is even, or a majority of members if the number of members (including vacancies) is odd
Meeting Cycle	Monthly
Reports To	Council

Delegations

The Council delegates to the Finance and Performance Committee authority to oversee and make decisions on:

Capital Programme and operational expenditure

· Monitoring the delivery of the Council’s Capital Programme and associated operational expenditure, including inquiring into any material discrepancies from planned expenditure.

· As may be necessary from time to time, approving amendments to the Capital Programme outside the Long-Term Plan or Annual Plan processes.

· Approving Capital Programme business and investment cases, and any associated operational expenditure, as agreed in the Council’s Long-Term Plan.

· Approving any capital or other carry forward requests and the use of operating surpluses as the case may be.

· Approving the procurement plans (where applicable), preferred supplier, and contracts for all capital expenditure where the value of the contract exceeds $15 Million (noting that the Committee may sub delegate authority for approval of the preferred supplier and /or contract to the Chief Executive provided the procurement plan strategy is followed).

· Approving the procurement plans (where applicable), preferred supplier, and contracts, for all operational expenditure where the value of the contract exceeds $10 Million (noting that the Committee may sub delegate authority for approval of the preferred supplier and/or contract to the Chief Executive provided the procurement plan strategy is followed).

Non-financial performance

· Reviewing the delivery of services under s17A.

· Amending levels of service targets, unless the decision is precluded under section 97 of the Local Government Act 2002.

· Exercising all of the Council's powers under section 17A of the Local Government Act 2002, relating to service delivery reviews and decisions not to undertake a review.

Council Controlled Organisations

· Monitoring the financial and non-financial performance of the Council and Council Controlled Organisations.

· Making governance decisions related to Council Controlled Organisations under sections 65 to 72 of the Local Government Act 2002.

· Exercising the Council’s powers directly as the shareholder, or through CCHL, or in respect of an entity (within the meaning of section 6(1) of the Local Government Act 2002) in relation to –

o (without limitation) the modification of constitutions and/or trust deeds, and other governance arrangements, granting shareholder approval of major transactions, appointing directors or trustees, and approving policies related to Council Controlled Organisations; and

o in relation to the approval of Statements of Intent and their modification (if any).

Development Contributions

· Exercising all of the Council's powers in relation to development contributions, other than those delegated to the Chief Executive and Council officers as set out in the Council's Delegations Register.

Property

· Purchasing or disposing of property where required for the delivery of the Capital Programme, in accordance with the Council’s Long-Term Plan, and where those acquisitions or disposals have not been delegated to another decision-making body of the Council or staff.

Loans and debt write-offs

· Approving debt write-offs where those debt write-offs are not delegated to staff.

· Approving amendments to loans, in accordance with the Council’s Long-Term Plan.

Insurance

· All insurance matters, including considering legal advice from the Council’s legal and other advisers, approving further actions relating to the issues, and authorising the taking of formal actions (Sub-delegated to the Insurance Subcommittee as per the Subcommittees Terms of Reference)

Annual Plan and Long Term Plan

· Provides oversight and monitors development of the Long Term Plan (LTP) and Annual Plan.

· Approves the appointment of the Chairperson and Deputy Chairperson of the External Advisory Group for the LTP 2021-31.

Submissions

· The Council delegates to the Committee authority:

· To consider and approve draft submissions on behalf of the Council on topics within its terms of reference. Where the timing of a consultation does not allow for consideration of a draft submission by the Council or relevant Committee, that the draft submission can be considered and approved on behalf of the Council.

Limitations

· The general delegations to this Committee exclude any specific decision-making powers that are delegated to a Community Board, another Committee of Council or Joint Committee. Delegations to staff are set out in the delegations register.

· The Council retains the authority to adopt policies, strategies and bylaws.

The following matters are prohibited from being subdelegated in accordance with LGA 2002 Schedule 7 Clause 32(1) :

· the power to make a rate; or

· the power to make a bylaw; or

· the power to borrow money, or purchase or dispose of assets, other than in accordance with the long-term plan; or

· the power to adopt a long-term plan, annual plan, or annual report; or

· the power to appoint a chief executive; or

· the power to adopt policies required to be adopted and consulted on under this Act in association with the long-term plan or developed for the purpose of the local governance statement; or

· the power to adopt a remuneration and employment policy.

Chairperson may refer urgent matters to the Council

As may be necessary from time to time, the Committee Chairperson is authorised to refer urgent matters to the Council for decision, where this Committee would ordinarily have considered the matter. In order to exercise this authority:

· The Committee Advisor must inform the Chairperson in writing the reasons why the referral is necessary

· The Chairperson must then respond to the Committee Advisor in writing with their decision.

· If the Chairperson agrees to refer the report to the Council, the Council may then assume decision making authority for that specific report.

Urgent matters referred from the Council

As may be necessary from time to time, the Mayor is authorised to refer urgent matters to this Committee for decision, where the Council would ordinarily have considered the matter, except for those matters listed in the limitations above.

In order to exercise this authority:

· The Council Secretary must inform the Mayor and Chief Executive in writing the reasons why the referral is necessary

· The Mayor and Chief Executive must then respond to the Council Secretary in writing with their decision.

If the Mayor and Chief Executive agrees to refer the report to the Committee, the Committee may then assume decision-making authority for that specific report.

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Finance and Performance Committee

Open Minutes

Date: Wednesday 26 March 2025

Time: 9.31 am

Venue: Council Chambers, Civic Offices,
53 Hereford Street, Christchurch

Present

Chairperson

Deputy Chairperson

Members

Councillor Sam MacDonald

Councillor Melanie Coker

Mayor Phil Mauger

Deputy Mayor Pauline Cotter

Councillor Kelly Barber

Councillor Celeste Donovan

Councillor Tyrone Fields

Councillor James Gough

Councillor Tyla Harrison-Hunt

Councillor Victoria Henstock

Councillor Yani Johanson

Councillor Aaron Keown

Councillor Jake McLellan

Councillor Andrei Moore

Councillor Mark Peters

Councillor Tim Scandrett

Councillor Sara Templeton

Principal Advisor

Bede Carran

General Manager Finance, Risk & Performance / CFO

Tel: 941 8999

bede.carran@ccc.govt.nz

Meeting Advisor

David Corlett

Democratic Services Advisor

Tel: 941 5421

david.corlett@ccc.govt.nz

Website: www.ccc.govt.nz

Part A Matters Requiring a Council Decision

Part B Reports for Information

Part C Decisions Under Delegation

Karakia Tīmatanga

The agenda was dealt with in the following order.

1. Apologies Ngā Whakapāha

Part C

Committee Resolved FPCO/2025/00080

That the apologies from the Mayor and Councillor Henstock for lateness, and Deputy Mayor Cotter and Councillor Barber for possible early departure be accepted.

Councillor MacDonald/Councillor Scandrett Carried

2. Declarations of Interest Ngā Whakapuaki Aronga

Part B

Councillors Barber and Scandrett declared an interest in Item 11 - Venues Ōtautahi Half Year Report for the six months ending 31 December 2024.

Councillors Henstock and McLellan declared an interest in Item 12 - ChristchurchNZ Holdings Ltd - Half Year Report for the six months ending 31 December 2024.

Councillors McLellan, Gough and MacDonald (Civic Buildings Ltd), and Councillor Peters (Riccarton Bush Trust) and Councillor Fields (Rod Donald Trust) declared an interest in Item 13 - Council-controlled Organisations - Half Year Reports for the six months ending 31 December 2024 and Draft Statements of Intent for 2025/26.

Councillors MacDonald and Coker declared an interest in Item 14 - Christchurch City Holdings Ltd - Interim Report for the six months ending 31 December 2024 and Quarter 2 2024/25 Traffic Lights Performance Report.

Councillors MacDonald, Coker and Deputy Mayor Cotter declared an interest in public excluded Item 17 - Christchurch City Holdings Ltd - Appointment of Director to the Board.

Councillors MacDonald and Coker declared an interest in public excluded Item 18 - Christchurch City Holdings Ltd - Strategic Update.

3. Confirmation of Previous Minutes Te Whakaāe o te hui o mua

Part C

Committee Resolved FPCO/2025/00081

That the minutes of the Finance and Performance Committee meeting held on Wednesday, 26 February 2025 be confirmed.

Councillor MacDonald/Councillor Coker Carried

4. Public Forum Te Huinga Whānui

Part B

There were no public forum presentations.

5. Deputations by Appointment Ngā Huinga Whakaritenga

Part B

There following deputations by appointment were received.

5.1 Avon Ōtākaro Network and Eastern Vision

Reverend Peter Beck spoke on behalf of the Avon Ōtākaro Network and Eastern Vision regarding Item 10 - Food Resilience Network – Support Options.

5.2 Don Gould

Don Gould spoke to the Committee regarding Item 10 - Food Resilience Network – Support Options.

5.3 Food Resilience Network

Hayley Guglietta and Murray James spoke on behalf of the Food Resilience Network to the Committee regarding Item 10 - Food Resilience Network – Support Options.

6. Presentation of Petitions Ngā Pākikitanga

Part B

There was no presentation of petitions.

The meeting adjourned at 10.09am and reconvened at 10.15am during consideration of Item 10.

The Mayor joined the meeting at 10.45am during consideration of Item 10.

10. Food Resilience Network - Support Options
	Secretarial note: Councillors Keown and Scandrett moved and seconded the staff recommendations. Following discussion on this matter the mover and seconded agreed to incorporate into the substantive motion the inclusion of a new recommendation 3b. The Committee then voted on recommendations 1, 2, 3a and b. Recommendation 4 was voted on separately.
	Officer Recommendations Ngā Tūtohu That the Finance and Performance Committee: 1. Receives the information in the Food Resilience Network - Support Options Report. 2. Notes that the decision in this report is assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy. 3. Forgives the current community loan of $150,000, waives overdue interest payments in respect of this loan currently totalling $2,129.95, and considers all matters relating to any security arrangements between the parties as having been satisfied. 4. Notes that the Food Resilience Network should have no expectation of further financial assistance from the Council to this Ōtākaro Orchard Project other than through Council’s contestable community funding schemes.
	Committee Resolved FPCO/2025/00082 Part C That the Finance and Performance Committee: 1. Receives the information in the Food Resilience Network - Support Options Report. 2. Notes that the decision in this report is assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy. 3 a. Forgives the current community loan of $150,000, waives overdue interest payments in respect of this loan currently totalling $2,129.95, and considers all matters relating to any security arrangements between the parties as having been satisfied. b. Allocates $100,000 from the Capital Endowment Fund to the Food Resilience Network toward the completion on the Ōtākaro Orchard Project. Notes that this allocation of funds is inconsistent with the criteria of the Capital Endowment Fund. Councillor Keown/Councillor Scandrett Carried Councillor MacDonald requested that his vote against the resolutions be recorded.
	Committee Resolved FPCO/2025/00083 4. Notes that the Food Resilience Network should have no expectation of further financial assistance from the Council to this Ōtākaro Orchard Project other than through Council’s contestable community funding schemes. Councillor Keown/Councillor Scandrett Carried Deputy Mayor Cotter and Councillor Donovan requested that their vote against the resolution 4 be recorded.

Councillor McLellan left the meeting at 10.39am and returned to the meeting at 10.55am during consideration of Item 7.

Deputy Mayor Cotter left the meeting at 10.46am and returned at 10.51am during consideration of Item 7.

Councillors Barber and Donovan left the meeting at 10.46am and returned at 10.48am during consideration of Item 7.

7. Key Organisational Performance Results - February 2025
	Committee Comment 1. The Committee requested information from staff on the revenue received from the new parking charging in Hagley Park.
	Officer Recommendations Ngā Tūtohu That the Finance and Performance Committee: 1. Receives the information in the Key Organisational Performance Results - February 2025 Report.
	Committee Resolved FPCO/2025/00084 Part C That the Finance and Performance Committee: 1. Receives the information in the Key Organisational Performance Results - February 2025 Report. 2. Requests staff advice on the efficacy of the Hagley Park parking charges. Councillor Johanson/Councillor Peters Carried

8. Financial Performance Report - February 2025

Committee Resolved FPCO/2025/00085

Officer Recommendation accepted without change

Part C

That the Finance and Performance Committee:

1. Receives the information in the Financial Performance Report - February 2025 Report.

Councillor MacDonald/Councillor Scandrett Carried

9. Capital Programme Performance Report February 2025
	Committee Comment The Committee discussed the availability of empty lots in the vicinity of the Court theatre and whether the owners could be approached to see if this vacant land could be used for temporary car parking to service the needs of the area.
	Officer Recommendations Ngā Tūtohu That the Finance and Performance Committee: 1. Receives the information in the Capital Programme Performance Report February 2025.
	Committee Resolved FPCO/2025/00086 Part C That the Finance and Performance Committee: 1. Receives the information in the Capital Programme Performance Report February 2025. 2. Noting the imminent opening of the Court Theatre, that Council ask staff to approach Crown Infrastructure Delivery to look at the possibility of the re-opening of the Good Spot transitional Carpark on the corner of Manchester Street/ Gloucester Street corner. Noting that this site was previously used as a carpark and is currently sitting vacant and undeveloped. Councillor Johanson/Councillor MacDonald Carried

11. Venues Ōtautahi Half Year Report for the six months ending 31 December 2024
	Chief Executive Caroline Harvie-Teare spoke to the Venues Ōtautahi presentation (attached).
	Committee Resolved FPCO/2025/00087 Officer Recommendation accepted without change Part C That the Finance and Performance Committee: 1. Receives Venues Ōtautahi’s half year report for the six months ending 31 December 2024. Mayor/Councillor Coker Carried Councillor Barber and Councillor Scandrett, having declared an interest, sat back on this Item and took no part in the debate or vote
	Attachments a Venues Ōtautahi - Presentation to Committee

The meeting adjourned at 11.08am and reconvened at 11.29am. The Mayor and Councillor Gough were not present at this time.

The Mayor and Councillor Gough returned to the meeting at 11.30am during consideration of Item 12.

Deputy Mayor Cotter and Councillor Barber left the meeting at 11.47am and did not return.

12. ChristchurchNZ Holdings Ltd - Half Year Report for the six months ending 31 December 2024
	Chair Lauren Quaintance and Chief Executive Ali Adams spoke to the ChristchurchNZ Holdings Ltd presentation (attached).
	Committee Resolved FPCO/2025/00088 Officer Recommendation accepted without change Part C That the Finance and Performance Committee: 1. Receives ChristchurchNZ Holdings Ltd’s half year report for the six months ending 31 December 2024. Mayor/Councillor Keown. Carried Councillor Henstock and Councillor McLellan, having declared an interest, sat back on this Item and took no part in the debate or vote
	Attachments a ChristchurchNZ - Presentation to Committee

Councillor Coker assumed the Chair for consideration of Item 13.

13. Council-controlled Organisations - Half Year Reports for the six months ending 31 December 2024 and Draft Statements of Intent for 2025/26

Committee Resolved FPCO/2025/00089

Officer Recommendations accepted without change

Part C

That the Finance and Performance Committee:

1. Receives the half year (interim) reports for the six months ending 31 December 2024 for the following Council-controlled Organisations - Civic Building Ltd, Local Government Funding Agency, Riccarton Bush Trust, Rod Donald Banks Peninsula Trust and Te Kaha Project Delivery Ltd;

2. Receives the draft Statements of Intent for the three years beginning 1 July 2025 for the following Council-controlled Organisations - Civic Building Ltd, Local Government Funding Agency, Riccarton Bush Trust, Rod Donald Banks Peninsula Trust and Te Kaha Project Delivery Ltd; and

3. Advises any comments on the draft Statements of Intent to be referred to the Council-controlled organisations’ boards.

Mayor/Councillor Scandrett Carried

Councillors Fields, Gough, MacDonald, McLellan and Peters, having declared an interest, sat back on this Item and took no part in the debate or vote

Councillor Scandrett assumed the Chair for consideration of Item 14 and 15.

14. Christchurch City Holdings Ltd - Interim Report for the six months ending 31 December 2024 and Quarter 2 2024/25 Traffic Lights Performance Report
	Chair Bryan Pearson and Chief Executive Matthew Slater spoke to the Christchurch City Holdings Ltd presentation (attached).
	Committee Resolved FPCO/2025/00090 Officer Recommendation accepted without change Part C That the Finance and Performance Committee: 1. Receives Christchurch City Holdings Ltd - Interim Report for the six months ending 31 December 2024 and Quarter 2 2024/25 Traffic Lights Performance Report for the six months ending 31 December 2024. Councillor Scandrett/Mayor Carried Councillor MacDonald and Councillor Coker, having declared an interest, sat back on this Item and took no part in the debate or vote
	Attachments a Christchurch City Holdings Ltd - Presentation to Committee

15. Resolution to Exclude the Public Te whakataunga kaupare hunga tūmatanui

Committee Resolved FPCO/2025/00091

Part C

That Paula Davis, Bryan Pearson, Matthew Slater and Anne Urlwin of Christchurch City Holdings Ltd, remain after the public have been excluded for Item 17, and that Bryan Pearson and Matthew Slater remain for 18 of the public excluded agenda, as they have knowledge that is relevant to these items and will assist the Council.

AND

That at 12.09pm the resolution to exclude the public set out on pages 383 to 384 of the agenda be adopted.

Councillor Scandrett/Mayor Carried

The public were re-admitted to the meeting at 12.43pm.

Karakia Whakamutunga

Meeting concluded at 12.43pm.

CONFIRMED THIS 30^th DAY OF APRIL 2025.

Councillor Sam MacDonald

Chairperson

7. Key Organisational Performance Results - March 2025
Reference Te Tohutoro:	25/555870
Responsible Officer(s) Te Pou Matua:	Peter Ryan, Head of Corporate Planning & Performance Peter.Ryan@ccc.govt.nz
Accountable ELT Member Pouwhakarae:	Bede Carran, General Manager Finance, Risk & Performance / Chief Financial Officer

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 To provide Council with an overview of performance towards delivering year one of our Long-Term Plan 2024-34 (LTP), our ‘contract with the community’.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives the information in the Key Organisational Performance Results - March 2025 Report.

3. Background/Context Te Horopaki

3.1 This is a regular report focused on a suite of the ‘vital few’ organisational performance targets and forms a key component of the Council’s Performance Framework and its reporting.

3.2 As this is a quarterly reporting month (March), the reporting covers all levels of service.

4. Considerations Ngā Whai Whakaaro

4.1 The key organisational performance targets include:

· Service Delivery (levels of service (LOS)).

· Capital Projects (both milestone delivery and planning).

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AI-generated content may be incorrect. Value for Money (finance – activity budgets and capex).

4.2 This report provides March’s monthly performance forecasts against ELT performance priority targets for year-one of the LTP 2024-34.

4.3 Overall organisational performance priority forecasts show improvement across almost all performance targets, with most targets now forecast to be met for year-end.

4.4 If forecasts continue as expected, this year will see Council’s highest level of service delivery performance since 2009/10, the financial year directly preceding the first Canterbury earthquake sequence.

4.5 Community Level of Service delivery (89.1%) sees further improvement of 1.1% since February and is forecast to achieve the ELT performance target (85%).

4.6 Management Level of Service delivery (88.4%) shows improvement of 1.3% from February. The ELT performance target remains forecast to be achieved (85%).

4.7 Capital Project milestone delivery (86.4%) sees an increase of 4.0% from the February forecast. Capital Programme milestone delivery is now forecast to meet the ELT performance target (85%).

4.8 Capital planning performance forecasts each show good progress. The FY2026 planning target has now been achieved, with the FY2027 and FY2028 planning target remaining likely to meet the ELT target of 90%;

· Funding programme budgets allocated for FY2026 by 31st March 2025 is reported at 90%. This performance target has been met.

· Budget drawdowns for FY2027 and 2028 by 30th June 2025 are reported at 80%.

4.9 Activity budgets, actively managed to budget (84.6%), saw an improvement of 2.5%
(1 activity - Digital) from February. Based on end of year forecasting the ELT’s organisational target (100% of activities are actively managed to budget) will not be met.

4.10 Deliver Capital Programme within approved budget (-$47.6M), remains forecast within the ELT target (=/< $0). This forecast underspend has increased to $47.6M (a $10.1M increase) due to an update of the PMO current core programme year end forecast to $500M delivery, from prior month’s forecast of $510M.

5. Service Delivery A black and blue rectangle with a black background

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*B = Black, no data. R = Red, will miss target. A = Amber, requires intervention. G = Green, will achieve target.

5.1 Factors behind the month-on-month positive improvements in Community and Management level of service delivery forecasts include:

· Impacts from the release of the annual Residents Satisfaction and Internal Service Satisfaction survey results,

· Internal Audit review of methods of measurement for all DIA (Department of Internal Affairs) mandatory performance measures and other key performance measures identified to be part of the Annual Report 2025 interim audit,

· Ongoing active monthly business reviews.

5.2 With a number of level of service results now being confirmed it is likely that these forecasts will remain relatively stable through to year-end. If so, this will be Council’s highest level of service delivery performance since 2009/10, the financial year directly preceding the first Canterbury earthquake sequence.

5.3 Community Level of Service delivery (89.1%) sees further improvement of 1.1% from February, remaining forecast to achieve the ELT performance target (85%).

5.3.1 Between February and March five level of service exceptions (across four activities) are now forecast to achieve target for year-end – all changes are as a consequence of the recently released Residents Satisfaction survey results:

· Transport [Measure: Improve resident satisfaction with road condition (16.0.3) and Measure: Improve the perception (resident satisfaction) that Christchurch is a cycling friendly city (10.5.2)].

· Water Supply [Measure: Proportion of residents satisfied with quality of Council water supplies (12.0.2.19)].

· Communications & Engagement [Measure: Provide opportunities for residents to give feedback and engage with Council decision-making processes (participation in and contribution to decision making) (4.1.9)].

· Solid Waste and Resource Recovery [Measure: Resident satisfaction with kerbside collection service (8.0.3)].

5.3.2 Offsetting this improvement, three levels of service (across three activities) previously forecast to achieve target at year-end are now forecast as exceptions (to not meet target at year-end):

· Transport [Measure: Respond to customer service requests within appropriate timeframes (The percentage of customer service requests relating to roads and footpaths to which the territorial authority responds within the timeframe specified in the Maintenance contracts) (DIA 5) (16.0.13)].

· Wastewater collection, treatment and disposal [Measure: Proportion of residents satisfied with the reliability and responsiveness of wastewater services (11.0.1.16)].

· Recreation, Sports, Community Arts and Events [Measure: Customer satisfaction with the content and delivery across delivered events (2.8.5.2)].

5.4 Management LOS delivery (88.4%) sees an improvement of 1.3% from February. Overall, this ELT performance target remains on target (85%).

5.4.1 Again, following active business review five level of service exceptions are now forecast to achieve target for year-end (across five activities):

· Community Development & Facilities [Measure: Maintain partnerships and develop volunteerism related to graffiti management and mitigation (2.2.6.6)].

· Asset Management & Facilities [Measure: Support Council to achieve its fleet emissions targets by increasing the proportion of zero-emission vehicles in our transport fleet (13.4.11.4)].

· Business Support & Continuous Improvement: [Measure: Customer satisfaction with the general and technical administration support across the Organisation (13.16.2.1)].

· Solid Waste and Resource Recovery: [Measure: Consent compliance for Council transfer stations and recycling centres (8.1.5)].

· Transport [Measure: Maintain the condition of road carriageways (16.0.20)].

5.4.2 Offsetting this improvement are two levels of service previously forecast to achieve target at year-end that are now forecast exceptions (across two activities):

· Transport [Measure: Reduce emissions and greenhouse gases related to transport (10.0.41)].

· Programme Management Office [Measure: Provide an effective and efficient Programme Management Office that meets the needs of the council (13.13.17)].

5.5 As at the end of the third quarter some year-end results are already known, i.e Residents Satisfaction survey results. The business continues to be encouraged to review LOS that have previously been conservatively flagged at risk (amber, based on ARMC guidance) that might now be forecast green (on track). A Corporate Planning and Performance team review of these exceptions suggests many exceptions are conservatively but appropriately forecast.

5.6 The remaining LOS forecasts are in line with the standing Audit and Risk Management Committee (ARMC) request - for all LOS that did not meet target the previous year to continue to be reported as an amber exception until evidence is provided the target will or has been met.

5.7 The scatter-diagram below (also Attachment A) shows forecast activity LOS delivery performance (Community and Management LOS), against forecast activity budget performance (over- or under-spend).

· Across all activities, level of service delivery forecasts range from 55.6% to 100% achieved, while all but 6 activities are presently forecast on budget.

· The vertical y-axis shows forecast service delivery (LOS) performance.

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AI-generated content may be incorrect. The horizontal x-axis shows forecast budget over/underspend (scaled to relative budget).

5.8 The updated view of Service Delivery is attached to this report (Attachment B). It is:

· a visual summary of activity overall service delivery and activity budget performance,

· underpinned by a more granular LOS summary across the activity, before

· listing specific exceptions detail and business commentary.

· Each quarter (September, December, March, year-end) a view of all levels of service by activity is provided.

6. Responses to questions from Councillors

6.1 Responses to recent questions from Councillors can be seen in Attachment C, pertaining to:

6.1.1 Business Support & Continuous Improvement activity – question asked 26 March 2025.

6.1.2 Use of Crown Infrastructure Delivery Ltd owned land on the corner of Manchester/Gloucester Streets as temporary carparking to support the Performing Arts Precinct.

7. Capital Projects – Delivery and Planning

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7.1 Capital project milestone delivery performance is forecasting 86.4%, showing an increase of 4.0% from February. This is now forecast to achieve the ELT target of 85%.

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AI-generated content may be incorrect. The capital delivery target relates to projects Council is responsible for delivering, including Council-funded and externally funded projects.

7.3 Capital planning performance forecasts each show good progress. The FY2026 planning target has been achieved, the FY2027 and FY2028 planning target remaining likely to meet the ELT target of 90%:

· Funding programme budgets allocated for FY2026 by 31st March 2025 is reported at 90%. Target has been achieved.

· Budget drawdowns for FY2027 and 2028 by 30th June 2025 is reported at 80%.

7.4 For further information and underlying project detail, refer to the Capital Programme Performance Report.

8. Value for Money

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8.1 84.6% of activities are forecast to meet budget (nett controllable cost, after carry-forwards), against the ELT target 100%. 33 of the 39 activities are forecast on budget (an improvement from 32 of 39 activities as of February).

8.2 For those activities forecast to not meet budget the following summarises the movement between forecasts from February to March.

8.2.1 Water Supply activity forecasts an unfavourable variance of $5.19M overspend, a significant increase in the full year forecast of $1.77M from February. This is principally a result of a shortfall in funding for personnel costs, staff recoveries, higher than budgeted maintenance costs and lower than forecast excess water charges being received. A review of costs is being undertaken to assess whether some of the expenditure should be treated as capital expenditure.

8.2.2 Wastewater collection, treatment and disposal activity forecast unfavourable variance is $1.7M overspend, an improvement of $0.31M from February, the overall unfavourable variance is mainly related to lower staff recoveries from capital projects compared with prior years.

8.2.3 Christchurch City Libraries Ngā Kete Wānanga o Ōtautahi activity forecast unfavourable variance of $0.57M, a further increase in the forecast overspends of $0.04M from February in personnel costs.

8.2.4 Parks & Foreshore activity forecast unfavourable variance of $2.40M overspend, a small increase of $0.04M in forecast overspend from February, principally from under recovery of Hagley Park parking revenue and under recovery in capital deliveries.

8.2.5 Building Regulation activity forecast unfavourable variance of $0.49M overspend/under recovery, with no change from February, primarily arising from outsourcing consent processing to meet LOS, offset partially by higher consenting processing fees.

8.2.6 Technical Services & Design (TSD) activity forecast unfavourable variance of $0.29M under recovery arising from staff vacancies, noting that TSD is a full cost recovery activity, a further slight decrease in forecast variance position of $0.01M from February.

8.2.7 Digital activity is no longer forecast to overspend.

8.3 For more information refer to Attachments A & B and to the Financial Performance Report.

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8.4 Overall capital programme budget expenditure is forecast at an underspend of $47.6M, against ELTs target of within approved budget (= < $0). The ELT performance goal and the forecast includes core and externally funded work, regardless of funding source, but excludes One New Zealand Stadium at Te Kaha.

8.5 The PMO current core programme year end forecast has been updated to $500.0M, from previous forecasts of $510.0M.

8.6 More detailed information is available in the Capital Programme Performance Report.

8.7 Following is the forward view of capital delivery performance for the LTP 2024-34 (financial).

8.8 The forward view of capital delivery performance (financial) looks at commitments for the first three years of the LTP 2024-34, accompanied by confirmed capital delivery in preceding LTP-cycles against plan.

8.9 This view takes into account the adopted capital programme from the LTP 2024-34 as updated through the Draft Annual Plan 2025/26, adopted for consultation on 12 February 2025. (Adjustments to years 2025/26 and 2026/27.)

A graph of a delivery budget

AI-generated content may be incorrect.

8.10 The extended black line is the full planned delivery budget including One New Zealand Stadium at Te Kaha (as adopted through the Draft Annual Plan 2025/26).

8.11 The extended blue line shows the full Council planned delivery budget (excluding One New Zealand Stadium at Te Kaha, and before any confirmed carry forwards):

· from a consistent $488M to $483M planned budget for the three years (2021-24);

· to between $548m to $723M planned budget for the future three years (2024-27) (as adopted through the Draft Annual Plan 2025/26).

8.12 The Council capital delivery (green line) forecast for 2024/25 has been updated to $500.0M (from $510.0M) against the current programme budget of $547.6M (blue line). This equates to 91.3% forecast delivery (previous forecast 93.1% delivery).

8.13 The forecast delivery value is now less than the year-end actual value for 2023/24, $502M.

8.14 Figures align with the Financial and Capital Programme Performance reports.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Top Activities (Service Delivery & Budget)	25/671064	27
b ⇩	Service Delivery Summary (Levels of Service)	25/671066	29
c ⇩	Responses to Questions Raised	25/671067	141

In addition to the attached documents, the following background information is available:

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Authors

Meg Wedlock - Performance Analyst

Amber Tait - Performance Analyst

Boyd Kedzlie - Senior Corporate Planning & Performance Analyst

Approved By

Peter Ryan - Head of Corporate Planning & Performance

Bede Carran - General Manager Finance, Risk & Performance / Chief Financial Officer

8. Financial Performance Report - March 2025
Reference Te Tohutoro:	25/558885
Responsible Officer(s) Te Pou Matua:	Russell Holden, Head of Finance
Accountable ELT Member Pouwhakarae:	Bede Carran, General Manager Finance, Risk & Performance / Chief Financial Officer

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 The purpose of this report is to inform the Finance and Performance Committee on Council's financial performance to 31 March 2025, including providing an updated year-end forecast.

1.2 This is a monthly report that is presented to the Committee.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives the information in the Financial Performance Report - March 2025 Report.

3. Executive Summary

3.1 As this report is also a quarterly report, it contains additional information on the Treasury function, rates debt, general debt and insurance claims. There is also a breakdown of financial performance by Activities attached to the paper.

3.2 The year-to-date operational surplus of $24.2m is $39.5m greater than budget. This is driven by; savings in insurance costs, reduced personnel costs due to staff vacancies, lower than budget Solid waste recycling and organics processing fees, savings in Transport electricity costs, increased Recreation and Sports participation revenues and higher building / planning consenting revenues.

3.3 The forecast year end operating surplus is currently $32.3m, compared to the $23.0m forecast last month. The increase of $9.3m has been driven by additional subvention receipts from CCO’s ($2.2m), additional Burwood Landfill revenues due to increased volumes ($1.3m), a reduction in net interest expenses ($1m), reduced Infrastructure operating costs ($1.3m), and a reduction in professional advice cost in the Transport and Strategic Planning, Future Development & Regeneration services ($1.2m).

3.4 The capital programme delivery is below budget year to date by $24.5m (5.0%), primarily driven by delayed expenditure on Parks ($20.4m, 27.4%) and Three Waters ($11.2m, 8.9%) projects. These are partially offset by the early spend on the One New Zealand Stadium at Te Kaha ($5.7m, 4.2%). PMO forecast the under delivery to extend to $47.7m by year end.

4. Operational Revenue and Expenditure

4.1 This covers day to day spend on staffing, operations and maintenance, and revenues to fund the operational spend.

4.2 Operational revenue exceeds expenditure as it includes rates revenue for capital renewals and debt repayment. This ‘capital’ revenue is referred to below as ‘Funds not available for Opex’ and is removed to show the year to date and forecast cash operational surplus or deficit.

	Year to Date Results			Forecast Year End Results			After Carry Forwards
$m	Actual	Budget	Var	Forecast	Budget	Var	Carry Fwd	Var
Revenues	(793.9)	(789.2)	4.7	(1,085.0)	(1,079.4)	5.6	-	5.6
Expenditure	578.0	612.3	34.3	797.0	828.1	31.1	4.4	26.7
Funds not available for Opex	191.7	192.2	0.5	251.7	251.3	(0.4)	(0.4)	-
Operating (Surplus)/Deficit	(24.2)	15.3	39.5	(36.3)	-	36.3	4.0	32.3

4.3 The current operating surplus variance of $39.5m is close to the year-end forecast of $36.3m. Summaries of the material revenue and expenditure variances and changes are highlighted below.

4.4 Revenue is $4.7m over budget year to date and forecast to be $5.6m over budget at year end. Due to the large amount of corporate revenues within Councils budget, for which timing is well known, actuals are tracking very close to budget overall, with only a 0.5% positive variance forecast.

4.5 Key drivers of actual and forecast revenue variances to budget include (amounts in () are unfavourable variances, i.e. revenues below budget):

Revenue Variances	Annual Budget	YTD Var	Forecast Var
Subvention receipts	11.3m	5.0m	5.0m
Resource Recovery Transfer stations, organics processing and landfills	13.8m	2.1m	2.5m
Building & Planning consent volumes (see cost variances)	35.0m	1.9m	2.9m
Recreation & Sports pools and fitness centres increased participation	21.6m	1.8m	1.7m
Rates penalties	5.3m	0.9m	0.5m
Resource Recovery Eco-Central rebate	-	0.8m	0.8m
Rates Levy – late LTP growth	760.8m	0.7m	0.9m
Transport parking compliance fines	4.9m	0.5m	-
Residential Excess Water charges	2.3m	(0.3m)	(0.4m)
Commercial Excess Water charges	2.9m	(0.3m)	(0.4m)
Interest revenue (largely offset by lower on-lending costs)	57.4m	(1.3m)	(4.5m)
Hagley Park parking fees	2.2m	(1.3m)	(1.6m)
Transwaste dividend	7.3m	(1.6m)	0.3m
Resource Recovery MFE Levy reduction	9.0m	(1.6m)	(2.2m)
NZTA Opex subsidy	28.8m	(2.7m)	(1.5m)
Other revenues	116.8m	0.1m	1.6m
Total	1,079.4m	4.7m	5.6m

4.6 Expenditure is $34.3m under budget year to date and forecast to be $26.7m (3.2%) under budget, after carry forwards, at year end.

4.7 Key drivers of actual and forecast expenditure variances to budget include (amounts in () are unfavourable variances, i.e expenses are greater than budget):

Expenditure Variance	Annual Budget	YTD Var	Forecast Var
Waste Management lower recycling processing fees and organic processing fees, and landfill costs	69.6m	7.9m	9.2m
Insurance costs	38.3m	7.7m	7.5m
Personnel costs (units with vacancies which were planned to be filled)	266.9m	7.0m	4.5m
Debt Servicing (lower on-lending & favourable hedging, largely offset by reduction in interest revenue)	148.1m	3.6m	6.7m
Transport – timing of maintenance costs	55.2m	3.0m	1.5m
Parks – underspend in maintenance, mainly budget phasing	15.2m	2.0m	0.6m
Transport – street lighting electricity costs, savings due to change to LED lighting and new pricing	5.1m	1.9m	2.0m
Rates on Council owned properties	36.8m	0.2m	1.0m
Three Waters – staff time capitalisation	(7.8m)	(0.6m)	(1.0m)
Building Consenting & Planning Consenting – additional costs outsourcing consent processing to meet LoS, due to volumes and staff shortages (offset by increased revenue).	6.9m	(1.4m)	(3.0m)
Parks – staff time capitalisation	(5.2m)	(2.1m)	(2.4m)
Other minor variances	199.0m	5.1m	0.1m
Total	828.1m	34.3m	26.7m

4.8 Operational variances and explanations by Activity are shown in Attachment A.

5. Capital Expenditure and Revenue

5.1 This section covers the capital programme spend and funding relating to it.

	Year to Date Results			Forecast Year End Results			After Carry Forwards
$m	Actual	Budget	Var	Forecast	Budget	Var	Carry Fwd	Var
Core Programme	308.2	335.6	27.4	474.5	529.2	54.7	47.4	7.3
External Funded Programme	15.4	18.2	2.8	21.4	18.5	(2.9)	(3.6)	0.7
Less unidentified Carry Forwards	-	-	-	4.1	-	(4.1)	3.9	(8.0)
Core/External Funded Programme	323.6	353.8	30.2	500.0	547.7	47.7	47.7	-
One New Zealand Stadium at Te Kaha	140.0	134.3	(5.7)	197.9	190.2	(7.7)	(7.7)	-
Total Capital Programme	463.60	488.1	24.5	697.9	737.9	40.0	40.0	-
Revenues and Funding	(262.4)	(211.3)	51.1	(352.7)	(331.0)	21.7	-	21.7
Borrowing required	201.2	276.8	75.6	345.2	409.9	61.7	40.0	21.7

Capital Expenditure

5.2 Capital expenditure is $24.5m (5.0%) underspent year to date; primarily due to Parks ($20.4m, 27.4%) and Three Waters ($11.2m, 8.9%) projects, these are partially offset by early spend at the One New Zealand Stadium at Te Kaha ($5.7m, 4.2%).

5.3 The Project Management Office (PMO) current core programme year end forecast has been reduced from $510m to $500m, which is lower than budget by $47.7m (8.7%), most of which will likely be requested to be carried forward to 2025/26. The project managers forecast is $4.1m lower than PMO’s and is considered exceptionally close for this time of the year.

5.4 The project managers core programme end of year forecast is $51.8m (9.5%) under budget before carry forwards due to underspends on Three Waters ($27.4m, 13.0%, mainly related to delays arising from dependencies on other project work proceeding), Transport ($9.9m, 9.0%), Parks ($4.6m, 5.4%) and Digital ($6.4m, 21.8%) projects which is partly offset by an overspend on Shovel Ready / CRAF projects ($3.0m, 18.3%).

Capital Revenues and Funding

5.5 Capital revenues and funding being funding sources other than borrowing that Council uses to fund its capital expenditure. The difference between the capital revenues and funding for capital expenditure is made up from borrowing, refer to the table at paragraph 5.1.

5.6 Capital revenues and funding are $51.1m higher than budget year to date. This is largely due to the Christchurch Wastewater Treatment Plant (CWTP) $55m insurance recovery and higher development contributions being collected.

5.7 The capital revenues and funding are forecast to have reduced from $51.1m higher than budget to $21.7m higher than budget by year end. The reduction is mainly due to a $37.3m reduction in expected Crown recoveries and NZTA capital funding assistance, due to budget overstatement in the LTP.

6. Special Funds

6.1 The annual movements and balance of the Housing Account and Capital Endowment Fund are shown in Attachment A (page 6).

6.2 The balance of funds available for allocation from the Capital Endowment Fund at 31 March 2025 was $1,531,000.

7. Treasury

Policy Compliance

7.1 All Treasury risks are within Policy limits, with no breaches projected over the coming year:

Risk Area	Compliance	*Plain-language meaning*
Liquidity Risk	Yes	(cash availability)
Funding Risk	Yes	(spread of debt maturities)
Interest Rate Risk	Yes	(managing interest costs)
Counterparty Credit Risk	Yes	(not all eggs in one basket)

Borrowing

7.2 Council’s total gross borrowing for 2024/25 is shown below (in $ millions):

Jun-24 Actual

Current

Jun-25 Projected

Full Year Change

Ratepayer-funded Debt

To fund Advances to Related Parties

1,799.3

781.5

2,108.6

733.5

2,122.4

733.5

322.9

-48.0

Gross Borrowing

2,580.8

2,842.1

2,855.7

274.9

7.3 Advances to related parties are primarily to Christchurch City Holdings Ltd (currently $636.2m, down by $45m so far this financial year). Interest earned on these advances fully off-sets Council’s related borrowing costs. This table excludes cash and other financial investments, which are mostly held for working capital purposes.

Funding & Interest Rate Risks

7.4 Council’s projected funding requirements, per financial year, are shown below. These are split between existing debt maturities (green) and expected new borrowing requirements (grey). Existing debt is well spread over the coming decade, although there is elevated concentration risk in the 2025/26 financial year due to the extent of planned new borrowing – Council has sufficient market access to manage this risk.

A graph of a graph showing a number of years

AI-generated content may be incorrect.

7.5 Council’s interest rate risk is managed to reduce the volatility of interest costs from year to year. Most existing Council debt has been fixed for at least the next three years, which will limit the impact of market volatility on future borrowing costs. The budget was prepared in anticipation of a fall in the Official Cash Rate to 3%, so recent market movements are already reflected in projected funding costs (shown in the table below):

	Jun-25	Jun-26	Jun-27
Ratepayer-funded Debt	4.9%	4.9%	4.8%

7.6 For context, Council’s average funding cost was 5.1% in 2023/24 and 5.2% in 2018/19 (pre-Covid). It is expected to rise again from 2027/28, towards a long-term average of about 5%.

8. Rates Debt

8.1 Rates debt decreased $2.3 million in the March 2025 quarter, as shown in the table below. Rates debt is $1.1 million higher than March 2024. As a percentage of total rates, the debt remains relatively stable, and while it is difficult to identify specific causes for the increase, it is potentially attributable to adverse economic /cost of living conditions over the last year and reflected in the slight rise in the graph below.

Dec 2024

Mar 2025

Change Comment

Rates Debt	32.5	30.2	(2.3)	Total rates debt has remained stable this quarter.
Current year overdue	25.3	27.6	2.3	Mar 2024 $26.6m
Previous years arrears	7.2	2.6	(4.6)	Mar 2024 $2.5m
No. properties with arrears over $20,000	57	55	(2)

8.2 The graph below shows 90+ days rates debt as a percentage of the annual rates strike in the respective year, with a three-month moving average to smooth the quarterly cycle. This indicates how well rate arrears are being managed over time.

A graph with blue lines and numbers

AI-generated content may be incorrect.

9. General Debt

9.1 There has been a decrease in overdue debts as most disputes are resolved. It also reflects the trend that businesses are generally back to normal operations, with invoices and issues being addressed in a timely manner.

December

2024

March 2025

Change Comment

General Debt	11.2	7.4	-3.8
3 – 6 months	0.3	0.2	-0.1
6 months +	1.8	1.3	-0.5

9.2 General debt of $35,365 has been written-off this quarter ($10,010 relates to write-offs relating to damage to street poles). The total debt write-off for 2024/25 to date is $133,879 compared to $152,979 for the first nine months of 2023/24.

10. Insurance Claims

10.1 The table below outlines the number of events that have been notified by Council against its insurance policies as well as claims against Council from third parties for the January – March 2025 quarter.

	Policy	Claims / Notifications		Estimated Cost
	Policy	Above excess	Below excess	Estimated Cost
Claims by Council	Motor Vehicle	1	0	$5,000
	Material damage	0	0	$0
Claims against Council	PI / PL	0	0	$0

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Attachment A – Operational & Capital breakdown by Activities - Mar 25	25/559327	150

In addition to the attached documents, the following background information is available:

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Authors

Mitchell Shaw - Reporting Accountant

Karthik MG - Reporting Accountant

Bruce Moher - Manager Corporate Reporting

Steve Ballard - Group Treasurer

Martin Zelas - Rates Manager

Adrian Seagar - Manager Insurance & Asset Management

Approved By

Russell Holden - Head of Finance

Bede Carran - General Manager Finance, Risk & Performance / Chief Financial Officer

11. Venues Ōtautahi - Draft Statement of Intent 2025/26
Reference Te Tohutoro:	25/646053
Responsible Officer(s) Te Pou Matua:	Linda Gibb, Performance Advisor, Finance
Accountable ELT Member Pouwhakarae:	Bede Carran, General Manager Finance, Risk & Performance / Chief Financial Officer

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 The purpose of this report is for the Council to review Venues Ōtautahi’s (VŌ’s) draft Statement of Intent (SOI) for 2025/26.

1.2 The report is written as a result of receiving VŌ’s draft SOI on 28 February 2025, within the timeframe required by clause 2, Part 1 of Schedule 8 of the Local Government Act 2002 (LGA) and following a VŌ briefing to councillors on 15 April. VŌ’s draft SOI is at Attachment A.

1.3 The draft SOI has been informed by the Council’s Letter of Expectations (LOE) to VŌ dated 19 December 2024 which is at Attachment B for reference.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives Venues Ōtautahi’s draft Statement of Intent for 2025/26 which includes draft financial cost and revenue flows for One NZ Stadium at Te Kaha from 2025/26 as well as Venues Ōtautahi’s business as usual events attraction and venue management business;

2. Notes Venues Ōtautahi’s advice that its financial modelling for One NZ Stadium at Te Kaha has produced financial forecasts that are conservative and realistic and for which it has confidence that only minor changes will follow for updating in the final Statement of Intent for 2025/26;

3. Notes that Venues Ōtautahi is signalling the profitability of operating One NZ Stadium at Te Kaha will enable it to:

· forgo Council funding support over the Statement of Intent three year period of $3 million for its general events and venue management operations from 2026/27;

· no longer need to access Council bid incentive funding from the City Partners Group for major events from 2025/26; and

· reduce subvention funding to nil from the Council tax group (if ownership of the stadium remains with the Council);

4. Notes that if the Council retains ownership of One NZ Stadium at Te Kaha, it will bear the ownership costs of rates and insurance which is estimated to be around $3 million per annum over the SOI period which has been provided for in the Council’s budgets; and

5. Notes that the decision in this report is assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy.

3. Executive Summary Te Whakarāpopoto Matua

3.1 As the shareholder of VŌ, the Council is able to comment on its draft SOI.

3.2 The draft SOI includes One NZ Stadium at Te Kaha (ONZS) operations for a period of 10 weeks in 2025/26 (opening in April 2026) and annually thereafter. The financial impact for VŌ from all of its event attraction and venue ownership activities, shown at the Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) level (to exclude high fixed costs associated with venue ownership) is shown in the following table:

VŌ draft SOI 2025/26 - Operating

2025/26

2026/27

2027/28

Consolidated EBITDA (per page 30 of draft SOI)

-0.3

+1.5

3.3 From 2026/27, VŌ is forecasting an EBITDA surplus in 2026/27 and break-even in 2027/28 without Council operating funding support which has in recent years been circa $3 million. VŌ is also indicating that it will not require access to the City Partners Group (CPG) event eco-system funding and, if the Council retains ownership of ONZS, VŌ will not require subventions from the Council tax group.

3.4 The Council will bear the ownership costs of ONZS - insurance and rates, and has budgeted circa $3 million, which will be offset by the removal of the operating subsidy to VŌ.

3.5 Further work needs to be done to determine the financial impacts and funding requirements for ONZS and the VŌ business after the SOI timeframe.

3.6 Capital funding is required over the SOI period for VŌ’s owned assets – Christchurch Town Hall and Wolfbrook Arena. The forecast expenditure is based on asset management plans that are provided by industry specialists and are the same as was forecast in last year’s SOI. Capital grants for ONZS are to be expected from 2033.

4. Background/Context Te Horopaki

Legal requirements for SOIs

4.1 Section 64 of the LGA sets out the purpose of a SOI is to:

· state publicly the activities and intentions of the CCO for the year and the objectives to which those activities will contribute;

· provide an opportunity for shareholders to influence the direction of the organisation; and

· provide a basis for accountability of the directors to their shareholders for the performance of the organisation.

4.2 Part 1 of Schedule 8 of the LGA provides that the board of a CCO must deliver a draft SOI to its shareholders by 1 March each year, shareholders may provide comments on the draft to the CCO board by 1 May and the board must consider the comments made by the shareholder(s) and finalise the SOI by 30 June.

4.3 Parts 2 and 4 of Schedule 8 set out the content requirements for SOIs. These include the objectives of the group, the board’s approach to governance, nature and scope of activities to be undertaken and the major accounting policies.

4.4 Company directors are required to act in the best interests of the company pursuant to section 131(1) of the Companies Act 1993. This includes when considering expectations from the Council in LOEs and in feedback on draft SOI documents.

VŌ’s core activities

4.5 VŌ’s activities are undertaken with a view to creating economic and social (including environmental and cultural) outcomes for Christchurch. Its activities in pursuit of this include venue marketing, event attraction and management, venue operations, management and maintenance and food and beverage services. Its venues are the Wolfbrook Arena, Christchurch Town Hall, Apollo Projects Stadium (until 2026/27), Airforce Museum of New Zealand, One NZ Stadium at Te Kaha and Hagley Oval.

One NZ Stadium at Te Kaha

4.6 ONZS operations are expected to commence from April 2026, leading to 10 weeks of activity in 2025/26 (year 1 of the SOI period). The complexity of forecasting VŌ’s financial and funding needs has led to preliminary numbers being included in the draft SOI. VŌ has undertaken to engage with Council finance staff ahead of finalising them for the final SOI. This will include understanding the material shifts in revenue or costs relative to the 2019 investment case that was commissioned by the Council and completed by EY.

4.7 At this stage, the forecasts are indicating a higher level of revenue than expected (in the investment case in 2019) from commercial arrangements (particularly premium hospitality sales and commercial partnerships) and operating efficiencies achieved from amalgamating the ONZS into VŌ’s business model. However, while there will be operating savings over the SOI period, further work is needed to understand how sustainable this will be over the longer term (e.g. 10 year Long Term Plan 2024-34 period).

4.8 On page 30 of the draft SOI, VŌ has projected its cashflows at a high level and has separated out its ‘business as usual’ event and venue business and its ONZS business, as well as presenting consolidated forecasts as follows:

VŌ draft SOI 2025/26 - Operating	2025/26 $m	2026/27 $m	2027/28 $m
EBITDA* ONZS (10 weeks of operations)	-2.6	+5.7	+5.8
EBITDA events and venues management business	-3.3	-5.7	-5.8
Council operating grant	+3.3	0	0
Reimbursement of ONZS pre-opening costs	+2.4	+1. 6	0
Consolidated EBITDA (per page 30 of draft SOI)	-0.3	+1.5	0

* EBITDA: Earnings before interest, tax, depreciation and amortisation

4.9 Staff note the following for ONZS:

· pre-opening costs of around $4.3 million have been funded by VŌ since 2022 which it was able to do by deferring repaying its remaining debt;

· the reimbursement of the pre-opening costs until 2026/27 has been provided for in the Council’s draft Annual Plan for 2025/26 (and prior to that was included in the Long Term Plan 2024-34); and

· VŌ is not seeking any Council support funding for 2026/27 and 2027/28 due to significantly better commercial outcomes than anticipated by the investment case noting this is approximately a $3 million saving in operating costs for the Council in each of those years. However, this saving will be offset by the ownership costs the Council will bear if it retains ownership of ONZS which will be of a similar amount over the SOI period, and which have been provided for in the Council’s budgets.

· VŌ is indicating that it will not require access to the CPG event eco-system funding and, if the Council retains ownership of ONZS, VŌ will not require subventions from the Council tax group.

4.10 Capital grants are required to assist VŌ meet the significant costs of asset renewal and improvement to ensure the safety and compliance of the owned venues (Christchurch Town Hall and Wolfbrook Arena) and ongoing replacement of capital equipment required for operations. Capital grants are recorded in line with last year’s SOI and the draft A/P as follows:

VŌ draft SOI 2025/26 – Capital	2025/26 $m	2026/27 $m	2027/28 $m
Capital – events and venues management business	4.0	4.5	3.7
Capital - ONZS	0	0	0
Draft Annual Plan 2025/26	4.0	4.5	3.8
Last year’s SOI	4.0	4.5	-

4.11 The minor difference in capital grants in 2027/28 reflects an inflationary adjustment in the draft Annual Plan that will need to be updated into the final SOI.

4.12 Note that ONZS does not require capital expenditure/investment in the SOI period, but it is expected that it will do from 2033.

Section 17A (LGA) Review

4.13 The draft SOI has been prepared on the basis that the section 17A (LGA) review of Council’s economic development activity, that is currently underway, will not materially alter VŌ’s business model and/or operations. The review is expected to report back in time for Council decisions to be reflected in the final A/P and final SOI due on 30 June 2025.

Non-financial performance targets

4.14 The performance targets are the same as they have been in previous years. The changes in number of events, major ticketed events and attendances at VŌ owned/managed venues can be seen in the following table with ONZS expected to deliver events for 10 weeks in 2025/26 and Apollo Stadium to be decommissioned at the same time:

	Actual 2023/24	Estimated 2024/25	Forecast 2025/26	Forecast 2026/27	Forecast 2027/28
Number of events	386	395	400	522	550
Major ticketed events	16	20	21	26	27
Attendance at venues	642,775	500,000+	600,000	850,000	900,000

4.15 Note that the forecast number of events expected to be hosted by VŌ in 2025/26 reflects in part a transfer of booked events from Apollo Stadium to ONZS as well as the end of the summer season which generally attracts large concerts.

Events – City Partners Group

4.16 In June 2023 the Council established the CPG to have a collective approach to major event opportunities and the funding of them. This includes the long term events eco-system pipeline and funding envelope that was allocated in the Long Term Plan 2024-34 at circa $23 million over 10 years. The CPG to be an important strategic mechanism that evidences the way the Council’s organisations are working together to achieve “best for city” outcomes in the events space.

4.17 VŌ is a member of the CPG along with the Council’s Recreation, Sports and Events Unit, ChristchurchNZ Holdings Ltd (CNZ), Christchurch International Airport Ltd and Ngāi Tūāhuriri. The CPG mechanism has supported the securing of a variety of high profile events to ONZS.

4.18 On page 21 of the SOI VO references it commitment to continuing to work with the Council events eco-system to attract mega, major and business events to the city. Staff consider that more visibility to the purpose and undertakings of the CPG would be a useful addition to the SOI and will engage with VŌ to encourage this for the final SOI.

Letter of Expectations 2025/26

4.19 The key expectations that the Council communicated to VŌ in its LOE dated 19 December 2024 and how they have been incorporated into the draft SOI are shown in the table below:

LOE 2025/26

Draft SOI 2025/26

Council’s strategic priorities

Commitment to supporting the Council with its focus on the strategic priorities and community outcomes in the LTP.

Expenditure restraint – that VŌ acknowledges the fiscally constrained environment it operates within and the imperative for exercising, and being seen to exercise, restraint in the expenditure of public monies.

Page 6.

Current economic conditions have been acknowledged (page 15), VŌ’s commitment to grow revenue to eliminate the need for operational support (pages 14, 15) and its stated aim to “spend cautiously, invest wisely and minimise operating grant funding…” (page 12).

Climate change

Make clear for stakeholders the objectives

underpinning climate change policies and milestones for achieving those objectives.

Acknowledgement of the Council’s strategic policies to reduce emissions in Christchurch.

Clear statement of VŌ’s emission targets and pathways towards meeting those targets;

Report periodically on how VŌ is tracking towards achieving its emissions targets.

VŌ has a target of carbon neutrality by 2030 (page 18). Its draft SOI responds well to the Council’s emissions reductions’ expectations.

The draft SOI notes (also at page 18) that ONZS will need to be integrated into VŌ’s sustainability framework.

ONZS

The Council is looking to VŌ to provide confidence in its plans for ONZS by keeping it informed as part of its quarterly updates on:

· the commercial strategy presented to the Council in January 2024, and how opportunities are being maximised;

· forecast operating costs and revenues, and the impact on VŌ’s business as usual;

· event pipeline;

· options for venue utilisation (outside of major events);

· commercial and operational readiness to maximise the opportunity for the city and region;

· its plan to reduce ratepayer subsidies required for the day-to-day operations; and

· briefing requirements in the lead up to the opening (and on a more regular basis than quarterly if required).

Continue to work collaboratively with CNZ, the Council’s events team and other stakeholders to maximise the investment in ONZS.

ONZS has been brought into VŌ’s draft SOI as an operational asset (page 9).

VŌ has been scheduled to deliver a workshop/briefing on 20 May presenting a deep dive into ONZS commercialisation issues.

Page 4 acknowledges VŌ’s focus on, among other things maximising the opportunity for ONZS. There is no explicit reference to collaboration with the parties as discussed on the preceding page.

Mana whenua

Foster working and strategic relationships between the Council and the six Papatipu Rūnanga who hold mana whenua status in their respective rohe in Canterbury by maintaining high levels of engagement in areas of mutual interest.

Page 22.

Other

The Council expects all of its organisations to contribute to work led by CNZ to develop an implementation plan for the Economic Ambition.

Council expects that VŌ as part of its business cases uses an established model to measure the cost-benefit and return on its investment for events. Council requests that these measures, both forecast and actual, continue to be reported as part of VŌ’s regular reporting to Council.

VŌ to work with the Council’s Health, Safety and Wellbeing team to exchange ideas on best practice and targets for inclusion in the draft SOI.

Consider seeking accreditation as a member of Living Wage Movement Aotearoa NZ.

Not specifically referenced, implicit is that VŌ will contribute as appropriate.

VŌ’s draft SOI discusses delivery of social and economic benefits to the city and its ratepayers. It does not discuss how benefits are measured. This is not information that is necessarily required in an SOI. However, where numbers are provided (for example, on page 4 “events across the portfolio of VŌ venues deliver over $42 million of estimated economic benefit annually…” reference should be made to the way in which this is calculated.

Refer page 20 for VŌ’s Health, Safety and Wellbeing approach and page 26 for health and safety performance targets.

VŌ has advised staff it is a committed living wage employer however due to the large number of small local suppliers and producers it engages and the cost of accreditation it will not be seeking accreditation at this stage.

Section 17A (LGA) Economic Development Review - participation in the independent review of the delivery of economic development functions across the Council.

Any impacts that may arise from the review will be included in the final SOI, noting the draft SOI has been prepared on the basis of no material change to VŌ’s business model or operations.

Climate change

4.20 VŌ’s climate change commitments have been reviewed by the Council’s Climate Resilience team, which has commented that VŌ’s draft SOI provides a clear emissions target to “achieve carbon neutrality for all VŌ venues by 2030”. The draft SOI includes VŌ’s carbon reduction roadmap developed in 2023 which identifies VŌ‘s major emissions sources with explicit reduction targets for each.

4.21 The following extract from the draft SOI sets out three years of carbon emission reduction commitments:

A screenshot of a computer

Options Considered Ngā Kōwhiringa Whaiwhakaaro

4.22 The only reasonably practical alternative option is for the Council to decline to consider VŌ’s draft SOI, in which case the VŌ board will finalise it by 30 June as it considers appropriate.

5. Financial Implications Ngā Hīraunga Rauemi

5.1 The draft SOI itself does not create any additional operating or capital expenditure.

6. Considerations Ngā Whai Whakaaro

Risks and Mitigations Ngā Mōrearea me ngā Whakamātautau

6.1 Governance and accountability risks are minimised when the SOI provides clarity of objectives and deliverables, and meaningful and measurable targets.

6.2 Council is currently undertaking a section 17A review of its economic development activity. The report may have recommendations and findings that could affect how Council’s economic development activity services are delivered. However, until Council has received and considered the report it is appropriate that the SOI has been prepared on a business-as-usual basis.

Legal Considerations Ngā Hīraunga ā-Ture

6.3 Statutory and/or delegated authority to undertake proposals in the report:

6.3.1 LGA.

6.4 Other Legal Implications:

6.4.1 Section 131(1) of the Companies Act 1993 provides for directors duties and in particular that directors must act in the best interests of the company.

Strategy and Policy Considerations Te Whai Kaupapa here

6.5 The required decisions:

6.5.1 Align with the Christchurch City Council’s Strategic Framework.

6.5.2 Are assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy. The level of significance was determined by the extent to which the decisions are likely to impact the community.

6.5.3 Are consistent with Council’s Plans and Policies.

6.6 This report takes into account the funding flows for VŌ’s activities in the Council's Long Term Plan (2024 - 2034).

Impact on Mana Whenua Ngā Whai Take Mana Whenua

6.7 The decisions in this report do not involve a significant decision in relation to ancestral land, a body of water or other elements of intrinsic value, therefore this decision does not specifically impact Mana Whenua, their culture, and traditions.

6.8 The decision does not impact on Council’s agreed partnership priorities with Ngā Papatipu Rūnanga, noting that VŌ has a commitment in its SOI to continuing to foster the partnership with Ngāi Tūāhuriri.

6.9 The decisions sought do not create or otherwise alter VŌ’s operational deliverables.

Climate Change Impact Considerations Ngā Whai Whakaaro mā te Āhuarangi

6.10 The proposals in this report are unlikely to contribute significantly to adaptation to the impacts of climate change or emissions reductions. This is because they do not give rise to any new operational activities.

7. Next Steps Ngā Mahinga ā-muri

7.1 Pursuant to clause 1(2), Part 1 of schedule 8 of the LGA, the VŌ board will consider feedback from the Council shareholder prior to finalising its SOI by 30 June 2025.

7.2 The final SOI will be provided to the Council by 30 June 2025 and within one month of its delivery, will be published on Vo’s and the Council’s websites.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Venues Ōtautahi - draft Statement of Intent 2025/26	25/509771	204
b ⇩	Venues Ōtautahi - Letter of Expectations 2025/26	24/2332302	240

In addition to the attached documents, the following background information is available:

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Author

Linda Gibb - Performance Monitoring Advisor CCO

Approved By

Russell Holden - Head of Finance

Bede Carran - General Manager Finance, Risk & Performance / Chief Financial Officer

12. ChristchurchNZ Holdings Ltd - Draft Statement of Intent 2025/26
Reference Te Tohutoro:	25/616078
Responsible Officer(s) Te Pou Matua:	Linda Gibb, Performance Advisor, Finance
Accountable ELT Member Pouwhakarae:	Bede Carran, General Manager Finance, Risk & Performance / Chief Financial Officer

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 The purpose of this report is for the Council to review ChristchurchNZ Holdings Limited’s (CNZHL’s) draft Statement of Intent (SOI) for 2025/26 and provide comments back to CNZHL for its consideration prior to finalising the SOI.

1.2 The report is written following receipt of CNZHL’s draft SOI on 28 February 2025, which is within the timeframe required by clause 2, Part 1 of Schedule 8 of the Local Government Act 2002 (LGA). CNZHL’s draft SOI and cover letter from the board is at Attachment A. The draft SOI has been informed by the Council’s Letter of Expectations (LOE) to CNZHL dated 19 December 2024 which is at Attachment B for reference.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives ChristchurchNZ Holdings Ltd’s (CNZHL) draft Statement of Intent for 2025/26

2. Notes CNZHL’s draft Statement of Intent for 2025/26 and its detailed business planning is still in progress but will be completed in time to inform the metrics in the final Statement of Intent for 2025/26, due to the Council by 30 June 2025;

3. Advises the following shareholder comments on the draft Statement of Intent for 2025/26 to the CNZHL board pursuant to clause 2, Part 1 of Schedule 8 of the Local Government Act 2002 – for it to consider:

· providing clarity of ChristchurchNZ Holdings Ltd’s emission reduction targets and milestones/pathways for achieving them; and

· identifying interventions supporting local businesses to decarbonise and to build sustainability practices; and

· noting a more inclusive expression of its partnership with Papatipu Rūnanga and Ngāi Tahu; and

4. Notes that the decision in this report is assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy.

3. Executive Summary Te Whakarāpopoto Matua

3.1 CNZHL’s draft SOI was received within the statutory timeframe, i.e. by 1 March 2025. If the Council, as shareholder wishes to influence the draft SOI, it must provide its comments by 1 May 2025. CNZHL must finalise and adopt the final SOI by 30 June 2025.

3.2 The draft SOI reflects the Council’s LOE to the board dated 19 December 2024 to the extent appropriate.

3.3 CNZHL is currently finalising its detailed business planning for the SOI period, the outcomes of which will be included in the final SOI. This includes setting targets for economic outcomes, incorporating any impacts following the section 17A (Local Government Act 2002) review of economic development and working together with the Council to define a programme of urban development work.

3.4 Staff recommend the Council comments on CNZHL’s climate change undertakings in its draft SOI. This includes that it provides greater clarity of its emission reduction targets and milestones/pathways for achieving them in the final SOI and that it identifies interventions supporting local businesses to decarbonise and to build sustainability practices.

4. Background/Context Te Horopaki

Legal requirements for SOIs

4.1 Section 64 of the LGA states the purpose of an SOI is to:

· state publicly the activities and intentions of the CCO for the year and the objectives to which those activities will contribute;

· provide an opportunity for shareholders to influence the direction of the organisation; and

· provide a basis for accountability of the directors to their shareholders for the performance of the organisation.

4.2 Part 1 of Schedule 8 provides that the board of a CCO must deliver a draft SOI to its shareholders by 1 March each year. Shareholders may provide comments on the draft to the CCO board by 1 May and the CCO board must consider the comments made by the shareholder(s) and finalise the SOI by 30 June.

4.3 Parts 2 and 4 of Schedule 8 set out content requirements for SOIs. This includes the objectives of the group, the board’s approach to governance, nature and scope of activities to be undertaken and the major accounting policies.

CNZHL core activities

4.5 CNZHL’s primary focus is on delivering sustainable economic growth to Christchurch primarily through working in partnership with local and national entities to initiate a range of interventions where there are opportunities of scale. This includes attracting businesses, visitors, investment and events to the city, undertaking urban development, supporting businesses to achieve sustainability, and adopting new technologies and innovations.

4.6 Its funding projections for the SOI period are shown in the table below:

	2025/26 $m	2026/27 $m	2027/28 $m
Council funding – draft SOI 2025/26 and last year’s final SOI	16.35	16.70	16.70
Draft Annual Plan 2025-26	16.35	16.70	16.70
Total assets (largely revenue in advance of activities/services being provided)	5.80	5.80	5.80

4.7 Projections of Council funding are consistent with the draft Annual Plan for 2025/26.

4.8 CNZHL attracts third party revenue from a number of sources. This allows it to leverage Council funding to deliver enhanced returns from its activities. Opportunities for external funding, from central government or elsewhere, typically require a fast turnaround, are purpose-specific, and cannot replace current funding for business as usual.

4.9 The draft SOI projects an average of $1.9 million third party funding for each of the SOI years; this will be confirmed through CNZHL's current business planning, in time for inclusion in the final SOI.

4.10 Staff note that the draft SOI references achieving the non-shareholder revenue including completing the capitalisation and transfer of DCL funds (refer page 13). Staff advice is that the DCL funding stream be read in conjunction with the caveat that the SOI maybe subject to further amendment following any decisions that Council may make following consideration of the review.

4.11 CNZHL is a member of the City Partners Group (CPG) along with the Council’s Recreation, Sports and Events unit, Venues Ōtautahi, Christchurch International Airport Ltd and Ngai Tūāhuriri. The CPG mechanism supports the securing of a variety of events to the city. CNZHL has included relevant content to reflect this funding mechanism in its draft SOI at page 12 including working with a range of third parties to implement the major events strategy.

Letter of Expectations 2025/2026

4.12 The key expectations that the Council communicated to CNZHL in its LOE dated 19 December 2024 and how they have been incorporated, so far as relevant, into the draft SOI are shown in the table below:

Expectations

SOI

Expenditure restraint in current economic environment.

Page 14 – financial and operational objectives include “exercise restraint in the expenditure of public monies….”

Economic Ambition (EA)

Provide a briefing to the Council on progress and future direction of work.

Include meaningful measures in the SOI that evidence CNZHL’s progress in achieving the EA’s Implementation Plan.

Briefing provided on 1 April 2025. Annual briefings will be provided thereafter.

CNZHL’s objectives and interventions on page 9 are consistent with the EA. Key performance indicators are provided on page 13 of the draft SOI. These metrics are designed to identify CNZHL’s contribution to economic outcomes that are underpinned by the EA. The targets will be finalised through CNZHL’s current business planning process.

The EA as a City strategy (Christchurch Economic Ambition : Christchurch City Council) has dedicated outcomes and performance measures that go well beyond CNZHL’s own contribution, with reporting against them on its own track.

Climate change

Acknowledgement of the Council’s strategic policies to reduce emissions in Christchurch.

Clarity of objectives underpinning climate change policies and milestones for achieving them.

Clear statement of CNZHL’s emission targets and pathways towards meeting those targets.

Support other organisations CNZHL works with to develop emission reduction targets.

Staff consider the SOI warrants a fuller discussion about CNZHL’s approach to reducing carbon emissions and reaching its targets.

Page 9 – Interventions include supporting local businesses to decarbonise and to build sustainability practices.

Page 10 – demonstrating leadership and championing the city’s transition to a regenerative economy.

The work that CNZHL is doing with other organisations could be explained to add value to this section of the SOI.

Urban development

Working with the Council to identify and allocate a pipeline of work.

Demonstrate a clear value proposition and associated meaningful measures for projects undertaken.

Be complementary and aligned to the urban planning and regeneration programmes undertaken by the Council.

Page 9 - the Council and CNZHL will work together to define a programme of urban development work that is complementary and aligned to the urban planning and regeneration programmes undertaken by the Council.

Mana whenua

Mana whenua are a recognised strategic partner of the Council. CCOs are expected to foster the working and strategic relationships between the Council and the six Papatipu Rūnanga who hold mana whenua status in their respective rohe in Canterbury by maintaining high levels of engagement in areas of mutual interest.

Page 10 – CNZHL recognises the importance of the partnership with mana whenua, staff advice is that a preferred expression rather than state ‘Work with Whitiora, local hapū, and Ngāi Tahi, as leaders, advocates, and delivery partners’ is to note ‘partnering with all of the Papatipu Rūnanga, i.e. Ngāi Tūāhuriri (Whitiora), Ngāti Wheke, Ōnuku, Koukourarata, Wairewa, and Taumutu within their takiwā, and in good faith with Ngāi Tahu, as leaders, advocates, and Treaty partners’ as a more inclusive expression of the Partnership with mana whenua

Other

Consider seeking accreditation with Living Wage Movement Aotearoa NZ.

Page 14 – “CNZHL will contract staff and suppliers such that it meets all requirements of a living wage accredited employer”. Staff understand that while CNZHL is willing to do all that accreditation requires, it does not consider the transaction costs of seeking accreditation to be value for money as it requires resources that would otherwise contribute to services delivering community outcomes.

4.13 The following shareholder expectations in the LOE for 2025/26 are not specifically referenced in CNZHL’s draft SOI as they are being delivered as part of business-as-usual operational activity and will be addressed over the course of the 2025/26 financial year or earlier.

Reporting

Include an annual estimate of returns on Council investment in CNZHL (quantified and qualitative returns).

Separate reporting on destination and attraction initiatives for Banks Peninsula.

Next steps with respect to CNZHL-authored reports - Creative Arts Sector and Economic Inequality.

Annual reporting to include progress on how CNZHL is tracking towards achieving its emissions targets.

CNZHL will continue to report against this metric. Following completion of business planning, the target estimate will be included in the final SOI.

Delivery of interventions and work programmes that contribute to priorities and objectives of, among other things Destination Plans for Ōtautahi Christchurch Waitaha Canterbury and Te Pātaka o Rākaihautū Banks Peninsula.

CNZHL delivered both reports in 2024, noting in its SOI it will continue to support activity and investment in Christchurch’s creative sector with a focus on screen and gaming industries. A ‘next steps’ addendum to the Economic Inequality report will be provided as soon as practicable, noting that implementation of recommendations (including funding) is a matter for the Council).

CNZHL reports against its SOI targets in its annual and half year reports, including progress on reducing its emissions.

Events

Funding for events to be the direct investment in events (not overheads or indirect costs).

Use an established cost/benefit model to report the economic benefits, forecast and actual, associated with events it supports.

CNZHL has committed to the Major Events funding (allocated in the Long Term Plan 2024-34 from the Capital Endowment Fund and Tourism, Events and Economic Development (TEED) fund) being allocated to direct investment in events.

CNZHL notes that it applies an industry standard model, and the methodology is reviewed by its auditors at year end. CNZHL has advised that the same methodology is used throughout the country to measure net benefits from major events.

Section 17A LGA Review

Participation in the independent review of the delivery of economic development functions across the Council.

This is in progress.

Briefings sought

EA, Destination Management Plans and Christchurch Brand; climate change (Emissions Reduction Plan), urban development pipeline, draft SOI.

Performance targets

4.14 CNZHL’s contribution through its interventions to economic outcomes are at page 13 of the draft SOI. Metrics have yet to be finalised as CNZHL’s detailed business planning process concludes ahead of the final SOI.

4.15 Council staff note CNZHL’s approach of:

· using a combination of expected outcomes and stretch targets to drive its efforts;

· relying on its auditors’ audit of the Annual Report to attest to the reasonableness of its reporting of CNZHL’s contribution to economic outcomes from its interventions; and staff further note that this should not preclude methodology changes being applied should it be recommended by the section 17A review, and

· undertaking to report on a broader and more nuanced reporting of the returns it is generating from its work (which roll up into the high level metrics).

4.16 Levels of Service are the contracted standards (e.g. quality and quantity) of deliverables that CNZHL and the Council have agreed in the Long Term Plan 2024-34 (refer to Appendix One of CNZHL’s draft SOI, pages 22 and 23).

Options Considered Ngā Kōwhiringa Whaiwhakaaro

4.17 The only reasonably practical alternative option is for the Council to decline to consider CNZHL’s draft SOI, in which case the CNZHL board will finalise it by 30 June as it considers appropriate.

5. Financial Implications Ngā Hīraunga Rauemi

5.1 The draft SOI does not create any additional operating or capital expenditure.

6. Considerations Ngā Whai Whakaaro

Risks and Mitigations Ngā Mōrearea me ngā Whakamātautau

6.1 Governance and accountability risks are minimised when the SOI provides clarity of objectives and deliverables, and meaningful and measurable targets.

6.2 Council is currently undertaking a section 17A review of Council economic development activity. The report may have recommendations and findings that could affect how Council’s economic development activity services are delivered. However, until Council has received and considered the report it is appropriate that the SOI has been prepared on a business-as-usual basis.

Legal Considerations Ngā Hīraunga ā-Ture

6.3 Statutory and/or delegated authority to undertake proposals in the report:

6.3.1 LGA.

6.4 Other Legal Implications:

6.4.1 Section 131(1) of the Companies Act 1993 provides for directors duties and in particular that directors must act in the best interests of the company.

Strategy and Policy Considerations Te Whai Kaupapa here

6.5 The required decisions:

6.5.1 Align with the Christchurch City Council’s Strategic Framework.

6.5.3 Are consistent with Council’s Plans and Policies.

6.6 This report takes into account the funding flows for CNZHL’s activities in the Council's Long Term Plan (2024 - 2034).

Community Impacts and Views Ngā Mariu ā-Hāpori

6.7 Not relevant.

Impact on Mana Whenua Ngā Whai Take Mana Whenua

6.8 The decisions in this report do not involve a significant decision in relation to ancestral land, a body of water or other elements of intrinsic value, therefore this decision does not specifically impact Mana Whenua, their culture, and traditions.

6.9 The decision does not impact on Council’s agreed partnership priorities with Ngā Papatipu Rūnanga.

6.10 The decisions sought do not create or otherwise alter CNZHL’s operational deliverables.

Climate Change Impact Considerations Ngā Whai Whakaaro mā te Āhuarangi

6.15 The proposals in this report are unlikely to contribute significantly to adaptation to the impacts of climate change or emissions reductions. This is because they do not give rise to any new operational activities.

7. Next Steps Ngā Mahinga ā-muri

7.1 Pursuant to clause 1(2), schedule 8 of part 1 of the LGA, the CNZHL board will consider feedback from the Council shareholder prior to finalising its SOI by 30 June 2025.

7.2 The final SOI will be provided to the Council by 30 June 2025 and within one month of its delivery, will be published on CNZHL’s and the Council’s websites.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	ChristchurchNZ Holdings Ltd draft Statement of Intent 2025/26	25/509811	252
b ⇩	Council's Letter of Expectations to ChristchurchNZ for 2025/26	24/2333992	276

In addition to the attached documents, the following background information is available:

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Author

Linda Gibb - Performance Monitoring Advisor CCO

Approved By

Russell Holden - Head of Finance

Bede Carran - General Manager Finance, Risk & Performance / Chief Financial Officer

13. Christchurch City Holdings Ltd and Group - Draft Statements of Intent
Reference Te Tohutoro:	24/2272685
Responsible Officer(s) Te Pou Matua:	Linda Gibb, Performance Advisor, Finance
Accountable ELT Member Pouwhakarae:	Bede Carran, General Manager Finance, Risk & Performance / Chief Financial Officer

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 The purpose of this report is for the Council to review the draft Statements of Intent (SOIs) for 2025/26 for Christchurch City Holdings Ltd (CCHL) and its subsidiaries.

1.2 The report is written as a result of receiving CCHL’s draft SOI, (and those of its subsidiaries), on 28 February 2025, within the timeframe required by clause 2, Part 1 of Schedule 8 of the Local Government Act 2002 (LGA). CCHL’s draft SOI is at Attachment A. The draft SOI has been informed by the Council’s Letter of Expectations (LOE) to CCHL dated 19 December 2024 which is at Attachment B for reference.

1.3 The draft SOIs for CCHL subsidiaries are at Attachments C-H inclusive (Christchurch International Airport Ltd (CIAL), City Care Ltd, EcoCentral Ltd, Enable Services Ltd, Lyttelton Port Company Ltd (LPC) and Orion NZ Ltd). Draft SOIs for CCHL’s two subsidiary companies that are no longer operating (Development Christchurch Ltd and RBL Property Ltd) are at Attachments I and J.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives Christchurch City Holdings Ltd’s (CCHL) draft Statement of Intent for 2025/26 which presents forecasts of dividends to be distributed to the Council that are consistent with the draft Annual Plan 2025/26;

2. Receives the draft Statements of Intent for 2025/26 for the Christchurch City Holdings Ltd subsidiary companies - Christchurch International Airport Ltd, City Care Ltd, EcoCentral Ltd, Enable Services Ltd, Lyttelton Port Company Ltd, Orion NZ Ltd, Development Christchurch Ltd and RBL Property Ltd;

3. Provides the following shareholder comments to the Christchurch City Holdings Ltd board for its consideration for the final Statement of Intent for 2025/26:

a. that it considers additional content that clarifies its leadership role and commitments in achieving greenhouse gas emissions reductions across the Christchurch City Holdings Ltd group; and

b. reiteration of the Council’s expectation that Christchurch City Holdings Ltd will continue to work closely with Council staff to share information on the approach to reducing emissions across the group, the challenges it faces and the individual subsidiary and consolidated group carbon emissions reductions targets.

4. Notes that the decision in this report is assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy.

3. Executive Summary Te Whakarāpopoto Matua

3.1 As CCHL’s shareholder, the Council provides comments on CCHL’s draft SOI. CCHL, as the shareholder of the subsidiaries provides comments on their respective draft SOIs. CCHL’s comments to its subsidiaries will include any comments that Council as shareholder makes that impact the CCHL Group as a whole.

3.2 Group financial forecasts over the three-year SOI period are shown in the table below:

CCHL group draft SOIs 2025/26	2025/26 $m	2026/27 $m	2027/28 $m
Group NPAT	123	147	172
Dividends from subsidiaries to CCHL	108	119	139
CCHL dividends to CCC	65	65	66

3.3 The increase in group NPAT of $49 million (40%) between 2025/26 and 2027/28 is attributable, for the most part to Orion ($13 million), largely due to increased demand for electricity (arising from growth in customer base and decarbonisation coupled with price path changes) and CIAL ($11 million), arising from travel, and occupancy of its investment property portfolio. LPC and Enable also forecast increased NPAT over the period of respectively $5 million and $7 million, also arising from higher demand from customers.

3.4 Dividends are line with the provisions in the draft Annual Plan 2025/26.

3.5 The draft SOI sets out CCHL’s Responsible Ownership Strategies (based on United Nations’ Principles for Responsible Investment). Individual subsidiary and group greenhouse gas emissions reduction targets are expected to be science-aligned with 1.5°C of warming (and therefore also in line with the Council target). A priority for the SOI period is for CCHL and its companies to address the ways in which they can influence supply chains and sector leadership to reduce Scope 3 emissions.

3.6 Staff consider CCHL’s leadership role and commitments in achieving greenhouse gas emissions reductions could be documented in the final SOI to provide clarity to all stakeholders. Additionally, the Council may wish to reiterate its expectation that CCHL continues to work closely with Council staff to share information on its approach to reducing emissions across the group, the challenges it faces (particularly in identifying and planning for reductions in scope 3 emissions) and the individual subsidiary and consolidated group carbon emissions reductions targets.

4. Background/Context Te Horopaki

Legal requirements for SOIs

4.1 Section 64 of the LGA sets out the purpose of a SOI is to:

· state publicly the activities and intentions of the CCO for the year and the objectives to which those activities will contribute;

· provide an opportunity for shareholders to influence the direction of the organisation; and

· provide a basis for accountability of the directors to their shareholders for the performance of the organisation.

4.2 Part 1 of Schedule 8 of the LGA provides that the board of a CCO must deliver its draft SOI to the shareholders by 1 March each year, shareholders may provide comments on the draft to the CCO board by 1 May and the CCO board must consider the comments made by the shareholder(s) and finalise the SOI before the commencement of the financial year to which it relates (i.e. by 30 June).

4.3 Parts 2 and 4 of Schedule 8 of the LGA set out content requirements for SOIs. This includes the objectives of the CCO, the board’s approach to governance, nature and scope of activities to be undertaken and the major accounting policies.

4.5 The following related information session/workshops have taken place for the members of the meeting:

Date	Subject
11 March	Draft SOIs – LPC, Enable Services, EcoCentral
18 March	Draft SOI – Orion
25 March	Draft SOIs – CIAL and City Care
25 March	CCHL Group – Progress on achieving Greenhouse Gas Emissions Reduction Plans
15 April	Draft SOI – CCHL parent draft SOI

4.6 Staff note that:

· dividend forecasts of $65 million per annum in 2025/26 and 2026/27 are consistent with last year’s SOI dividend forecasts and with the draft Annual Plan 2025/26. The dividend for 2027/28 is $66 million, also consistent with the draft Annual Plan;

· group debt is forecast to be approximately $2.8 billion at the end of the SOI period, an increase of circa $300 million from 2024/25. This is largely to support re-investment in current infrastructure, mostly for Orion and CIAL. With group gearing[1] close to 50%, the need for CCHL to create capital headroom and financial flexibility through debt repayment is a material consideration;

· interest costs on debt met by the CCHL group was on average $100 million in each of the past two years; and

· CCHL has developed its Responsible Ownership Framework, which is at pages 7-9 of the draft SOI. A priority for 2025/26 is aligning and embedding the framework approach across the group.

Financial projections

4.7 CCHL has not yet completed its business planning. The financial projections in the draft SOI reflect the latest forecasting the group has undertaken. Forecasts will be updated if required in the final SOI due to the Council by 30 June. Variation in Net Profit after Tax[2] (NPAT) forecasts between draft and final SOIs have been circa +/-5% in the recent past. Therefore, material movements in the forecasts between the draft and final SOI are not seen as likely.

4.8 The following table shows the CCHL group’s consolidated NPAT and dividend projections. Note there is no change between last year’s final SOI forecasts and the draft SOI forecasts:

CCHL group draft SOIs 2025/26	2025/26 $m	2026/27 $m	2027/28 $m
Group NPAT	123	147	172
Dividends from subsidiaries to CCHL	108	119	139
CCHL dividends to CCC	65	65	66

4.9 Dividends from the subsidiary companies to the CCHL parent are forecast to increase by $21 million between 2026/27 and 2027/28. CCHL will use the additional forecast dividends to strengthen its financial position by repaying debt. Dividends forecast to be paid by CCHL to the Council over the SOI period are consistent with the draft Annual Plan 2025/26 and Long-Term-Plan 2024-34.

4.10 The following graph shows NPAT since 2022/23, estimated actual outturn for 2024/25- and three-year draft SOI forecasts for the CCHL subsidiaries.

4.11 The 2027/28 draft SOI NPAT forecasts when compared with actual NPAT in 2023 reflects a 101% increase for Orion, 70% for CIAL, 80% for LPC and 59% for Enable. This notwithstanding, the companies face headwinds of varying magnitude with the uneconomic uncertainties created from the global geo-political environment.

4.12 The forecasts for 2027/28 show a 17% ($25 million, $147 million to $172 million) increase in group profitability over the 2026/27 forecasts. This is for the most part attributable to the following.

· Orion (+$9 million) reflecting higher electricity demand (in part driven by growth in the customer base and decarbonisation) and pricing to reflect future capital works as reflected by regulatory price path settings. From 2027/28 an increase in total allowed revenue under a customised price path (CPP) is anticipated in the forecasts (staff note however that the Orion board has not yet formally confirmed its intention to seek a CPP from the Commerce Commission);

· CIAL (+$6 million) from assumed growth in passenger numbers based on forecast GDP. By 2027/28 Air New Zealand’s engine maintenance works should be complete and full capacity restored to the Auckland and trans-Tasman routes. CIAL’s draft SOI notes that it has ongoing opportunities to grow value from its commercial property portfolio;

· Enable Services (+$4 million) from ongoing, but diminishing growth in connections to the fibre broadband network; and

· LPC (+$3 million) from increased cargo volumes through the port and cost efficiencies.

Letter of Expectations 2025/2026

4.13 The key expectations that the Council communicated to CCHL in its LOE dated 19 December 2024 and how, so far as relevant, they have been incorporated into the draft SOI are shown in the table below:

Council expectations per LOE 2025/26

CCHL response in draft SOI 2025/26

Council’s strategic priorities

Commitment to supporting the Council with its focus on the strategic priorities and community outcomes in the LTP.

Expenditure restraint – pursue options to share services with other members of the Council family and exercise fiscal restraint in its expenditure decisions.

Page 7 of draft SOI.

Not specifically referenced, however implicit in both CCHL’s active and prudent approach to managing subsidiaries to reflect the expectations of Council and ratepayers, along with the directors’ duties (s. 131 of the Companies Act 1993) requiring directors to act in the best interests of the company.

Active and responsible owner

Engage with the Council as CCHL develops its strategic approach as an active and responsible owner.

Ensure the subsidiary companies are focusing on ensuring strong financial performance including strong dividends flows while supporting sustainable growth over the long term.

Develop performance measures (across the group) that enable the assessment of financial and non-financial performance and provides a basis for comparative performance of the subsidiaries.

Page 4 – CCHL has developed a Responsible Ownership Framework to guide its direction and programme of work.

Pages 7-9 – sets out the framework including responsible ownership strategies.

Page 12 – financial year 2026 priorities include, “align the group’s strategic approach to responsible ownership”.

Page 12 – financial year 2026 priorities recognise strong financial management is required.

Page 19 – distributions to shareholders include considering a long-term sustainable dividend profile.

CCHL and Council staff are continuing to work toward refreshing performance reporting. Measures will be reported against in CCHL’s quarterly reporting to the Council.

Health, safety and wellbeing

CCHL to liaise with the Council’s Health, Safety and Wellbeing team to share best practice and targets.

CCHL has measures for health and safety on page 15, and while not a specific SOI commitment CCHL has a commitment to working with Council staff to sharing best practice.

Mana whenua

Page 15, including enhancing partnerships with mana whenua.

Other

Acknowledge that CCHL and its subsidiaries are owned either wholly or by majority by the Council on behalf of the community.

Engage with the Council before progressing any proposed significant changes to it, or its subsidiaries’ operating models.

Exercising restraint in the level of senior executive total remuneration.

Engage with the Council on progress in continuing its programmes to increase diversity, equity, inclusion and belonging at organisational and governance levels across the group.

Consider seeking accreditation with Living Wage Movement Aotearoa NZ.

Operate in a manner that is consistent with guidance from the New Zealand Ministry of Foreign Affairs and Trade (MFAT) in respect of international trade and business dealings.

Cover page of SOI “CCHL is a wholly owned subsidiary of Christchurch City Council”.

Page 4 – refers to CCHL’s vision as “enhancing value from publicly owned infrastructure for the people of Christchurch and Banks Peninsula”.

Page 15 – in pursuit of a strong social license to operate CCHL has undertaken to “understand the issues most important to its stakeholders” and for each subsidiary company to hold a current stakeholder engagement plan.

Page 19 – “CCHL has policies and procedures in place to ensure remuneration levels are set at responsible limits that are able to attract and retain people needed to manage and operate the business”.

Page 9 – Stakeholder engagement which includes engaging with the Council (among other stakeholders) in developing equity, diversity and inclusivity across the group.

Not included. CCHL has advised that its subsidiaries have been asked to consider accreditation.

Not specifically included. CCHL has advised that it is covered by its responsible ownership principles and framework, and a standing expectation that CCHL and subsidiaries will operate in a manner that is consistent with guidance from MFAT.

Climate change

4.14 As part of its Responsible Ownership strategies, CCHL has committed to minimising carbon emissions in support of CCHL and the Council’s emission reduction targets. It also notes that one of its priorities in 2025/26 is its commitment to the Council’s targets to reduce emissions in Christchurch and the district.

4.15 At a workshop to Councillors on 25 March, CCHL presented the group’s progress on emissions reductions. CCHL advised that the group would be turning its attention to influencing supply chains and sector leadership to reduce Scope 3 emissions.

4.16 The LOE’s request for CCHL (and all CCOs) to make clear for stakeholders the objectives underpinning climate change policies and milestones for achieving them are recorded in each of the subsidiary companies’ draft SOIs. CCHL will report its greenhouse gas emissions reduction target(s) and milestones for achievement in due course as required by the New Zealand Climate Standard. As communicated at the 25 March workshop, individual and group greenhouse gas emissions reduction targets are expected to be science-aligned with 1.5°C of warming (and therefore also in line with the Council target).

4.17 CCHL’s role is largely one of leadership of both the group’s response to the Council’s emission reductions policies and influencing the industries in which the group operates. Staff consider CCHL’s leadership role and commitments could be documented in the final SOI to provide clarity to all stakeholders.

4.18 In addition, the Council may wish to reiterate its expectation that CCHL continues to work closely with Council staff to share information on its approach to reducing emissions across the group, the challenges it faces (particularly in identifying and planning for reductions in scope 3 emissions) and the individual subsidiary and consolidated group carbon emissions reductions targets. This is suggested not due to any omission in this activity at present, but rather that it is a Council priority to which the CCHL group can make a sizeable contribution.

Other issues

4.19 The LOE requested that CCHL engages with Council staff to explore the capacity and capability (and the implications) of including in LPC and CIAL’s SOIs a commitment to reduce international shipping and aviation emissions. CCHL has advised that it is currently engaging with the two subsidiary companies to progress advice on this issue, noting that both CIAL and LPC have active climate change mitigation programmes as documented in their respective draft SOIs which include supply chain emissions and sector decarbonisation.

4.20 Enable Services is scheduled to provide a briefing to the Council on 20 May 2025 on the results of its post-investment review that was recently requested by councillors.

4.21 CCHL and its subsidiaries have a variety of targets relating to diversity, including reducing the gender pay gap across the group, reporting progress and advising their plans on how to close any gaps. CCHL has previously provided analysis to the Finance and Performance Committee on CEO remuneration which it will update before the end of the current financial year. Staff advice is that CCHL should meet, at a minimum, the NZX Corporate Governance Code’s guidelines when reporting chief executive remuneration. This will also align with the Treasury’s requirements for CIAL reporting chief executive remuneration.

4.22 As part of its engagement and monitoring of the subsidiary companies, company culture is included. The subsidiary companies have performance targets that includes employee surveys of workplace culture, employee turnover, health and safety, and developing and maintaining relationships with mana whenua.

Options Considered Ngā Kōwhiringa Whaiwhakaaro

4.23 The only reasonably practical alternative option is for the Council to decline to consider CCHL’s draft SOI, in which case the CCHL board will finalise it by 30 June as it considers appropriate.

5. Financial Implications Ngā Hīraunga Rauemi

5.1 The draft SOI does not create any additional operating or capital expenditure.

6. Considerations Ngā Whai Whakaaro

Risks and Mitigations Ngā Mōrearea me ngā Whakamātautau

6.1 Governance and accountability risks are minimised when the SOI provides clarity of objectives and deliverables, and meaningful and measurable targets.

Legal Considerations Ngā Hīraunga ā-Ture

6.2 Statutory and/or delegated authority to undertake proposals in the report:

6.2.1 LGA.

6.3 Other Legal Implications:

6.3.1 Section 131(1) of the Companies Act 1993 provides for directors’ duties and in particular that directors must act in the best interests of the company.

Strategy and Policy Considerations Te Whai Kaupapa here

6.4 The required decisions:

6.4.1 Align with the Christchurch City Council’s Strategic Framework.

6.4.2 Are assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy. The level of significance was determined by the extent to which the decisions are likely to impact the community.

6.4.3 Are consistent with Council’s Plans and Policies.

6.5 This report takes into account the funding flows for CNZHL’s activities in the Council's Long Term Plan (2024 - 2034).

Impact on Mana Whenua Ngā Whai Take Mana Whenua

6.6 The decisions in this report do not involve a significant decision in relation to ancestral land, a body of water or other elements of intrinsic value, therefore this decision does not specifically impact Mana Whenua, their culture, and traditions.

6.7 The decision does not impact on Council’s agreed partnership priorities with Ngā Papatipu Rūnanga.

6.8 The decisions sought do not create or otherwise alter CCHL’s operational deliverables.

Climate Change Impact Considerations Ngā Whai Whakaaro mā te Āhuarangi

6.9 The proposals in this report are unlikely to contribute significantly to adaptation to the impacts of climate change or emissions reductions. This is because they do not give rise to any new operational activities.

7. Next Steps Ngā Mahinga ā-muri

7.1 Pursuant to clause 1(2), schedule 8 of part 1 of the LGA, the CCHL board will consider feedback from the Council shareholder prior to finalising its SOI by 30 June 2025.

7.2 The final SOI will be provided to the Council by 30 June 2025 and within one month of its delivery, and will be published on CCHL’s and the Council’s websites.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Christchurch City Holdings Ltd - Draft Statement of Intent 2025/26	25/450039	290
b ⇩	Christchurch City Holdings Ltd - Letter of Expectations for 2025/26	24/2332278	303
c ⇩	Christchurch International Airport Ltd - Draft Statement of Intent 2025/26	25/450120	307
d ⇩	City Care - Draft Statement of Intent 2025/26	25/450183	345
e ⇩	EcoCentral - Draft Statement of Intent 2025/26	25/450233	374
f ⇩	Enable Services - Draft Statement of Intent 2025/26	25/450256	387
g ⇩	Lyttelton Port Company - Draft Statement of Intent 2025/26	25/450314	402
h ⇩	Orion Group - Draft Statement of Intent 2025/26	25/450468	417
i ⇩	Development Christchurch Ltd - Draft Statement of Intent 2025/26	25/450503	429
j ⇩	RBL Property Ltd - Draft Statement of Intent 2025/26	25/450524	434

In addition to the attached documents, the following background information is available:

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Author

Linda Gibb - Performance Monitoring Advisor CCO

Approved By

Russell Holden - Head of Finance

Bede Carran - General Manager Finance, Risk & Performance / Chief Financial Officer

[1] Debt/(debt + equity) or alternatively how much debtholders own of the group’s assets, a claim that has priority over shareholders’ rights.

[2] Actual NPAT includes non-cash items such as value gains; forecast NPAT does not. Non-cash contribution to NPAT cannot be readily monetised for dividends.

9. Capital Programme Performance Report March 2025
Reference Te Tohutoro:	25/554707
Responsible Officer(s) Te Pou Matua:	Nicky Palmer, Head of Programme Management Office
Accountable ELT Member Pouwhakarae:	Brent Smith, General Manager City Infrastructure

10. One New Zealand Stadium at Te Kaha - Elected Members' Update
Reference Te Tohutoro:	25/697590
Responsible Officer(s) Te Pou Matua:	David Kennedy, Chief Executive Te Kaha Project Delivery Limited
Accountable ELT Member Pouwhakarae:	Andrew Rutledge, General Manager Citizens and Community

ITEM NO.	GENERAL SUBJECT OF EACH MATTER TO BE CONSIDERED	SECTION	SUBCLAUSE AND REASON UNDER THE ACT	PUBLIC INTEREST CONSIDERATION	Potential Release Review Date and Conditions
15.	Public Excluded Finance and Performance Committee Minutes - 26 March 2025			Refer to the previous public excluded reason in the agendas for these meetings.
16.	Visibility of Capital Project Budget Changes: March 2025	s7(2)(h)	Commercial Activities	The report contains information on specific projects being tendered in the open market and accordingly it may put council in a disadvantaged position.	20 March 2026 This report can be released to the public once all commercial negotiations and contracts have been concluded, and subject to the approval of the Head of Procurement and Contracts
17.	Three Waters Project Delivery Panel	s7(2)(h), s7(2)(i)	Commercial Activities, Conduct Negotiations	The commercial sensitivity of the content outweighs the public interest until the contract is awarded.	1 September 2025 or once Panel contracts established.
18.	Procurement Plan for SW Addington Brook and Riccarton Drain Filtration Devices	s7(2)(h)	Commercial Activities	The commercial sensitivity of the content outweighs the public interest until the contract is awarded.	1 July 2025 Once the defect period of the contract is concluded

Author	David Kennedy - Chief Executive Te Kaha Project Delivery Limited
Approved By	Barry Bragg – Chairperson, Te Kaha Project Delivery Limited