Agenda of Finance and Performance Committee - Wednesday, 26 November 2025

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

Chair	Councillor MacDonald
Deputy Chair	Councillor McLellan
Membership	The Mayor and all councillors are members of this committee.
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 the following matters:

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.

· Approving amendments to the Capital Programme outside the Long-Term Plan or Annual Plan processes.

· Approving Capital Programme investment cases, and 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.

· 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, conditional on compliance with the procurement plan strategy).

· 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, conditional on compliance with the procurement plan strategy).

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:

- (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

- 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

· Providing oversight and monitoring development of the Long Term Plan (LTP) and Annual Plan.

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, 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 of 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 of 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 agree to refer the report to the Committee, the Committee may then assume decision-making authority for that specific report.

6. ELT Performance Priority: Capital Projects delivery

6.1 The table below provides a summary on the capital project delivery against milestones, noting that spend against budget are set out in the Financial Performance Report and the Capital Programme Performance Report.

6.2 Capital Watchlist project milestone delivery performance is forecast at 72.7%. This is forecast to not achieve the ELT target of 85%.

6.3 Capital Non-Watchlist projects milestone delivery performance is forecast at 79.9%, which is forecast to not achieve the ELT target of 85%.

6.4 Both forecasts are presently behind the overall combined capital project milestone delivery result for 2024/25, 80.2%.

Capital project planning

6.5 Council also monitors capital project planning as a lead indicator of future capital project delivery. The table below summarises the forward view of project planning.

6.6 Capital projects planning % for FY2027 is forecast at 88.8%, an increase of 0.4% from management reporting for September and remains forecast close to the ELT target of 90%.

6.7 Capital projects planning % for FY2028/2029 is forecast at 89.8%, an increase of 1.1% from September, also remaining forecast close to the ELT target of 90%.

6.8 Forecasts for both targets are in line with year-end for 2024/25, and ahead of the same point in time last year. There is sufficient time remaining this financial year for these ELT performance targets to be met if current progress is increased incrementally.

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

7. ELT Performance Priority: Value for Money

7.1 A key performance measure is value for money, and whether activities are operating within the budgets for controllable costs, and the forecast for the year end. The table below summarises the year end position based on current performance (note also the detail provided earlier in the report (refer to the table at Section 5 Performance by Activity).

7.2 89.7% (35/39) of activities are forecast to achieve budget (nett controllable cost, after carry-forwards). While some activities are unfavourable against budget, overall Council is within budget. Attachment A (summary of performance targets for major Council activities, with detailed levels of service results, exceptions, activity budget results, with manager commentary) and the Financial Performance Report provide analysis of the exceptions and variances.

7.3 As part of determining value for money, capital expenditure against budgeted expenditure is also monitored. The table below summarises the forecast capital spend, and shows that capital expenditure is forecast to not meet the ELT’s target of between 0% to -10%.

7.4 The ELT performance target reporting includes Council’s core and externally funded work, regardless of funding source, but excludes One New Zealand Stadium at Te Kaha.

7.5 The current year forecast variance of -10.9% compares with the prior year’s year end result of
-13.3% (current year budget of $561.2M / forecast underspend -$61.2M, compares with last year-end budget $553.7M / underspent by -$73.4M).

7.6 More detailed information is available in the Financial and Capital Programme Performance reports.

7.7 Set out below is the forward view of capital delivery performance for the LTP 2024-34 (financial), which looks at commitments for the first few years of the LTP 2024-34, accompanied by confirmed capital delivery in preceding LTP-cycles against plan.

7.8 This view includes the adopted capital programme from the LTP 2024-34 as updated through the 2025/26 Annual Plan.

7.9 This also includes adjustments to budgets for years 2025/26 to 2027/28 for carry-forwards
(-$57.4M) as approved through the Financial Performance Report – June 2025, by Finance and Performance Committee, Part C (3)).

7.10 The extended black line is the full planned delivery budget including One New Zealand Stadium at Te Kaha (as adopted through the Annual Plan 2025/2026) (including confirmed carry forwards).

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

· from a consistent $488M to $483M planned budget for the previous three years (2021-2024);

· to $554M for 2025, to between $561M to $775M (back to $711M) planned budget for the years (2026-2028), noting that the Programme Management Office (PMO), as part of the 2026/27 Annual Plan preparation continues to review the capital programme for deliverability.

7.12 The Council capital delivery (green line) for 2025/2026 is forecasted at $500M against the programme budget of $561M (rounded) (blue line). This equates to 89.1% of budget spent.

7.13 It is important to note that the forecast capital programme for outer years does not yet incorporate the updates from the PMO’s review of deliverability. Updates are applied once Council formally adopt the changes (generally at the draft AP and/or final AP adoptions).

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

8. Responses to questions from Councillors

8.1 There are no outstanding questions from Councillors.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Service Delivery Summary (Levels of Service)	25/2327127	16

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

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Authors

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

7. Financial Performance Report - October 2025
Reference Te Tohutoro:	25/2270164
Responsible Officer(s) Te Pou Matua:	Bruce Moher, 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 Committee on Council's financial performance to 31 October 2025, which includes providing an updated year-end forecast.

1.2 This is a standing 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 - October 2025 Report.

3. Executive Summary Te Whakarāpopoto Matua

3.1 This is the first report for 2025/26 and the new triennium, and it includes quarterly information on the Treasury function, rates, excess water and general debt, and insurance claims. A breakdown of financial performance by Activity is also included (refer Attachment A).

3.2 The year-to-date operational surplus of $60.3m is $27.7m greater than budget. This is driven by: savings in insurance costs, reduced personnel costs due to staff vacancies, lower than budget landfill and resource recovery operations, a strong building market increasing consenting revenue, increased recreation and sports participation revenues and late rating growth.

3.3 The forecast year end operating surplus is currently $14.3m. This is driven by: $1.0m additional revenue (primarily related to rates and LIM & property files) and lower forecast costs of approximately $13.5m primarily, $7.2m of insurance renewal savings, $2.6m personal costs due to vacancies, $2.2m in landfill and resource recovery operations and reduced rates of $1.7m on Council owned properties due to the rates reductions arising after budgets had been set.

3.4 The capital programme delivery is below budget year to date by $37.5m, primarily in the areas of Transport ($11.5m) and Three Waters ($17.3m). The Project Management Office (PMO) forecasts the underspend to extend to $71.4m 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 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 Forward
$m	Actual	Budget	Var	Forecast	Budget	Var	C/ fwd	Var
Operational
Revenues	(501.4)	(495.6)	5.8	(1,145.0)	(1,144.0)	1.0	-	1.0
Expenditure	304.7	327.7	23.0	878.1	891.6	13.5	-	13.5
Funds not available for Opex	136.4	135.3	(1.1)	252.6	252.4	(0.2)	-	(0.2)
Operating (Surplus)/Deficit	(60.3)	(32.6)	27.7	(14.3)	-	14.3	-	14.3

4.3 After four months the year to date operating surplus variance is $27.7m and forecast to reduce to $14.3m by financial year end. Summaries of the material revenue and expenditure variances and changes are highlighted below.

4.4 Revenue is $5.8m over budget year to date and forecast to be $1.0m over budget at year end. Due to the large amount of corporate revenues within Council’s budget, for which timing is well established, actuals are tracking closely to budget, with less than a 0.1% favourable 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
Building & Planning consent volumes (see cost variances)	37.2m	2.6m	-
Transport – NZTA, parking & commercial rent	48.0m	1.1m	-
Recreation & Sports pools and fitness centres increased participation	26.2m	0.9m	0.2m
Local Water Done Well transitional funding	-	0.8m	-
Rates penalties	5.5m	0.7m	0.3m
Rates – additional late growth	825.7m	0.6m	0.6m
LIM & Property File volumes	3.3m	0.4m	0.7m
Transwaste dividend	5.6m	0.1m	(0.2m)
Water Billing and Trade Waste revenue	13.2m	(0.7m)	-
Resource Recovery transfer stations, organics processing and landfills	24.4m	(0.9m)	(0.8m)
Other revenues	154.9m	0.2m	0.2m
Total	1,144m	5.8m	1.0m

4.6 Expenditure is $23.0m under budget year to date and forecast to be $13.5m (1.5%) 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
Insurance costs	37.3m	9.9m	7.2m
Personnel costs (units with vacancies which were planned to be filled)	292.4m	5.2m	2.6m
Waste Management lower recycling processing fees and organic processing fees, and landfill costs	67.7m	3.8m	3.0m
Three Waters – timing of reactive maintenance and operating costs	55.4m	2.8m	0.3m
Parks – timing of activity (pre-Spring) and no major fire or flooding events	20.7m	1.4m	-
Rates on Council owned properties	39.9m	1.1m	1.7m
Digital – timing of software renewals and portfolio delivery	35.0m	1.0m	-
Transport – timing of maintenance costs	67.7m	0.4m	(0.6m)
Riskpool insurance call	-	(0.4m)	(0.4m)
Governance – timing of remaining election costs vs budget phasing	6.5m	(0.9m)	-
Other minor variances	269.0m	(1.3m)	(0.3m)
Total	891.6m	23.0m	13.5m

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 (details on the delivery of capital projects is contained in the Capital Programme Performance Report).

	Year to Date Results			Forecast Year End Results			After Carry Forwards
$m	Actual	Budget	Var	Forecast	Budget	Var	Carry Fwd	Var
Core Programme	125.9	164.5	38.6	516.6	561.2	44.6	29.5	15.1
Less unidentified Carry Forwards	-	-	-	(16.6)	-	16.6	31.7	(15.1)
Core Programme	125.9	164.5	38.6	500.0	561.2	61.2	61.2	-
One New Zealand Stadium at Te Kaha	39.2	38.1	(1.1)	82.3	92.5	10.2	10.2	-
Total Capital Programme	165.1	202.6	37.5	582.3	653.7	71.4	71.4	-
Revenues and Funding	(124.3)	(143.7)	(19.4)	(310.4)	(310.4)	-	-	-
Borrowing required	40.8	58.9	18.1	271.9	343.3	71.4	71.4	-

Capital Expenditure

5.2 Capital expenditure is $37.5m under budget year to date primarily due to Transport ($11.5m) and Three Waters ($17.3m)

5.3 The PMO’s current core programme year end forecast is $500m. This is $61.2m (11%) lower than budget, most of which will likely be requested to be carried forward to future years. The project managers’ forecast is currently $16.6m higher than PMO’s at $516.6m. The primary reason for the variance is that the project managers forecast on a project-by-project basis. In contrast the PMO forecasts using a programme level analytical review and historic delivery trends of prior years.

5.4 The project managers core programme end of year forecast is $44.6m (8%) under budget before carry forwards due to underspends on three waters ($23.7m, 10% of its total capex) and mainly related to delays arising from dependencies on other project work proceeding, transport ($13.5m, 9% of its total capex) and landfill and transfer station projects ($4.5m, 68% of its total capex).

Capital Revenues and Funding

5.5 Capital revenues and funding is $19.4m lower than budget year to date. This is largely due to the timing of New Zealand Transport Agency capex payments ($9.4m) and the reversal of year end shovel ready accruals ($5.8m). The balance relates to timing for Parakiore and Court Theatre funding and reserve drawdowns.

5.6 Capital revenues and funding are forecast to align with budget by year end.

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, in the current financial year, for allocation from the Capital Endowment Fund is $1,5m.

7. Treasury

Policy Compliance

7.1 Most Council debt is incurred to fund capital expenditure (capex). Council may also borrow and on-lend to related parties, to reduce overall Group interest costs. Policy parameters are designed to manage Treasury risks in a prudent and non-speculative manner, and to achieve an acceptable balance between low costs and low volatility of costs from one year to the next (noting that 22.3% of each year’s rates revenue is spent on debt servicing). Current compliance with the four major policy risk areas is tabulated below:

Policy 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 Total gross debt is shown below – the current balance, projected for year end June 26, and a comparison to last year-end (all figures are $ millions):

Jun-25 Actual

Current

Jun-26 Projected

Full Year Change

Ratepayer-funded Debt

To fund Advances to Related Parties

2,131

702

2,234

692

2,384

522

253

-180

Gross Borrowing

2,833

2,926

2,906

7.3 Advances to related parties are primarily to Christchurch City Holdings Ltd (CCHL), currently $594.4m (which has reduced by $10m year to date).

7.3.1 Advances to CCHL will steadily decline to zero by 2032, as existing advances mature and CCHL funds it debt independently of Council.

7.3.2 Interest earned on advances fully off-sets the related borrowing costs – there is no additional interest rate risk for Council.

7.3.3 The table excludes cash and other financial investments, which can be significant and are held for working capital purposes.

Funding & interest rate risks

7.4 Funding risk is the risk that Council cannot access sufficient and/or cost-effective borrowing when needed. The chart below shows how much of Council’s existing debt matures in each financial year (green), plus the amount of planned debt increase in each year (grey) – the combined total shows how much needs to be sourced from debt markets each year.

7.4.1 The green bars exclude amounts borrowed and on-lent to CCHL, because these will be repaid by CCHL as they mature (i.e. the funding risk is managed by CCHL, not Council).

7.4.2 Existing debt is spread over a long period (out to November 2036), and the borrowing requirement each year is considered comfortable.

7.5 Interest rate risk is the risk that Council’s average cost of funding is unacceptably high and/or volatile. Interest rate risk and funding risk are managed independently – in practice, debt is normally incurred at a “floating” rate, with interest rates managed separately using derivative hedging instruments.

7.5.1 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.

7.5.2 Interest expense budgets include the impact of anticipated changes to market interest rates, so changes to headline figures such as the official cash rate do not normally result in significant variances between actual and budgeted interest expenses.

7.5.3 Council’s average cost of funding for last year (actual), and the next three years (projected) is presented in the table below:

	Jun-25	Jun-26	Jun-27	Jun-28
Ratepayer-funded Debt	4.9%	4.8%	4.8%	4.9%

7.6 For context, Council’s average funding cost was 5.2% in 2018/19 (pre-Covid), and the long-term planning assumption is around 4.9%-5.0%.

8. Rates Debt

8.1 Rates debt decreased $1.8 million in the October 2025 quarter, as shown in the table below. Rates debt is $2.0 million higher than October 2024.

$m	1 July 2025	Oct 2025	Change	Comment
Rates Debt	31.0	29.2	(1.8)	Total rates debt has remained stable this quarter.
Current year overdue		16.0	(16)	The change in the split of arrears.
Previous years arrears	31.0	13.2	17.8	is due to the change in rating year.
No. properties with arrears over $20,000	62	70	8	Rates penalties added to outstanding rates.

8.2 The graph below shows 90+ day rates debt as a percentage of the annual rates strike for each respective year, using a three-month moving average to smooth the quarterly cycle. The graph also provides the trend in the management of rate arrears over time. Generally, as a percentage of total rates, debt remains relatively stable over the last one - two years and has trended down modestly from what it was four - five years ago.

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 debt in the last 4 months as outstanding disputes continue to be resolved. This also reflects that invoices and issues are being addressed in a timely manner.

June

2025

October 2025

Change Comment

General Debt	15.4	7.8	-7.6
3 – 6 months	0.2	0.2	0.0
6 months +	1.2	0.9	-0.3

9.2 General debt of $62,870 has been written off this quarter ($29,743 relates to write-off of debt for damaged traffic poles).

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 July – September 2025 period. Any significant claims are reported to the Audit and Risk Management Committee by the Legal Services team.

	Policy	Claims / Notifications		Estimated Cost
	Policy	Above excess	Below excess	Estimated Cost
Claims by Council	Motor Vehicle	0	8	$8,500
	Material damage	0	0	$0
Claims against Council	PI / PL	2	1	TBC

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Attachment A – Operational & Capital breakdown by activity - Oct 25	25/2333124	61

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 - Principal Advisor - Finance

Karthik MG - Reporting Accountant

Steve Ballard - Group Treasurer

Martin Zelas - Team Leader Rates Operations

Adrian Seagar - Manager Insurance & Asset Management

Nick Dean - Finance Business Partner

Approved By

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

8. Capital Programme Performance Report October 2025
Reference Te Tohutoro:	25/2307450
Responsible Officer(s) Te Pou Matua:	Paul Dadson - Senior Capital Programme Advisor Parks & Facilities
Accountable ELT Member Pouwhakarae:	Brent Smith, General Manager City Infrastructure

1. Purpose and Origin of the Report Te Pūtake Pūrongo

1.1 The purpose of this report is to present the Finance and Performance Committee with the Capital Programme Performance Report for October 2025. This report provides Elected Members with oversight on the performance of the Capital Programme.

1.2 The draft set of FY26 Watchlist projects is also submitted to the Finance and Performance Committee for feedback and confirmation.

1.3 These reports have been prepared by the Programme Management Office.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives the information in the Capital Programme Performance Report October 2025.

2. Confirms the draft set of FY26 Watchlist projects (as set out in Attachment B).

3. Background/Context Te Horopaki

3.1 This is the first monthly Capital Programme Performance Report for the Finance and Performance Committee for the current Financial Year 2025/26 (FY26), following the recent Elections period.

3.2 As of October month-end, the FY26 year-end forecast for the overall capital programme is $582.3m, or 89% of budget. This is based on the PMO Forecast for CCC Capital, and the year-end forecast for One New Zealand Stadium at Te Kaha.

3.3 For CCC Capital (excluding One New Zealand Stadium at Te Kaha):

3.3.1 The PMO Forecast for FY26 year-end is $500m, or 89% of budget, which is 5% lower than the aggregated project management forecast of $525.3m.

3.3.2 Financial year to date expenditure has been well aligned with monthly forecasts overall.

3.3.3 Current FY26 year-end forecasts for major areas of CCC Capital range between 78% - 107% of budget. Delivery in FY26 is strongly dependent on the two core infrastructure areas - Three Waters and Transport - which together account for 71% of CCC Capital budget (44% and 27% respectively).

3.4 Full results are provided in the Capital Programme Performance Report for October 2025 (Attachment A). This includes the Watchlist Report as Appendix 1, and the quarterly Transport Christchurch Regeneration Acceleration Facility (CRAF) Report as Appendix 2.

3.5 Since the prior Watchlist Report presented to the Finance and Performance Committee (May 2025 month-end), the following updates have been made to the set of Watchlist projects:

3.5.1 Three late-stage projects have been retired from the Watchlist Report:

- 64048 - Performing Arts Precinct - Court Theatre Building (open to the public)

- 924 - Halswell Junction Road Extension (practical completion issued)

- 64671 - Major Cycleway - Northern Line Route (Section 1) Railway Crossings (practical completion issued).

3.5.2 For Improving Bromley's Roads, the Stage 1 project 67989 (which is largely complete) has been replaced with the Stage 2 project 82587 (which is now underway).

3.6 Active risks / issues affecting Watchlist projects include budget shortfalls and risks, consenting timelines and uncertainty, some programme delays, third-party interdependencies, contaminated land, and ground conditions.

3.7 The three Watchlist projects below have had a change in Overall Status flag since the May 2025 month-end report, from ‘Amber – At Risk’ to ‘Red – Critical’:

- 66000 - SW Ōtākaro Avon River Corridor Anzac Drive to Waitaki Street Stopbank (OARC) due to delays during the design phase

- 61615 - SW South New Brighton & Southshore Estuary Edge Flood Mitigation due to consenting delays, and the ongoing uncertainty on the consenting outcome

- 596 - WW Akaroa Reclaimed Water Treatment & Reuse Scheme due to the updated cost estimates and budget shortfall.

3.8 A draft set of FY26 Watchlist projects has also been prepared in consultation with Heads of Service for major areas of capital and the Executive Leadership Team (Attachment B). The paper includes three tables for Finance and Performance Committee feedback on any changes required and confirmation:

- 14 projects proposed to remain in the Watchlist from last financial year

- 9 projects proposed for removal from the Watchlist from last financial year

- 8 projects proposed to be newly added to the Watchlist.

3.9 The Monthly Change Report is included in the public excluded section due to contract commercial sensitivity.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Capital Programme Performance Report - October 2025 - Final	25/2318960	72
b ⇩	Proposed FY26 Watchlist Projects - Draft for Finance and Performance Committee	25/2317745	106

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

Document Name – Location / File Link

Not applicable

Signatories Ngā Kaiwaitohu

Authors

Lauren Barry - Senior PMO Business Analyst

Paul Dadson - Senior Capital Programme Advisor Parks & Facilities

Approved By

Brent Smith - General Manager City Infrastructure

10. Christchurch City Holdings Ltd - Annual Report 2024/25
Reference Te Tohutoro:	25/1865337
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 to present Christchurch City Holdings Ltd’s (CCHL) Annual Report and audited financial statements for the year ending 30 June 2025.

1.2 This report has been written following receiving CCHL’s Annual Report on 30 September 2025, (refer Attachment A).

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives Christchurch City Holdings Ltd - Annual Report 2024/25.

3. Executive summary Te Whakarāpopoto Matua

3.1 CCHL has submitted its Annual Report for the year ended 30 June 2025, meeting all statutory requirements under the Local Government Act 2002 (LGA) and receiving an unqualified audit opinion. The report was delivered within the required timeframe on 30 September 2025.

3.2 Financial highlights include:

· Normalised net profit after tax (NPAT): $159m (vs $111m prior year; Statement of Intent (SOI) target $96m)

· Dividends to Council: $55m (target met)

· Financial position continues to strengthen

· Performance exceeded targets, driven by strong results from Christchurch International Airport Limited (CIAL), Orion New Zealand Limited (Orion), Enable Networks Limited (Enable), and Lyttelton Port Company Limited (LPC).

3.3 CCHL is a climate reporting entity and is required to produce climate statements, in addition to its commitment to emissions reduction set out in its SOI with Council. CCHL has recorded a 12% reduction in Scope 1 & 2 emissions since 2022. Most subsidiaries met climate targets, noting that Orion, which did not, advises that it remains on track for its 2030 goal.

3.4 Some SOI targets were not met, largely in respect to gender diversity, gender pay gap, staff engagement, and health & safety (recorded injury frequency rate and serious harm incidents). CCHL advises that improvement plans are in place.

3.5 CCHL will hold its Annual Meeting (AGM) on 28 November 2025 where further information on it and the subsidiaries performance will be presented.

4. Background/Context Te Horopaki

4.1 The CCHL group comprises the following companies:

A blue rectangular sign with white text

AI-generated content may be incorrect.

4.2 Section 67(1) of the Local Government Act 2002 (LGA) requires the board of a CCO to submit an annual report to shareholders within three months of the end of the financial year (by 30 September).

4.3 CCHL’s 2024/25 Annual Report complies with section 67(2) of the LGA by including: a comparison of performance with the SOI, explanations of material variances, and an auditor’s report on the financial statements and performance measures (sections 68 and 69 of the LGA). CCHL received an unmodified audit opinion, confirming the information in its financial and performance statements is fairly presented.

4.4 CCHL also provided its Full Year Results Announcement (unaudited) to the NZX on 29 August 2025 as required by NZX Listing Rule 3.5.

5. Considerations Ngā Whai Whakaaro

Profitability

5.1 The CCHL group’s net profit after tax (NPAT) for the year was $206 million (2024: $68 million). This includes a non-cash revaluation uplift of $47 million relating to Lyttelton Port Ltd’s (LPC’s) property, plant and equipment. To reflect operating profitability on a business as usual basis and to enable meaningful comparisons against SOI targets and prior periods, NPAT is normalised at $159 million ($206M - $47M).

5.2 In the prior year (FY2024), NPAT was $68 million which included a $43 million non-cash expense reflecting the Government’s removal of depreciation as a tax-deductible expense on commercial buildings. Normalised NPAT for FY 2024 the CCHL group was $111 million ($68M + $43M).

5.3 The analysis in this report is based on normalised NPAT in both years. A summary analysis is set out below.

5.4 The table below reports the CCHL group’s normalised financial performance in 2024/25, compared with SOI targets and the prior year’s performance:

CCHL Group	2024/25 Actual	2024/25 SOI target	Prior Year Actual
	$m	$m	$m
Normalised NPAT	159	96	111
Dividends to CCHL	95	-	93
Dividends to Council	55	55	51
Interest paid on group debt	108	-	108
Total Assets	6,314	-	6,029
Debt	2,392	-	2,346

Gearing (debt: debt + equity)	44.9%	-	45.0%
Return on Equity (normalised)	5.6%	3.6%	2.5%
Shareholders Funds % Total Assets	46%	45%	46%

5.5 The table above reflects CCHL’s dividend income from its subsidiary companies is broadly applied to meeting its own operational costs of around $5 million, debt servicing of approximately $56 million (note the above table shows interest paid of $108 million which is on Group debt and includes Orion and CIAL debt which they hold independently of CCHL, the servicing costs of which are met by the companies prior to their dividends being made to CCHL) and dividend distribution to the Council of $55 million.

5.6 Note that while debt increased by $46 million across the group, interest costs held at 2023/24 levels reflecting the reduction in rates between years.

5.7 The contributions to normalised NPAT made by each of CCHL’s subsidiary companies are shown in the following table:

Normalised NPAT*	2024/25 Actual	2024/25 SOI target	Variance	Prior Year Actual	Variance
	$m	$m	$m	$m	$m
Orion	24	16	+8	17	+7
CIAL	75	49	+26	53	+22
LPC	25	23	+2	15	+10
Enable	41	35	+6	36	+5
City Care	13	12	+1	9	+4
EcoCentral	2	1	+1	3	-1

*The numbers in this table do not sum to the Group’s normalised NPAT target due to the exclusion of the CCHL parent, other minor subsidiaries and intragroup eliminations.

5.8 Against target, normalised NPAT is higher by $63 million reflecting:

(i) CIAL (+$26 million) which is a non-cash value increase of CIAL’s investment property portfolio;

(ii) Orion (+$8 million) due to a number of factors including lower network maintenance expenditure as a result of fewer storms and higher demand for electricity due to colder Autumn 2024 as well as higher capital contributions for future works;

(iii) Enable (+$6 million) from cost control; and

(iv) Group transactions including lower finance costs of $7 million.

5.9 Against the prior year, normalised NPAT is higher by $47 million. As a percentage of operating revenue, operating costs reduced across the group by around 3.5%. Other material increases are attributable to:

(i) Orion (+$7 million) from higher demand for electricity in Autumn 2024 due to colder than average temperatures for that period, as well as recovery of under-charged revenue from 2022/23 under the Commerce Commission’s revenue framework);

(ii) CIAL (+$22 million) from a greater increase in the value of the investment property portfolio by $13 million (2024/25 +$26 million; 2023/24 +$13 million), an increase in passenger numbers through the airport by around 142,000, higher returns from the new retail offerings in the terminal, and increased property rental income due to high occupancy and expansion of the freight and logistics precinct; and

(iii) LPC (+$10 million) from a 24% increase in bulk imports and price increases.

5.10 Total assets for the Group increased by approximately $285 million (4.7%) mostly attributable to CIAL (+$141 million) from revaluation of investment land and airport terminal assets, Orion (+$50 million) from investment in the electricity network), and LPC (+$71 million) from revaluation of the Port assets). Debt across the group increased by $46 million to support reinvestment in the assets, an increase of 2%, which is less than the asset growth.

Profitability trends

5.11 The following chart presents the trend in NPAT (normalised in 2024 and 2025) of the CCHL subsidiary companies since 2020:

5.12 Note that:

(i) Orion’s declining returns over the five year period reflects the five-year regulatory price-path that has been set by the Commerce Commission; and

(ii) CCHL’s NPAT has included non-cash fair value gains on investment land of $148 million in total over the six year period.

5.13 A five year comparison of total asset value is shown below:

	2019/20 $m	2020/21 $m	2021/22 $m	2022/23 $m	2023/24 $m	2024/25 $m
Total assets	4,548	4,793	5,252	5,830	6,029	6,314
Shareholder equity	1,849	2,053	2,434	2,707	2,777	2,936
Debt	2,045	2,081	2,130	2,283	2,346	2,392
Dividends to the Council	22	34	16	32	51	55

Return on Equity	-2.9%	4.8%	5.4%	3.9%	2.5%	5.6%
Growth in asset value	7.0%	5.4%	9.6%	11%	3.4%	4.7%
NZGS 10 year bonds (for comparison)	1.1%	1.2%	2.7%	4.2%	4.8%	4.5%

Climate change and greenhouse gas emissions reductions

5.14 Across the group there has been a gross 12% reduction in scope 1 & 2 greenhouse gas emissions since 2022 and a 1% reduction on the previous financial year.

5.15 Each of CCHL’s subsidiaries have specific climate-related performance targets in their respective SOIs. All but Orion have met those targets in 2025/26. Orion did not achieve its emissions reduction target (year on year reduction) as signalled to the Council earlier this year. However, its emissions are a reduction on its 2020 baseline. Orion advises it has reviewed its overall target set for 2030 and considers it is still achievable as it expects initiatives from 2027 to more than offset the shortfall to date, which includes reducing carbon emissions from its fleet.

5.16 CCHL is a Climate Reporting Entity under the Financial Markets Conduct Act 2013 and is therefore required to publish annual climate statements in accordance with Climate Standards. The climate statements reflect the short-, medium-, and long-term risks and opportunities that climate change presents for the activities of the CCHL group and how they are considering those risks and opportunities (refer Attachment B for the Climate Statements). CCHL will present its progress on meeting its climate change goals in relation to the Group’s Emissions Reduction Plans at a workshop in early 2026.

Non-financial performance targets

5.17 CCHL has 16 performance targets in its SOI, excluding climate change targets. The subsidiary companies each have individual targets tailored to their operations. CCHL has not met several of its targets this year, as follows:

(i) Introduction of a group capital allocation framework has not been delivered and reflects that each of the subsidiary company boards is responsible for their capital structure/capital allocation. CCHL reviews and influences through the SOI process.

(ii) A best practice gender diversity ratio of 40/40/20 male/female/any was not achieved with 22.6% female against a target of 40%. The nature of the work that several of the subsidiary companies undertake have traditionally been male dominated (e.g. Orion, LPC and City Care) and it is taking time to reach the gender diversity goals. CCHL advises that it will continue to support the subsidiaries to implement initiatives to improve and retain diversity across the group, such as working with subsidiaries to identify barriers to entry and ways to reduce these barriers.

(iii) Associated with the above, the CCHL group has been unable to close its gender pay gap.

(iv) Staff (via engagement index) either ‘strongly agree’ or ‘agree’ to five standard questions which are used to gauge levels of workplace engagement – not achieved. Each of the subsidiary companies has its own frameworks for evaluating staff levels of workplace engagement. In its 2025/26 SOI, CCHL included a new target to receive (for monitoring purposes) annual staff engagement outcomes from the subsidiary companies. CCHL advised (at that time) that the subsidiary companies committed to providing this information to it and updates as they are available through quarterly reporting.

(v) Zero serious harm incidents was not achieved due to LPC having experienced a higher than usual number of manual handling incidents which required either medical treatment or absence from work due to injuries. LPC has implemented a plan that includes enhancing leadership, improving work practices, increasing training and upgrading assets to ensure a healthy safe workforce. In its Annual Report for 2025, LPC notes that (refer to page 12 of LPC’s Annual Report):

Our core focus Health and safety performance remained a top priority for LPC in FY25. The Board and management have focused on driving significant improvements, with a comprehensive plan that includes enhancing leadership, improving work practices, increasing training and upgrading assets to ensure a healthy, safe workforce. A major focus of the Container Terminal restructure has been to deliver better health and safety outcomes across the terminal and workforce. The period has also presented challenges. In FY25 our long-term injury frequency rate was up due to a complex interplay of factors ranging from fitness to work to behaviours and practices. We are working hard to understand this issue so that we can address it effectively. Other actions taken this year have included a reduction in tolerance for unsafe behaviours, implementation of a new Homesafe Safety Management system, strengthened leadership and consequences, CEO-led townhall meetings with all staff, safety-related infrastructure improvements and a maturing safety mindset.

(vi) Reduction in total recordable injury frequency rate (TRIFR) – this did not decrease due to a high number of sprain and strain injuries across the CCHL subsidiaries. CCHL notes health and safety will continue to be a priority.

6. Next steps Ngā Mahinga ā-muri

6.1 CCHL will speak further to the Annual Report and the financial and non-financial performance results at its AGM to be held on 28 November 2025.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Christchurch City Holdings Ltd - Annual Report 2024/25	25/2247945	117
b ⇩	Christchurch City Holdings Ltd - Climate Statement 2025	25/2308244	193

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

Chris Walthew - Group Financial Controller

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

11. ChristchurchNZ Holdings Ltd - Annual Report 2024/25
Reference Te Tohutoro:	25/1865413
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 to present ChristchurchNZ Holdings Ltd’s (CNZHL’s) annual results for the year ending 30 June 2025. This includes a companion report of activity for Quarter 1 2025/26 (1 July-30 September).

1.2 This report has been written following receipt, on 16 October 2025, of CNZHL’s Annual Report for the year ending 30 June 2025 and includes the financial statements and the auditor’s report (refer Attachment A). The Quarter 1 report is at Attachment B.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives the information in the ChristchurchNZ Holdings Ltd - Annual Report 2024/25 and Quarter 1 2025/26 Performance Report.

3. Background/Context Te Horopaki

3.1 CNZHL’s focus is on delivering sustainable economic growth to Christchurch primarily through attracting visitors, businesses, investment and events to the city, supporting urban development, assisting businesses to achieve and maintain sustainability goals, and promoting the adoption of new technologies and innovation.

3.2 The majority of CNZHL’s total funding of $19.2 million in 2024/25 is from Council ($15.9 million). Third party income ($3.3 million in 2024/25, including interest of $341k) makes an important contribution to CNZHL’s outcomes, by enabling it to leverage the Council’s funding to magnify net benefits to the city.

3.3 In its Letter of Expectations (LOE) to CNZHL, dated 19 December 2024, the Council advised that Quarter 1 performance reporting be provided at the same time as presentation of the annual results, while maintaining a clear distinction between the two.

Annual Report

3.4 Section 67(1) of the Local Government Act 2002 (LGA) requires the board of a CCO to submit an annual report to shareholders within three months of the end of the financial year (by 30 September). CNZHL’s Annual Report for the year ending 30 June 2025 was received on 16 October, due to a delay in receiving auditor sign-off relating to a statement of service performance audit requirement. There are no adverse consequences for CNZHL or the Council from late delivery of its Annual Report.

3.5 CNZHL’s 2024/25 Annual Report complies with section 67(2) of the LGA by including: a comparison of performance with the SOI, explanations of material variances, and the auditor’s report on the financial statements and performance measures (sections 68 and 69 of the LGA).

3.6 CNZHL’s auditor issued an unmodified opinion confirming that the financial statements fairly present its financial position as at 30 June 2025 and its performance for the year. The unmodified opinion also confirms the statement of performance fairly presents actual results against SOI targets. The auditor included an emphasis of matter, which does not modify the opinion, regarding the basis for certain performance measures and noted that national work is underway to review future KPIs.

Measuring performance

3.7 Dating back to 2018 the Council has requested that CNZHL develop outcome-focused key performance indicators (KPIs) that are clearly linked to economic outcomes in the short, medium and long term. This request aligns with ‘Good Practice in Reporting about Performance’^{^[1]} as outlined by the Office of the Auditor-General (OAG) in partnership with Audit New Zealand and the Treasury. The guidance recommends that effective performance reporting should show how an organisation is achieving its outcomes and impacts through the provision of its activities and services.

3.8 Accordingly, CNZHL’s performance reporting was re-focussed on outcomes and impacts from its activities to increase Christchurch’s: GDP growth, employment growth, investment into the city and visitor spending. This replaces the former ‘inputs-focussed’ reporting, such as number of meetings, publications, engagements, bids, and enquiries delivered.

3.9 CNZHL’s SOI targets for economic outcomes for Christchurch are underpinned by the Council’s Economic Ambition including to support:

· creation of long-lasting jobs;

· creation of short-term jobs through events, urban development and screen activity;

· GDP growth;

· visitor spend; and

· investment into Christchurch.

3.10 In its LOE, the Council advised CNZHL that it would like its performance reporting to continue to include an annual estimate of returns on Council’s investment in CNZHL, including both quantified and unquantifiable/qualitative returns.

3.11 In its Annual Report (refer page 29) CNZHL noted that it is committed to articulating the value it delivers to the community, its partners and funders. It provides information about its returns, accompanied by explanations (refer page 30 of the financial statements) on the methodology for attributing economic outcomes from its work. This includes that the methodologies for monitoring the outcome measures utilise a mix of data, customer survey responses and modelled estimates (which necessitates the application of some assumptions and judgements).

3.12 Based on the returns CNZHL has reported in its Annual Report, the return on Council funding is estimated at $6.66 per dollar of Council funding (2023/24: $5.27).

3.13 Earlier this year, Council commissioned a section 17A review of its economic development activities under the LGA. The review included a broad range of CNZHL’s work, with the Reviewer’s conclusions mainly focused on major event delivery, urban development, inward investment, and destination promotion. Staff are preparing a report back to Council.

3.14 The review also raised concerns on the robustness of current economic performance measures in reflecting CNZHL’s contribution to Christchurch’s outcomes. Both CNZHL and Council staff have noted the difficulty of isolating impacts given complex indicators and time lags. CNZHL advises its approach has been conservative, but there is scope to explore this further in the upcoming report.

3.15 CNZHL has also advised that the challenge of measuring outcomes from the work of economic development agencies and regional tourism organisations is a national and international issue. There is work is underway, led by Economic Development NZ to consider a national approach to setting and measuring relevant performance measures.

4. Considerations Ngā Whai Whakaaro

Annual Report 2024/25

4.1 Key financial measures for the year are summarised in the table below:

	Actual $m	SOI budget $m	Variance $m	Prior year $m	Variance $m
CCC funding	15.9	15.9	-	17.8	-1.9
Other funding	3.3	2.3	+1.0	3.0	+0.3
Operating expenditure	(18.6)	(18.8)	-0.2	(19.3)	-0.7
Total surplus/(loss) after tax	0.6	(0.6)	+1.2	1.5	-0.9
Total Assets	8.4	4.9	+3.5	8.4	-
Equity	6.2	3.0	+3.2	5.6	+0.6

4.2 Against SOI budget, third party revenue is higher by $1 million from new one-off funding attracted by CNZHL for screen grants, the Buskers Festival, and a winter tourism campaign. Additionally, contributions to campaigns and events were received from Selwyn and Hurunui District Councils, Christchurch International Airport Ltd and TourismNZ.

4.3 Against last year, the surplus after tax is lower by $0.9 million which largely relates to a one-off Council seed funding grant for major events of $1.9 million in 2023/24. This was partially offset by higher third party revenue in 2024/25 of $0.3 million as contributions to campaigns and events, and lower than planned activity costs of $0.5 million largely due to timing of activities.

4.4 Total Assets, were $3.5 million higher than the SOI budget, largely due to reserving cash for events and screen grants over time which is also reflected in the increased equity.

Economic performance

4.5 The charts below, based on information in the Annual Report, shows how CNZHL has performed against its economic KPIs for the year (refer Note 27, page 29):

4.6 Staff note that:

· performance is assessed as CNZHL’s contribution to the outcomes sought; and that the market is dynamic with a number of factors at play which are outside CNZHL’s control;

· the most notable variance is investment value, estimated at $286.6 million for 2024/25 compared to a target of $35 million (and a stretch target of $65 million). This reflects two major city investments: the Christchurch Engine Centre’s $250 million commitment to future-proof its services, bringing new jobs, skills and residents to Christchurch and BioOra’s decision to establish a $10 million manufacturing facility in Christchurch, also expected to bring new jobs, skills, and residents to the city. Further details on BioOra, including anticipated benefits for Christchurch, are on pages 4 and 5 of CNZHL’s Annual Report and include noting CNZHL’s pivotal role in attracting BioOra to Christchurch.

Non-financial performance targets

4.7 KPIs in the SOI have been achieved with one exception. The staff engagement survey score of 4.5 or above for staff feeling of being safe was 0.18 points below target on a 5 point scale at 4.32 and is not considered a material variance.

4.8 Levels of Service which are akin to contractual terms and conditions underpinning the Council’s funding have all been achieved.

Trend analysis

4.9 The majority of CNZHL funding is applied to the delivery of projects and services costs including personnel. The following table identifies how CNZHL’s overhead costs have changed with funding levels over the past six years:

	2019/20 $000	2020/21 $000	2021/22 $000	2022/23 $000	2023/24 $000	2024/25 $000
Council funding	11,849	11,328	16,335	15,902	15,943	15,902
3^rd Party funding	2,661	4,938	6,700	7,481	2,230	2,585
Sundry funding	1,177	507	401	802	2,677	683
Total funding	15,687	16,773	23,436	24,185	20,850	19,170
Total overheads	3,381	2,783	2,827	4,440	2,303	2,277

Overheads as a % of total funding	21.6%	16.6%	12.1%	18.4%	11.0%	11.9%
CNZ contribution to GDP ($000)	-	-	93,000	89,000	84,000	106,000
GDP return per $ CCC funding	-	-	$5.70	$5.60	$5.27	$6.66

4.10 Notes to the above table:

· Higher levels of 3^rd party funding were received in 2020/21, 2021/22 and 2022/23 from the government’s COVID-19 tourism grants, noting that CNZHL’s overheads increased during this period to deliver against these contracts;

· Sundry funding of $1.9 million was received in 2023/24 from the Council’s Annual Plan for major events;

· 3^rd party funding from central government is not able to fund initiatives already funded by the Council – it is required to be applied solely to new services and activities; and

· Overheads include office accommodation, depreciation and amortisation, audit fees, communications and IT expenses, directors fees and administrative expenses.

Quarter 1 2025/26 Performance

4.11 ChristchurchNZ’s Quarter One report (refer Attachment B) outlines activity across economic development, tourism, and city promotion. It overviews the work undertaken for the September quarter, including an update on the local economy and activity in business growth and investment, the visitor economy, events, and city promotion. The report also notes progress on strategic initiatives such as the regional aerospace strategy and records a year-to-date financial surplus, primarily due to timing of expenditure.

4.12 Section 6 of the quarterly report is looking ahead over the six months October 2025 – April 2026, and it notes upcoming campaigns and major events, including international conferences, Antarctic season activities, and longer-term projects such as a proposed hydrogen hub and event partnerships projected to contribute to the visitor economy.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	ChristchurchNZ Ltd - Annual Report 2024/25	25/2174479	229
b ⇩	ChristchurchNZ Holdings Ltd - Quarter 1 Performance Report	25/2312287	292

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

Chris Walthew - Group Financial Controller

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

12. Council-controlled Organisations - Annual Reports 2024/25
Reference Te Tohutoro:	25/1866418
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 to present the Annual Reports 2024/25 with audited financial statements for the following Council-controlled organisations (CCO) – Transwaste Canterbury Ltd (Transwaste), Riccarton Bush Trust (RBT), Rod Donald Banks Peninsula Trust (RDBPT) and Te Kaha Project Delivery Ltd (TKPDL), refer Attachments A-D for the respective annual reports.

1.2 Also included are the Quarter 1 Performance Report (1 July-30 September) for Te Kaha Project Delivery Ltd (refer Attachment E) and the Half Year Report (1 January - 30 June) for Civic Financial Services Ltd (Civic), refer Attachment F.

1.3 This report is staff generated and has been written following receipt of the reports for the above-named organisations in September and October.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Receives the Annual Reports for 2024/25 with audited financial statements for the following Council-controlled Organisations:

· Transwaste Canterbury Ltd;

· Riccarton Bush Trust;

· Rod Donald Banks Peninsula Trust; and

· Te Kaha Project Delivery Ltd.

2. Notes that all the above entities received unmodified audit opinions.

3. Receives the Quarter 1 2025/26 Performance Report for Te Kaha Project Delivery Ltd; and

4. Receives the Half Year Report 2025 for Civic Financial Services.

3. Background/Context Te Horopaki

3.1 This report covers three separate reporting periods which are:

(i) annual reports for Transwaste, RBT, RDBPT and TKPDL;

(ii) first quarter report for TKPDL; and

(iii) half-yearly report for Civic.

Annual reports

3.2 Section 67(1) of the Local Government Act 2002 (LGA) requires the board of a CCO to submit an annual report to its shareholders within three months of the end of the financial year.

3.3 Section 67(2) of the LGA requires an annual report to include the information required by sections 68 and 69 of the LGA, which includes comparing performance with the Statement of Intent (SOI), explaining material variances and including an auditor’s report on the financial statements and the performance targets and other measures by which performance was judged in relation to the organisation’s objectives.

3.4 The CCOs’ Annual Reports for 2024/25 meet the LGA requirements and all have unqualified audit opinions, indicating that the financial and performance statements are presented fairly in all material respects.

3.5 There are two CCOs which have not, at the date of this report, delivered Annual Reports for 2024/25: Civic Building Ltd and Central Plains Water Trust, both awaiting audit clearance.

Quarterly and half yearly reports

3.6 Section 66(3) of the LGA provides that if the shareholders of a CCO notifies it that they require quarterly reporting, they must be delivered within two months after the end of the first and third quarters of each financial year. Section 66(4) provides that each report must include the information required to be included by the CCO’s SOI.

3.7 TKPDL’s Quarter 1 performance report for the period 1 July – 30 September 2025 was received on 14 October well before its due date of 30 November.

3.8 Civic is not a CCO (due to a technicality) and therefore the LGA’s statutory requirements for delivery of a half year report (within two months of the end of the half year) do not apply. Staff note its half yearly report was received by Council on 3 September 2025.

4. Considerations Ngā Whai Whakaaro

4.1 The following are summaries of each CCO’s performance for 2024/25.

Transwaste Canterbury Ltd

4.2 Transwaste operates the Kate Valley Landfill which is required to accept non-hazardous waste from within the Canterbury region.

4.3 The company is owned jointly by five Canterbury councils (50%) and Waste Management NZ Ltd (50%). The Christchurch City Council owns 38.9% of the total shares on issue. Other councils with shareholdings are the Ashburton, Hurunui, Selwyn and Waimakariri District Councils. The five local authority shareholders have delegated governance issues to the Canterbury Regional Landfill Joint Committee.

4.4 Transwaste’s Annual Report for 2024/25 is at Attachment A. Its financial performance is summarised in the table below:

Financial Performance	Actual 2024/25 $000	SOI target 2024/25 $000	Actual 2023/24 $000
Earnings before interest and tax (EBIT)	20,275	21,329	21,098
Total dividends paid (Kate Valley Final dividend paid (Burwood Resource Recovery Park)	14,650 5,000	14,900 5,000	12,050 0
Total assets	77,444	-	76,874
Equity	31,547		37,052
Shareholders’ funds as % of Total Assets	40.7%	40.7%	48.2%

Government waste levy	20,777	21,300	17,753
Total waste to landfill (tonnes)	346,287	355,000	355,048

4.5 Lower waste volumes by circa 9,000 tonnes and operating cost pressures have led to a reduction in Transwaste’s profitability for the year against target by $1.05 million and against last year’s result by $0.82 million.

4.6 Dividends paid in 2024/25 were made up of two components – the annual Kate Valley dividend of $14.6 million of which the Council’s 38.9% share was $5.7 million; and a final distribution of the $5 million cash held by Transwaste for contingency in the event of any claims arising relating to the Burwood Resource Recovery Park which was set up to receive earthquake waste. The Council’s share was $1.9 million. The distribution was forecast in the SOI and is reflected in the reduction in shareholders’ funds as a percentage of total assets by 7.5%.

4.7 The Kate Valley dividend is higher by $2.6 million in 2024/25 over the prior year. This was due to the 2023/24 dividend being partially brought forward and paid out in 2022/23 to enable full utilisation of imputation credits that would otherwise have been lost following a change of ownership of Waste Management.

Non-financial performance targets

4.8 The following non-financial performance targets were not achieved by year end:

Target: replacement of grid supply by onsite green supply for a 50% reduction in grid electricity consumption over the SOI period

The target is a multi-year one. Expectations are for it to be achieved by 30 June 2027.

Target: increase the beneficial use of landfill gas by 25% over the five year period to 2029

As reported previously, Transwaste has been unable to export all the electricity generated due to transmission line capacity constraints between MainPower and the national grid. This is subject to ongoing discussions with the regulatory authorities. Transwaste has also been investigating other options for which its excess electricity could be used, including electrification of its own fleet.

Target: develop and distribute carbon emissions reporting to territorial local authorities (TLAs).

This target supports Transwaste’s commitment to reporting annual carbon emissions attributable to the waste received from each TLA area. It has been difficult for Transwaste to get a timely audit from Toitū to validate the data. Transwaste is currently considering whether there is merit in its releasing the reports to the TLAs without the Toitū audit.

Target: health and safety

Maintain or improve current total recordable injury frequency rate (TRIFR) which was zero has not been met. One medical treatment injury (a cut finger needing stitches) occurred. The target for ‘no at-fault incidents’ has been incorrectly registered as one (and therefore the target not achieved). However, the event was not of Transwaste’s making and determined by the police that the Transwaste vehicle was not at fault.

Carbon emission reporting

4.9 Page 10 of the Annual Report provides Transwaste’s most recent (2024) certified emissions results. It advises that its emissions in 2024 were 12,201 tonnes of CO² compared with its 2022 baseline of 32,723 tonnes (a reduction of more than 2.5 times). This is largely due to better gas capture since 2022 (gas capture in 2022 was 86% and 95% in each of 2023/24 and 2024/25) coupled with a lower volume of waste by 2.6% to the landfill in 2024/25.

4.10 Transwaste has advised that while it is actively seeking to reduce its emissions from transportation (it bought an EV truck late in 2025 for a trial - expected to start in November 2025), the biggest impact on reducing emissions further is improving its gas capture to offset the approximately 5% ‘fugitive’ emissions.

Riccarton Bush Trust

4.11 Riccarton Bush Trust is a charitable trust, with a break-even profit objective. The Trust administers 7.8 hectares of native bush and Riccarton (historic) House. The Trust was incorporated under an Act of Parliament in 1914. The Riccarton Bush Amendment Act 2012 underpins the Council’s financing obligations to the Trust.

4.12 The key drivers of the Trust’s financial performance are income from the on-site café (The Quarters), the Saturday morning market, tours and the Council’s annual operating and capital grants. Third party grants and donations can also contribute significantly when they occur. The upkeep of the house and bush and staff salaries are the Trust’s largest costs.

4.13 RBT’s Annual Report for 2024/25 is at Attachment B.

Riccarton Bush Trust

Actual

2024/25

$000

SOI target

2024/25

$000

Variance

Act v Target

$000

Actual

2023/24

$000

Variance

Act v LY

$000

Net deficit

(2)

(244)

+242

(41)

+39

4.14 Against the SOI target, the deficit is lower by $242,000 as a result of higher operating revenue of $239,000 and lower operating costs of $2,000. Higher operating revenue is attributable to grants and donations of $237,000 mostly to fund the boardwalk replacement project.

4.15 Against the prior year, the deficit is lower than last year by $39,000 from higher revenue of $112,000 reduced by higher costs of $73,000 (refer Notes 1 and 2; page 11 of the Financial Statements, Attachment B). The higher depreciation and project costs both relate to the bush enhancement project.

Non-financial performance

4.16 A visitor summary on page 6 of the Annual Report shows a 12% decline in visitor numbers for 2024/25 compared with the previous year. This is mainly due to reduced patronage at the restaurant and The Quarters café, likely influenced by current economic conditions, and fewer bush walks and utilisation of other Riccarton House and Bush offerings, partly reflecting lower café and restaurant usage. The Bush was also closed from early June for the bush enhancement project works.

4.17 All non-financial performance measures have been met, with one exception. In its SOI for 2024/25 the Trust committed to developing a plan with clear targets for reducing carbon in the Trust’s operations to meet the target of becoming net carbon neutral by 2030. The Annual Report shows the measure as having been ‘partially met’ at the direction of the auditors.

4.18 Council staff consider the Trust has done all that is reasonable to demonstrate its commitment to emissions reductions and the Council’s target to be net carbon neutral by 2030. Staff from the Council’s Climate Resilience team have assessed the plan as good and that it shows the Trust has a good understanding of which activities are causing emissions and what they can and will do to make changes. The team notes that intermediate emissions targets are not necessary with five years to go until 2030.

4.19 Council staff will continue to assist the Trust to articulate its plan in a way that will meet the auditor’s needs in future.

Rod Donald Banks Peninsula Trust

4.20 The Trust supports sustainable management, conservation and recreation on Banks Peninsula. Its Annual Report for 2024/25 is at Attachment C.

Rod Donald Banks Peninsula Trust

Actual

2024/25

$000

SOI target

2024/25

$000

Variance

Act v Target

$000

Actual

2023/24

$000

Variance

Act v LY

$000

Operating surplus/ (deficit)

(228)

(355)

+127

1,322

-1,550

4.21 Against the SOI target, the operating surplus was higher by $127,000 due to higher revenue of $43,000, lower allocation of funding to grants and strategic projects of $115,000 offset by higher expenditure of $31,000.

4.22 Revenue increases include $19,000 from Rod Donald Hut fees due to both higher prices and increased utilisation, $15,000 from higher interest rates and increased cash on deposit following delays in finalising the 2023/24 grants and projects programme, and $13,000 from a significant one-off donation.

4.23 The $31,000 increase in expenditure is mainly due to a $10,000 donation to the newly formed Le Bons Bay Conservation Trust (for a land purchase assessed on an ad hoc basis), $7,000 for website hosting and IT support, $5,000 for minor projects, and $7,000 for higher administration costs. Grant funding and strategic project allocations decreased by $115,000 due to changes in project timing

4.24 Against last year, the operating surplus was lower by $1.55 million which largely reflects the one-off nature of the Council’s capital grant of $1.35 million in 2023/24. Adjusting for the $1.35 million grant, revenue for 2024/25 was $269,000, almost unchanged from $270,000 in 2023/24.

4.25 Total expenditure rose by $193,000 in 2024/25, mainly due to $129,000 in increased strategic grants and project spending (see page 22 of the Annual Report: Attachment C), $48,000 in higher administration costs following a management transition, a $10,000 donation to Le Bons Bay Conservation Trust, and $7,000 for Te Ara Pātaka maintenance delayed from the prior year.

Non-financial performance

4.26 All non-financial performance targets have either been achieved or are in progress.

4.27 The Trust’s emissions baseline was set in 2024/25 and therefore there is nothing for the Trust to report on in their 2024/25 annual report.

Te Kaha Project Delivery Ltd

4.28 TKPDL is the governance body tasked with the construction of One New Zealand Stadium at Te Kaha. The responsibility and accountabilities for the final design and construction of the Stadium are held with the Council’s Vertical Capital Delivery team which reports to the Council monthly.

4.29 The Stadium is expected to be completed by April 2026, following which there will be a one-year defects period. The Stadium will operate over the defects period.

4.30 TKPDL’s Annual Report for 2024/25 is at Attachment D and its Quarter 1 Performance Report is at Attachment E.

Te Kaha Project Delivery Ltd

Actual

2024/25

$000

SOI target

2024/25

$000

Variance

Act v Target

$000

Actual

2023/24

$000

Variance

Act v LY

$000

Annual Report:

Expenses / Revenue – note revenue is matched to offset expenditure

601

680

-79

616

-15

4.31 Against SOI target, costs are lower by $79,000 as a result of lower consultants’ fees and travel costs of around $50,000 largely reflecting the good progress of the project. Timing with which payments are made accounts for a further $20,000.

4.32 Non-financial performance targets, of the 26 targets, one only has not been achieved. This is for the completion of the stage gate review for the design and construction. However, this reflects the case where none was required. There may be one final stage gate (completion) review but whether and when that will be sought has yet to be determined.

Quarter 1 Performance Report

Te Kaha Project Delivery Ltd

Actual

2024/25

$000

SOI target

2024/25

$000

Variance

Act v Target

$000

Quarter 1: Expenses / Revenue

(note revenue is matched to offset expenditure)

-34

4.33 Expenses are lower by $34,000 in Quarter 1 2025/26 which reflects the timing with which directors fees are paid and will correct by the time the project is completed. All performance targets have been achieved or are on track to be achieved by year end.

Civic Financial Services Ltd

Half year report for the six months ending 30 June 2025

4.34 The Council has a 12.6% ownership stake in Civic. There are 73 other local authority shareholders. Civic’s main business is the administration of superannuation schemes for local government employees of which investment funds total around $6.5 billion at end July 2025. These funds are managed by investment specialists.

4.35 Civic’s half year report for the six months ending 30 June 2025 is at Attachment F.

4.36 Civic is not a CCO. It is exempted under section 6(4)(f) of the LGA due to its previous insurance activities that brought it under the Municipal Insurance Act 1960 (now repealed). The half year performance for Civic is summarised in the table below.

Civic Financial Services

Actual half year 2025*

$000

Est SOI target 2025*

$000

Prior half year 2024

$000

Surplus after tax

145

Superannuation funds under management**

654,000

Not projected

606,000

* Civic does not report against half year SOI targets, however Civic advises that it is reasonable to assume a 50:50 attribution to each of the six month periods.

**Superannuation funds under management have been advised by Civic as at 31 July 2025 and for 2024 at 31 August.

4.37 Against the half year SOI target, the net surplus is higher by $10,000 largely from lower operating costs by $20,000, offset in part by reduced investment fees and higher tax of $4,000.

4.38 Against last year, the after tax surplus decreased by $87,000. While there was higher administration fee income of $96,000 from growth in funds under management (of $48 million), this was more than offset by the 0.1% reduction in fees (from 0.33% to 0.32% from 1 April 2025) and a significant increase in operating costs. Operating costs were higher by $179,000 due in part due to increased costs for managing litigation relating to RiskPool.

Performance Reporting

4.39 In May 2025, staff sought the Finance and Performance Committee’s agreement for the Mayor to write to the Civic board to seek some improvements to its reporting to shareholders. It is pleasing to note that Civic has included advice of performance of its superannuation funds against the market in its half year report for the first time.

4.40 There remains further improvement to be made, particularly in the setting of performance targets to underpin performance that is at least equal to the market average.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Transwaste Canterbury Ltd - Annual Report 2024/25	25/2012259	317
b ⇩	Riccarton Bush Trust Annual Report 2024/25	25/2009532	378
c ⇩	Rod Donald Banks Peninsula Trust - Annual Report 2024/25	25/2012113	426
d ⇩	Te Kaha Project Delivery Ltd - Annual Report 2024/25	25/2010921	464
e ⇩	Te Kaha Project Delivery Ltd - Quarter 1 2025/26 Performance Report	25/2044277	493
f ⇩	Civic Financial Services - Half year report to 30 June 2025	25/2012037	504

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

13. Council-controlled organisations - Annual General Meetings by Written Resolution
Reference Te Tohutoro:	25/1867154
Responsible Officer(s) Te Pou Matua:	Linda Gibb, Performance Advisor
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 seek the Council’s approval for the following Council-controlled organisations (CCOs) to pass written resolutions, as permitted by the Companies Act 1993 (Companies Act), in lieu of convening their 2025 Annual Meetings (AGMs):

· Non-trading ‘shelf ‘companies - CCC One Ltd, CCC Five Ltd, CCC Seven Ltd and Ellerslie International Flower Show Ltd - the Council’s Chief Executive is the sole director of the shelf CCOs; the signed director’s resolutions are at Attachment A; and

· Trading companies which have no AGM business to transact - Te Kaha Project Delivery Ltd and Venues Ōtautahi Ltd (VŌ), the directors’ resolutions for Te Kaha Project Delivery Ltd and VŌ are at Attachments B and C respectively.

1.2 This report has been written following confirmation from the directors of the respective companies that they have no AGM business to conduct, and they wish to pass written resolutions in lieu of holding the AGMs as in-person meetings.

1.3 VŌ has advised that it intended to hold an AGM in October this year to avoid its busy November–December events period. However, as the Council meeting schedule was disrupted due to the triennial election, it was difficult to coordinate the meeting, the necessary voting proxies and decisions within the timeframe. VŌ has confirmed it will hold a physical AGM in October commencing next year.

2. Officer Recommendations Ngā Tūtohu

That the Finance and Performance Committee:

1. Agrees to pass shareholder resolutions for the 2025 annual meetings of the following Council-controlled organisations:

a. non-trading ‘shelf’ companies - CCC One Ltd, CCC Five Ltd, CCC Seven Ltd and Ellerslie International Flower Show Ltd; and

b. trading companies –Te Kaha Project Delivery Ltd and Venues Ōtautahi Ltd; and

2. Notes that the decisions in this report are assessed as low significance based on the Christchurch City Council’s Significance and Engagement Policy.

3. Background/Context Te Horopaki

3.1 The Companies Act (sections 120 and 122(4)) allows a company to meet its AGM requirements through a written resolution instead of an in-person meeting, provided there is no business to transact, the board considers this in the company’s best interests, and the constitution does not require an AGM. The boards of the respective companies have confirmed these conditions apply and advise that an AGM would offer no practicable benefit to the shareholder. Staff support passing a written resolution in lieu of an AGM for the respective companies.

Options Considered Ngā Kōwhiringa Whaiwhakaaro

3.2 The only practicable alternative option is for the CCOs to hold the AGMs as in person meetings. The cost of doing so, while not high does require administrative time and resource, and is likely to outweigh any benefits since there is no business to transact for any of the CCOs.

4. Considerations Ngā Whai Whakaaro

Risks and Mitigations Ngā Mōrearea me ngā Whakamātautau

4.1 It is a legal requirement for a company to hold an AGM either by in-person meeting or by passing a resolution in lieu of the meeting.

Legal Considerations Ngā Hīraunga ā-Ture

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

· Local Government Act 2002.

4.3 Other Legal Implications:

· section 120 of the Companies Act requires a company to hold an AGM within six months of its balance date and 15 months of the last AGM, and section 122(4) provides for resolutions to be passed in lieu of the AGM; and

· the constitutions of the respective companies do not require an AGM to be held.

Strategy and Policy Considerations Te Whai Kaupapa here

4.4 The required decisions sought:

· Align with the Christchurch City Council’s Strategic Framework in that they are consistent with the Council’s commitment to good governance of its CCOs. This is aligned to the efficient delivery of the outcomes sought by the Council's Long Term Plan (2024 - 2034).

· Are administrative only and are therefore of low significance in relation to the Christchurch City Council’s Significance and Engagement Policy. The level of significance was determined by considering the extent to which the decisions might impact the community.

· Are consistent with Council’s Plans and Policies in terms of the exercise of good governance practices.

Community Impacts and Views Ngā Mariu ā-Hāpori

4.5 The decisions in this report are administrative only and have no impact on the community.

Impact on Mana Whenua Ngā Whai Take Mana Whenua

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

4.7 The decisions do not impact on our agreed partnership priorities with Ngā Papatipu Rūnanga.

Climate Change Impact Considerations Ngā Whai Whakaaro mā te Āhuarangi

4.8 The proposals in this report will not impact climate change or emissions reductions since no additional operational activity is created. Forgoing an ‘in person’ AGM will reduce the emissions associated with transportation of attendees.

5. Next Steps Ngā Mahinga ā-muri

5.1 Execution of the shareholders’ resolutions in accordance with the Finance and Performance Committee’s resolutions.

Attachments Ngā Tāpirihanga

No.	Title	Reference	Page
a ⇩	Non-trading CCOs - Directors' resolutions to hold AGM 2025 by written resolution	25/2319384	514
b ⇩	Te Kaha Project Delivery Ltd - Directors' resolution to hold AGM 2025 by written resolution	25/2319468	518
c ⇩	Venues Ōtautahi - Directors' resolution to hold AGM 2025 by written resolution	25/2319566	519

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

9. One New Zealand Stadium at Te Kaha - Elected Members' Update
Reference Te Tohutoro:	25/2308919
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

6. Key Organisational Performance Results - October 2025
Reference Te Tohutoro:	25/2155052
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