The results of a
much-anticipated independent review of post-earthquake
Christchurch City Council's finances will be revealed this
Mayor Lianne Dalziel commissioned Australian financial
consultants KordaMentha to "open the books" after she took up
the post last October.
She told APNZ after the election: "I want to start a process
very quickly to bring an internal body in to have a look at
exactly what the financial situation of the council is ... I
want to know exactly what we've signed up to with central
Government in terms of the cost sharing agreement [for the
rebuild anchor projects].
"I want to make sure that all of us around the table
understand what that means, in terms of rates obligations
into the future, and also our debt liability."
KordaMentha, which specialises in forensic accountancy,
insolvencies and corporate recovery, released some initial
findings last December.
Ms Dalziel said the initial findings "confirm some of the
worst fears we had as an incoming council".
It found that the council had grossly under-estimated the
cost of the rebuild, uncertainty around the costs to repair
horizontal infrastructure, and the amount of insurance
expected for damaged facilities.
Ms Dalziel and chair of the council's finance committee,
councillor Raf Manji, will host a news conference this
The KordaMentha report will be publicly released at 4pm.
- By Kurt Bayer of