Chief financial officer Stewart Burns and chief executive Mike Theelen are recommending the "net sale proceeds'' be credited to the Wanaka asset sale reserve.
And they recommend the council establish "guiding principles'' for the money to be spent on. -
•Capital projects approved in the council's long term or annual plans benefiting "residents of the Wanaka ward''.
•Projects that increase the "level of service'' for Wanaka and do not include services required as part of the town's growth otherwise funded from development contributions and depreciation.
•Repayment of debt incurred on capital expenditure projects which had funded an increase in level of service for the Wanaka ward.
It would exclude use of the money for. -
•The purchase of assets which are primarily acquired for speculative purposes.
•Operating expenditure.
They considered using the reserve fund and guiding principles would make transactions transparent. Reports would be provided in the annual plan and annual report. The reserve fund was set up when a previous part of Scurr Heights land was sold.
The council will consider the recommendations from staff at its monthly meeting today.
