Christchurch audit results revealed today

The results of a much-anticipated independent review of post-earthquake Christchurch City Council's finances will be revealed this afternoon.

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 afternoon.

The KordaMentha report will be publicly released at 4pm.

By Kurt Bayer of APNZ

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