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Christchurch city councillors will continue meeting behind closed doors through to Saturday as they consider how to adjust the council’s finances in the face of Covid-19.
The organisation is bracing itself for a deficit of $33.2 million as a result of the Covid-19 crisis.
This is mainly down to the $26 million dividend from the city council’s investment arm Christchurch City Holdings Ltd no longer being expected to be returned.
City council chief financial officer Carol Bellette said whether any of the dividend would be returned would become clearer after a CCHL board meeting which was held yesterday.
However, CCHL did not respond to requests for comment.
City councillors will be tasked with signing off a revised draft Annual Plan next Friday before it is sent out for public consultation.
The Annual Plan will dictate the level at which rates will increase for the next financial year.
This is likely to be a source of debate with a number of councillors calling for a zero per cent rates rise and others favouring some form of increase.