News that the Auditor-General, Greg Schollum is expressing concern regarding Kapiti Coast District Council’s borrowing-for-investments plan comes as no surprise to Guy Burns, Deputy Chair of the Raumati Paraparaumu Community Board.
“The Mayor’s current change of direction, in not supporting the plan, seems to put him at loggerheads with some of his Councillors who have been outspoken enthusiasts of the risky scheme. I hope they follow the Mayor and change their minds,” he says.
“The Auditor-General calls the plan ‘unusual’. It is highly unusual, risky and unacceptable. The plan is flawed and has been met with disbelief by many ratepayers. Using loans to invest is counter-intuitive to most Kiwis and goes against what ratepayers find acceptable.
“I call on Councillors to reverse their decision to establish a borrowing-for-investment scheme.”