Council earnings down
That life is either a feast or a famine seems to apply to Christchurch City Council investment earnings.
Last year the council almost doubled its interest earnings over those estimated in the budget because of high interest rates.
This year it has earned $859,414 of the $2,680,000 estimated for the financial year from April, 1986, to March, 1987. Another $1.3 million interest has been earned on MELD. funds invested, of an estimated $2.7 million. “We might be hardpushed to make what we expect,” was the comment from one councillor at yesterday’s policy and finance committee meeting.
Cr Vicki Buck and the late Cr Rex Lester repeatedly criticised what they saw as the “gross underestimation” of interest last year.
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Press, 12 August 1986, Page 9
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121Council earnings down Press, 12 August 1986, Page 9
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