Scoop has an Ethical Paywall
Positive Result for Waipori Fund
Positive Result for Waipori Fund
Dunedin (Wednesday, 22 July 2015) – The Waipori Fund performed strongly in the past financial year while meeting key targets.
The fund’s capital base for 2014/15 is above its inflation adjusted target for the first time since 2008.
The fund is managed by Dunedin City Treasury Limited, a company owned by Dunedin City Holdings Limited (DCHL). DCHL is in turn is owned by the Dunedin City Council.
DCHL Chair Graham Crombie says this is an important measure because it shows the fund’s capital base is not being eroded.
“As well as a good overall return for the year, it’s very pleasing to see the fund achieve this threshold.”
The fact the fund reached the target in the past financial year was mainly due to strong equity in the bond markets and a weakening New Zealand dollar.
The market value of the investment portfolio was $81.6 million at 30 June 2015. This was a 13.1% return for the year. This return also met the income objective of exceeding the official cash rate plus the consumer price index.
The graph below shows the progress of the fund since its establishment. The fund was created from the sale of the Waipori electricity generation scheme. It provides a source of revenue for the Council which can be offset against rates.
ENDS
Gordon Campbell: On What’s Wrong With The Treaty Principles Bill
Department Of Internal Affairs: Samoan Citizenship Bill Passes Into Law
NZ National Party: National Acknowledges The Passing Of Hon Nikki Kaye
Mana Mokopuna: Children And Young People Share Vital Insights On Healing From Family Violence And Sexual Violence In New Report
NZ Government: PM Marks One Year In Government
Helen Clark Foundation: Helen Clark Foundation Calls For Political Action To Reduce The Prevalence Of Junk Food And Improve Health Outcomes
Justice Committee: Further Decisions About Submissions Process For The Principles Of The Treaty Of Waitangi Bill
