Len’s borrowing

Four years ago, the Auckland Council had $3,081 million of debt (June 2011). At June 2015 it had $6,328 billion of debt. That is an increase of 105%.

An an annual basis it means Auckland Council have been borrowing $812 million a year.

That’s $68 million a month.

Or $16 million a week.

On a daily basis that is $2.22 million every day for the last four years.

Now this isn’t central Government where your tax take is uncertain, and you have cycles of surpluses and deficits. Local Government is your rates income is a fixed amount and known and should match your spending (basically). Yet Len has chalked up $3.3 billion of borrowing in four years, which is partly why rates had to go up 10%.