Auckland Super City is in debt to the tune of $4 billion - the equivalent of about $8000 for each of the region's half a million ratepayers. The debt had been steadily growing under the previous eight councils and includes $1.2 billion managed by Watercare Services to build and maintain the city's water assets. What's more, the Auckland Council is looking to increase its debt from $2.8 billion (which excludes the Watercare figure) to $3.6 billion over the next three years to fund its existing programme of capital works. There is no money in the financially strapped budget for new projects, such as Mayor Len Brown's $2 billion inner city rail loop and a cruise ship terminal. Chief finance...
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