The updated figure for the projected rise in debt is $120.5m, which would take the debt total to $709.5m by the end of June next year.
This is essentially a $2.5m shift from the $118m debt increase and $707m total signalled in the draft annual plan for 2024-25.
The $2.5m increase reflects recent changes in planned capital expenditure.
However, when Cr Lee Vandervis asked council finance staff at the end of last month what the $118m figure had shifted to, he was told about $107m.
This was at the start of annual plan deliberations and the council made a few tweaks to budgets after that, but none that would have pushed up the debt rise by more than $10m.
The $107m turned out to be well shy of what the debt increase is now shaping to be.
The Otago Daily Times asked the council on May 30 for updated figures about the projected debt rise and the planned deficit.
The council was quickly able to confirm a budgeted deficit of just over $28.5m and planned capital expenditure for the year of almost $207m.
However, confirming the debt situation was more problematic and the council was unable to provide updated debt figures until yesterday.
Escalating debt was one prominent theme in annual plan discussions.
A rates rise of 17.5% has also been budgeted.
Even working off the incorrect $107m figure supplied by staff, Cr Vandervis said the council’s proposed spending programme added a big burden to what was already a mountain of debt.
The council is due to adopt the annual plan next week.
