DCHL

The Dunedin City Council's group of companies remain in a bullish mood, despite an $8 million drop in profits and another loss for the entity running Forsyth Barr Stadium.

The Dunedin City Council must share the blame for multimillion-dollar losses incurred by Delta from its failed property investments at Jacks Point and Luggate, Mayor Dave Cull says.

The Dunedin City Council's group of companies has unveiled fresh changes after the recruitment of four new directors, including two heavy-hitters, and the departure of four familiar faces.

The Dunedin City Council is cutting its reliance on dividends from Dunedin City Holdings Ltd, but still fears being left exposed by another sudden drop in cash from its companies, chief executive Paul Orders says.

Dunedin City Holdings Ltd chief executive Bevan Dodds is to lose his job as the Dunedin City Council tightens its grip on the financial affairs of its companies.

There were words of praise, but also of caution, as the Dunedin City Council yesterday locked in a 4% rates rise for the coming financial year.

More events, more members, reductions in overhead costs and staff cuts contributed to a significant cut in losses in the first six months of this financial year for Dunedin's Forsyth Barr Stadium, its operator reports.

Dunedin city councillors have again been reassured the days of Dunedin City Holdings Ltd companies borrowing to help fund dividend payments to the council are over.

A $9 million write-down in Delta's investments - including property at Jacks Point and Luggate - is partly to blame for a multimillion-dollar loss booked by the Dunedin City Council's group of companies.

A pair of national heavy-hitters are among four new directors recruited to help guide the Dunedin City Council's companies.

All matters around Delta's deals at Jacks Point and Luggate should be made public, writes Russell Garbutt, of Dunedin.

Dunedin City Holdings Ltd - flush with a full complement of new directors - is now expected to turn its attention to a review of its subsidiary companies' assets.

Dunedin City Holdings Ltd chief executive Bevan Dodds is refusing to confirm claims the holding company is still borrowing millions of dollars to pay dividend payments to the Dunedin City Council.

Fresh savings would be needed to plug a $4.1 million hole in the Dunedin City Council's budget, it was confirmed yesterday.

You do not need silver hair, a dark suit, a school tie and an expensive car to be a company director. To form a company and give yourself a seat on the board all you need is $163.55 and the time for a little Companies Office form-filling.