Dunedin City Treasury Ltd
Dunedin City Treasury Limited provides the group with funding and financial services, and manages the investment of Dunedin City Council's Waipori Fund.
Despite the recession being regarded as the worst for 75 years, the group has never been short of cash or reliant on emergency funding. It has continued to operate as "best in class" in the short-term money markets and Dunedin City Treasurey confirmed its solid AA- (long term) and A1+ (short term) rating with Standard & Poor's.
The Waipori Fund failed to achieve a positive return for the first time in its history, but the $1.6 million (2.2%) loss is an "acceptable" result and is offset by its average annual return of 9.3% over the previous 5 years. The Waipori Fund also made a $3.98 million payment to Council.
| Financial highlights | 2009 | 2008 |
|---|---|---|
| What we earned | $25.7m | $20.5m |
| What we made | $11,000 | $15,000 |
| What we own | $384.1m | $312.7m |
Last reviewed: 16 Oct 2009 10:26am
Phone us on 477 4000
