The Whangarei District Council’s interest-bearing debt is now $340 million ($236m owed to external lenders and $104m taken from council reserves earmarked for projects that are yet to commence).
Five years ago the total debt was $224 million. That’s a 52% increase over five years. Half of that increase in debt can be attributed to the construction of the Council's new office building, Te Iwitahi.
Sources: Finance Committee Agenda, page 33: Here >>>