Garry Mallett's latest advertisement includes more inaccurate statements about Hamilton City Council's financial management and position.
Mr Mallett repeats his incorrect remarks about council's budget carry-overs - which we have addressed - and also argues council could be considered insolvent.
This is not true. Council's credit rating, as recently assessed by global credit analysts Fitch, is AA- (a very high quality rating).
He also claims council's interest rate bill could climb to $130,000 per day. Council's possible exposure to interest rate movements is no more or less than any company, public entity or individual, is well-managed and we are working within the treasury policy guidelines which can be viewed on our website.
Mr Mallett's comment that council is well above the Local Government Funding Agency's debt-to-revenue guidelines is wrong.
The agency's guidelines allow for rated organisations, such as council, to carry debt-to-revenue ratios of up to 250 per cent. Council remains committed to achieving its 200 per cent target by 2019, and is on track to do so.
Richard Briggs, Chief financial officer Hamilton CC