Auckland Transport has less money to spend on capital works this year, says chief executive David Warburton.

He told Auckland councillors today that the transport agency was basically holding its ground and doing its best.

"Do we have enough to accommodate growth and catch up? No," Mr Warburton said at the CCO governance and monitoring committee.

Asked by councillor Bill Cashmore about the funding gap at the moment, Mr Warburton said from a practical point of view it was about $300 million a year.

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Mr Warburton said an interim targeted rate for transport of $114 for households in the new budget brought the base budget which was a few hundred million dollars less than what we were doing "back up to about where we are at".

"The challenge is there are a lot of people outside this room who think we have got an accelerated programme from what we have been doing in the past few years. That is not the case," Mr Warburton said.

The targeted rate has been sold to ratepayers by Auckland Council as funding for an accelerated transport programme. It follows earlier cuts by the council to the transport budget.

Responding to a question from Orakei councillor Cameron Brewer about flooding on Tamaki Drive, Mr Warburton said there was no funding to raise the drive between Ngapipi Rd and Parnell Baths in the 10-year budget.

He said it would become more of an issue with rising sea levels and more northeasterlies and king tides.

Auckland Ratepayers' Alliance spokeswoman Jo Holmes said it was shameful that transport capital spending had been reduced.

"On the same day tens of thousands of commuters are in gridlock thanks to Auckland Transport's failure to protect Tamaki Drive from seasonal flooding, we learn that the transport levy is a fraud.

"Len Brown said the transport levy was a necessary pain to get Auckland moving. In reality the skyrocketing rates are being soaked up by a bloated Council with high operating and staffing costs," she said.

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