New Plymouth District Council choose safe hands for Waitara community

The Waitara Perpetual Community Fund has already banked about $9 million from 250 completed Waitara land sales and will make an annual release for community projects once it is securely invested.

A multimillion-dollar fund to help boost Waitara's prosperity for generations will be put in the care of the same firm that's managed the success of NPDC's Perpetual Investment Fund (PIF) nest-egg.

The Waitara Perpetual Community Fund (WPCF) was set up to invest cash from Waitara Lands Act property sales for the long-term good of the town and New Plymouth District Council (NPDC) councillors recently voted to appoint investment specialists Mercer to look after the Fund.

NPDC chief financial officer Joy Buckingham says Mercer has a strong track record in managing the PIF since 2016 and the appointment brings peace of mind to the Waitara community that the Fund will be invested safely and wisely.

"The Community Fund is going be transformative for Waitara. It's going to lay the foundations for the next chapter in the town's history with community projects and investment to help the town prosper and develop.

"Mercer is the right choice to manage this Fund for the benefit of all Waitara people," says Joy.

The WPCF has already banked about $9 million from about 250 completed Waitara land sales and will make an annual release for community projects once it is securely invested.

Meanwhile, councillors have appointed two new directors to the board of the NPDC Council Controlled Organisation New Plymouth PIF Guardians. The board provides governance oversight of the investment management of NPDC's PIF.

The new directors will provide a complementary mix of skills and experience to the existing board that will ensure the ongoing success of the $301.2m fund.

"Sound management of the PIF supported our strong financial position when we drew up our $20m Back On Our Feet package to support local jobs and businesses after the Covid lockdown, and it's helped offset rates to the tune of almost $9m in the last financial year," says Joy.