FINANCIAL DISASTER AHEAD FOR WELLINGTON'S RATEPAYERS- BRYAN PEPPERELL SPEAKS OUT

Mayor Prendergast has recently stated .."The City has $5.8 billion worth of assets. Our debt is just 4 % of our total assets. Council has agreed to borrow up to $20 million a year to pay for new assets." This statement from Mayor Prendergast about the value of the city's assets in relationship to debt shows just why we are heading for a meltdown.

The Mayor has steadily sold off the city's performing assets, beginning with Capital Power and the parking buildings, and moving onto ground leases. Of the performing assets, only the Airport share is left, unless we sell Council housing and abandon our commitment to the poor and our pending agreement with the Labour Government to foot the badly needed revamp and modernisation of the housing stock.

It appears Mayor Prendergast hasn't understood the value of a performing asset as opposed the city's depreciating assets making up most of the 5.8 billion dollars of the city's book value.

This is not the first time I've been critical on the Mayor's spin on Council's debt but this week I wish to expand on what is a serious problem as I see it. I'm of the opinion that the real estate market is over valued up to 40 percent. That's a bubble, but added to that is the fact that many people, with the encouragement of the banks, have borrowed against their over valued properties and spent on consumer items such as cars, and white-ware, along with other home improvements, like a new kitchen. Its been a consumer boom that has been financed on credit. Credit based on an over valued real estate market.

The first speed wobbles came with the rates differential. The Mayor's trusted lieutenant Deputy Shaw called a halt to the wealth transfer, fearing electoral consequences. It would mean an 8 percent rise to the residents and a 2 percent rise to business. In the meantime murmurings were becoming louder over developers taking control of the Council.

A symbolic action was deemed necessary.Commercial mayhem would continue in the Central Business District as with subdivisions. The talk of an overheated residential property sector became louder and interest rates continued to climb.

With the help of an uncritical media sufficient consent could be manufactured to see the City through it's current crisis and unattended growing debt (currently at $290.775 million and leaping to $354.829 million gross borrowings in 2008/09). This is set against an unsustainable economy with climate change demanding less productivity.We are headed for a meltdown.

FOR BETTER PUBLIC TRANSPORT - FIRST PREFERENCE ( 1 ) BRYAN PEPPERELL FOR MAYOR

THE AGE OF HUMAN ENERGY
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Cheers
RA

Wellington City Council Elections 2007 - Why Vote?

The Countdown
has begun!















October 13 2007
is Election Day For
Wellington City Council




Why vote?


If you don’t vote

Debt will Rise

More Heritage Destruction

More ‘Business over People’ attitude

Use of YOUR money to finance big business

More Service cuts




Solution

*Controlling Council Debt

*Protection of Wellington’s Heritage

*Focus on people over profit

*Integrity

*Real planning for the future

SIMPLE ISN’T IT?

VOTE
BRYAN
PEPPERELL
FOR
MAYOR

Wellington has 5.8 Billon of Performing Assets -Yeah Right!

Plain speaking from Mayoral candidate
Bryan Pepperell

Bypass Prendergast has recently stated .."The City has $5.8 billion worth of assets. Our debt is just 4 % of our total assets. Council has agreed to borrow up to $20 million a year to pay for new assets. " The statement from Mayor Prendergast about the value of the city's assets in relationship to debt shows just why we are heading for a meltdown. The Mayor has steadily sold off the city's performing assets, beginning with Capital Power and the Parking Buildings and moving onto ground leases. Of the performing assets only the AirPort share is left, unless we sell Council housing and abandon our commitment to the poor and our pending agreement with the Labour Government to foot the badly needed revamp and modernisation of the housing stock. It appears that neither Mayor Prendergast nor Cnews Editor Ian McFarlane have understood the value of a performing asset as opposed the city's depreciating assets that make up most of the 5.8 billon dollars of the city's book value.

Cheers

Bryan Pepperell

DR JAY SHAW - Knowledge, Belief,and Doubt: East Meets West

Pro-Chancellor Mckinnon speaking at J Shaw's opening

May 12 2007

His Excellency

K.P. Ernest,

Indian High

Commissioner

May 12 2007 Student Union

Alick Shaw made some opening remarks about
learning from the exchange of cultures and ideas

Ian McKinnon speaking at Jay Shaw's book launch

Mrs Jay Shaw, Neil Patel
Yoga guru Swami Maheshwarananda

who was a guest speaker.

Photography by Bryan Pepperell

Dr Jay Shaw speaking at his latest book launch.

Dr Jay Shaw is getting overdue recognition for his scholarship in Indian and Western philosophy. In his latest work he addresses a problem in epistemology seeking solutions from the Nyaya perspective. Dr Shaw received accolades from guest speakers, Indian High Commissioner K.P. Ernest , MPs Charles Chauvel and Gordon Copeland, Deputy Mayor Alick Shaw, and Councillors Bryan Pepperell ( a past student of Jay's ) and Ian McKinnon. The meeting was ably chaired by Christopher LaMonica from Victoria University. Christopher LaMonica is a Lecturer in International Relations.

In a recent interview with The Telegraph in Calcutta, Romila Saha asked Dr Shaw." Do you have to compromise if you want to be successful? Jay Shaw answered, "As soon as you begin to compromise, it becomes difficult to achieve your target. You might have to find a way to achieve what you want but you can't afford to give up your ideals".

QUOTE OF THE WEEK

"The rich man will do anything for the poor man except get off his back."

Question: Who said the above?

Cheers
Bryan Pepperell

Te Rae Kai Hau Point - Keep It Natural!

This is my seventh year in the battle to Save Te Rae Kai Hau Point. As seven is a special number I see this as a positive year to do things. It has been seven years where many people have played a part in opposing the shameful proposed Marine Education Centre ( Fish Zoo and Cafe) on this wonderful piece of natural heritage.

As a Mayoral Candidate on October 13 2007
I oppose the development of this precious site.
First preference
( 1 ) Bryan Pepperell
For Mayor / Save The Point

Manufacturing Consent in The Capital / Media Collusion in Wellington?

This week in the Capital's politics the temperature rose steeply over the District Plan and infill housing. That was driven by the City's news maker the Dompost with a series of reports designed to give a favourable impression of a Council that has been papering over the cracks of a permissive District Plan. Council did a u-turn on infill, having allowed the developers to have a free hand over the last 9 years. Under the present and previous Mayor the momentum had built but with election year jitters and community annoyance spilling into public places Mayor Prendergast and friends were looking for an electoral insurance policy.

The first speed wobbles came with the rates differential. The Mayor's trusted lieutenant Deputy Shaw called a halt to the wealth transfer, fearing electoral consequences. It would mean an 8 percent rise to the residents and a 2 percent rise to business. In the meantime murmurings were becoming louder over developers taking control of the Council. A symbolic action was deemed necessary. Commercial mayhem would continue in the Central Business District as with subdivisions. The talk of an overheated residential property sector became louder and interest rates continued to climb. With the help of the Dompost sufficient consent would be manufactured to see the City through its current crisis and unattended growing debt (currently at $290.775 million and leaping to $354.829 million gross borrowings in 2008/09). This is set against an unsustainable economy with climate change demanding less productivity. We are headed for a meltdown.

* Email comments by clicking on contact@pepptalk.net

LIMITS ON CITY INFILL HOUSING-ANOTHER ELECTION YEAR U-TURN

Still no change
with bad subdivisions
May 2007


Media Statement

Wellington City Council has done another U-turn in this election year with the latest changes to infill housing. The new announced limits on city infill housing follows an earlier u-turn on the shifting of the commercial rates differential. This is another cynical move under the Mayor Prendergast's watch in the hope of saving her political skin along with her cohorts, in the October election, Cr Pepperell said. There had been a long history of annoyance over the permissiveness of the district plan and it had been left unattended during the Prendergast watch. Like the shifting of wealth from the residential sector to the business sector, the damage has already been done and now that the property developers have exploited the plan and taken their profits the door is being closed as the property market prepares for a sharp correction.



Bryan Pepperell
Wellington City Councillor