The Long-term Plan is being amended after Councillors approved a Notice of Motion halting the sale of the Council’s minority shareholding in Wellington Airport in October.
The amendment focuses on options to address two financial risks – underinsurance and an undiversified investment portfolio.
By deciding to stop, slow, or reduce some capital projects, the Council aims to decrease its borrowings and free up debt headroom to improve the city’s ability to recover after a natural disaster.
At the Long-term Plan, Finance and Performance Committee, Councillors and Pouiwi voted that the following proposals be put forward for public consultation:
• Removing the budget for repairs to Begonia House, with a business case on future options to be prepared
• Delaying the strengthening of the earthquake-prone Bond Store, which houses Wellington Museum, for seven years, and investigating an alternative site for the museum
• Extending the delivery timeframe for the remainder of the Bike Network from 10 years to 20 years, with a focus for the next three years on delivering what is already in train and a separated bike connection east-west and north-south across the central city.
• Removing the City Streets budget, for bus, bike and pedestrian improvements in the central city and on key arterial routes, from 2027/28 onwards
• Stopping the Karori Events Centre fitout, and providing further advice on next steps for the building
• Reducing funding for strengthening earthquake-prone buildings in Te Ngākau Civic Square
• Continuing with resource consent for the redevelopment of Frank Kitts Park, and capping the Council’s contribution to the proposed Fale Malae at $5 million
• Reducing funding for community facilities building upgrades (part of the Te Awe Mapara Community Facilities Plan)
• Delaying the suburban centres upgrades programme to begin in three years, but retaining some budget for minor beautification works and planning
The options for changes to the capital work programme will be used to inform the Consultation Document for the Long-term Plan amendment.
Initial estimates suggest the proposed changes would provide up to approximately $400 million in savings, with detailed financial implications to be outlined in December. The draft budget for the amendment is set to be approved on 17 December and consultation material will be finalised in March 2025.
Wellingtonians will get to have their say via a public consultation period between 20 March and 20 April.
The Council will make their final decisions once community feedback has been considered, with the amendment to the Long-term Plan scheduled to be adopted on 26 June 2025.
For more information on the Long-term Plan amendment process, see Long-term Plan 2024-34 Amendment on the Let's Talk website.