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Co-Chairs of DCC Finance & Performance Committee respond to Cr Simms’ suggestion of a special workshop and to 6 months of Cr. Ong’s claims to have a ‘secret formula’ and ‘new innovations’ to deal with DCC planned Billion dollar debt.
The ODT reported an accurate summary of our email today.
From: Lee Vandervis <lee@vandervision.co.nz>
Date: Friday, 27 March 2026 at 12:54 PM
To: Andrew Simms <andrew.simms@dcc.govt.nz>, Benedict Ong <ben@benong.nz>, Councillor Support <Councillor.Support@dcc.govt.nz>
Cc: Council 2025-2028 (Elected Members) <council.2025-2028@dcc.govt.nz>, Executive Leadership Team (ELT) <elt@dcc.govt.nz>, Grant Miller <Grant.miller@odt.co.nz>, Ruby Shaw <ruby.shaw@alliedmedia.co.nz>
Subject: Re: Public workshop on innovative debt financing to freeze rate rises
Our opinion is different Andrew.
In our view the Finance and Performance Committee is the appropriate opportunity to present innovative finance plans, and we would have welcomed Cr. Ong’s presentation of any proposals at our last Finance and Performance meeting had Cr. Ong attended this meeting.
As Co-chairs of Finance and Performance we note that Cr. Ong did not register an apology.
If Cr Ong wishes to take advantage of presenting his ‘innovative’ concept as an item to the Finance and Performance Committee, we are able to have this topic included on the agenda. Cr Ong is welcome to send us his written proposal or PowerPoint by email and we will ensure it is included on the public agenda of the Finance and Performance Committee. Because the next committee is not scheduled until 21 May 2026, we are also able to arrange an extraordinary meeting of the Committee so the matter can be considered at the earliest opportunity.
Indications of Cr. Ong’s innovation thus far that have taken an unnecessarily long amount of committee time to explain and seem to revolve around leveraging lower interest costs because of Cr. Ong’s repeatedly claimed New Zealand’s ‘highest world credit rating’.
Firstly, New Zealand does not have the world’s highest credit rating as Cr. Ong claims, there being 9 other Countries having higher AAA ratings.
Secondly, the credit rating that applies to DCC and DCHL debt is not the New Zealand rating but our own.
We would have expected that somebody who claims to have worked at a senior level in international banks would know both of these finance fundamentals.
Quoting Mr Google –
“The credit rating trend for Dunedin City Council (DCC) and its financing arm, Dunedin City Treasury Ltd (DCTL), is currently negative following a downgrade by S&P Global Ratings in March 2025. <img-c4cac2c2-6604-47ed-8036-41d1dba01651>Dunedin City Council +1
Dunedin City Council and DCC Companies Credit Ratings Summary
Current Ratings: AA-/Negative/A-1+ (as of March/December 2025).
Previous Rating: AA/Stable (prior to March 2025).
Trend: Negative Outlook.
Key Driver: Mounting debt, high infrastructure spending, and a lowered institutional framework assessment for New Zealand councils. <img-c4cac2c2-6604-47ed-8036-41d1dba01651>Dunedin City Council +4
Further suggestions from Cr. Ong regarding his view of the apparent willingness of the International Lombard banking system to carry our Billion Dollar debt with no interest charge, and at other times his suggesting a long delay on interest charges that could reduce rates short-term but be charged accumulated interest costs much later, again make no sense in the real world of finance.
Cr. Ong’s innovative proposals also fail to meet DCC obligations under the Local Government Act 2002 or our required accounting and audit standards.
Unless Cr. Ong can provide a cogent summary of his much repeated innovative funding solutions for DCC interest costs [planned $1 million per week for most years of the 9 Year Plan] in writing, we are not prepared to spend any more time listening to his repeated vague claims of an innovation plan that has no substance.
Regards,
Co-Chairs Finance and Performance
Deputy Mayor Cherry Lucas
Cr. Lee Vandervis
From: Andrew Simms <andrew.simms@dcc.govt.nz>
Date: Friday, 27 March 2026 at 7:54 AM
To: Benedict Ong <ben@benong.nz>, Councillor Support <Councillor.Support@dcc.govt.nz>
Cc: Council 2025-2028 (Elected Members) <council.2025-2028@dcc.govt.nz>, Executive Leadership Team (ELT) <elt@dcc.govt.nz>, Grant Miller <Grant.miller@odt.co.nz>, Ruby Shaw <ruby.shaw@alliedmedia.co.nz>
Subject: RE: Public workshop on innovative debt financing to freeze rate rises
Benedict
I fully support your call for a workshop which will allow you to present your innovative debt solution and one of a kind finance plan for our great city, the greatest city in our great land.
It is for the mayor to determine who should participate, but I for one would support a public meeting with finance experts and investment experts present, as has occurred in the past.
The underlying theme of the workshop will inevitably be, ‘put up or shut up’.
I cannot wait
Regards and thanks
Andrew
Andrew Simms
Councillor / Co-Lead Economic Development





















