Leaky buildings bills clobber city ratepayers

The Auckland City Council has paid $41.5 million on leaky building claims and is in the process of settling another 148 claims, totalling $225 million.

The latest figures follow an actuarial estimate last October, which showed the leaky building crisis would cost ratepayers $321.3 million, or about 3 per cent of their rates, over the next 12 years.

Actuaries Melville Jessup Weaver, working for Local Government New Zealand, have put a $2.3 billion overall bill on fixing leaky buildings nationwide.

The council's finance committee chairman Doug Armstrong said the problem was still horrendous for the council, and he was looking forward to some relief from the new Government.

To read the full NZ Herald article click here

Posted: 20 Mar 2009

News articles