Annual Report 2010 - Christchurch City Council

Civic Building Ltd Group structure Annual Report
Christchurch Otautahi
2010
p269.
Individual organisation descriptions
Civic Building Ltd
This company is a Council-controlled trading organisation, 100
per cent owned by Christchurch City Council. The company was
incorporated on 12 October 2007, and, manages the Council’s
50 per cent interest in the joint venture with Ngai Tahu Property
Ltd, (NTPL). The joint ventures’ refurbishment of the old NZ Post
building in Hereford Street, that is the site of the new civic offices,
was completed in August 2010.
Nature and scope of activities
CBL owns the Council’s 50 per cent interest in the joint venture
agreement. The project was completed in time for the Council to
occupy the premises in August 2010.
Policies and objectives relating to ownership and control
Through a Statement of Intent, the Council established broad
parameters around the design and refurbishment milestones, and
management of the financial targets.
Key performance targets
2010 2010
Actual
Target
Meet key milestones in the timetable to design and build the new Civic Building Achieved Construction proceeds according
to the agreed timetable
Financial summary
Statement of financial performance for the year ended 30 June 2010 2010 2009
Actual Actual
$000s $000s
Operating revenue 3,884 660
Operating and other expenses 5,508 2,861
Operating profit (loss) before tax (1,624) (2,201)
Tax expense (benefit) 6,426 (585)
Net profit (loss) for the year (8,050) (1,616)