Annual Report 2010 - Christchurch City Council

Canterbury Development
Corporation
Group structure
Annual Report
Christchurch Otautahi
2010
p275.
Individual organisation descriptions
Canterbury Development Corporation
Canterbury Development Corporation (CDC) was set up as a limited
liability trust company by Christchurch City Council on 5 December
1983. In 2003 the CDC Trust was settled by Council as CDC Limited
Shareholder. This Charitable Trust has been found to be invalid by
the High Court and the matter is under protective appeal at the time
of writing.
CDC acts as the principal economic development agency for
Christchurch City and the Canterbury region. Its main role is to
stimulate economic growth through significant interventions
- particularly focused on export-ready companies, developing
priority sectors and leading major regional projects.
Nature and scope of activities
During the past 12 months CDC has undertaken significant change,
with the development of the Christchurch Economic Development
Strategy (CEDS), which aims to reposition Christchurch within
the regional and New Zealand economy, setting an ambitious
vision, bold goals and identifying a range of initiatives so that
Christchurch becomes a more globally competitive city and region.
Policies and objectives relating to ownership and control
It is critical that the operations of CDC align with the wider social
and economic objectives of the Council as set out in the LTCCP.
Christchurch’s and New Zealand’s economy needs to perform
significantly better to preserve and enhance our quality of life. This
requires some enlightened policy, along with a long term resolve
and a plan. Achieving ambitious goals is not just important for
Christchurch. As New Zealand’s second largest city, Christchurch’s
prosperity is important for New Zealand.
Key performance targets
2010 2010
Actual Target
Refresh of the Canterbury Regional Economic Development Strategy (CREDS) 100% 100%
Development of Christchurch/Canterbury economic model, capable of undertaking economic impact assessments 100% 100%
Provide extensive case management to high-growth-potential businesses in priority industry sectors (10 per sector) 100% 100%
80% of Enterprise Training programme delivered to support needs of high-growth-potential businesses >90% 80%
Financial summary
Statement of financial performance for the year ended 30 June 2010 2010 2009
Actual Actual
$000s $000s
Operating revenue 5,271 5,280
Operating and other expenses 5,040 5,198
Operating profit (loss) before tax 231 82
Tax expense (benefit) - -
Net profit (loss) for the year 231 82
Note: the above figures remain subject to audit.