Annual Report 2010 - Christchurch City Council

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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.
p276. Annual Report Christchurch Otautahi 2010 Group structure Canterbury Economic Development Company Limited Individual organisation descriptions Canterbury Economic Development Company Limited Canterbury Economic Development Company Limited (CED Co Ltd) was formed in October 2008 by the ten Canterbury local and regional authorities. The core purpose and mission of the company is to act as a promoter for transformational economic development projects that will benefit Canterbury and to utilise the Canterbury Regional Economic Development Strategy (CREDS) to coordinate strategic economic development initiatives. CED Co Ltd will act as a liaison with Central Government regarding economic development on behalf of the councils and community of Canterbury. Nature and scope of activities Its objectives are: • To receive, review and select the most appropriate projects for funding application for the Regional Strategy Fund (RSF). • Act as the “final clearing house” of correspondence between “projects” and Ministry of Economic Development (MED)/New Zealand Trade and Enterprise (NZTE) during implementation. • Provide feedback to the district and regional role players regarding project proposals. • Communicate (via the administrative agent) shifts and changes in MED/NZTE to the regional economic development role players. • Provide a governance and leadership entity to stimulate collaborative efforts to transform the Canterbury economy. • Drive (via the administrative agent) the review of the CREDS. • Stimulate regional collaboration. • Support medium to long term strategic planning to lift regional economic development outcomes – such as increased competitiveness. Key performance targets 2010 2010 Regional Strategy Fund Actively liaise with stakeholders Actual Six projects submitted to New Zealand Trade and Enterprise – all approved and funding obtained Five meetings and four conference calls were held during the year Target Successful application for RSF funding Evidence of active liaison with stakeholders Financial summary Statement of financial performance for the year ended 30 June 2010 2010 2009 Actual Actual $000s $000s Operating revenue 97 63 Operating and other expenses 97 63 Operating profit (loss) before tax - - Tax expense (benefit) - - Net profit (loss) for the year - -
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Annual Report 2010 - Christchurch City Council

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