The incoming Queenstown Lakes District Council has a Wanaka nest egg of about $15 million waiting for it. The money is in the Wanaka asset sale reserve and consists of the proceeds from the council’s sales of Wanaka assets. The reserve was created in 2003-04, and at June 30, 2004, it contained $4.46 million. Since the reserve was established, money from it has helped fund infrastructure projects in the Wanaka ward including Project Pure, the Wanaka Recreation Centre, Wanaka Airport and roading and water supply projects. "This funding has reduced borrowings on these projects and benefits all ratepayers in the Wanaka ward through lower interest costs which means lower rates," she said.

Source: Otago Daily Times October 06, 2016 17:15 UTC