The Budget is (slightly) dead, long live the Budget

[If you are unable to view this message correctly, click here]( [stuff header]( Hi {NAME},  The Budget is (slightly) dead, long live the Budget. Auckland mayor Wayne Brown was absolutely right when he said during his election campaign that he was all about the numbers: “Get the numbers wrong and people get hurt.” Which is why the city’s annual budget - its most difficult yet - will look quite different in June from what Brown first proposed in December. In that, Brown got the numbers right, producing a formula in which a forecast $295 million deficit would close in a mix of spending cuts, rates rises and selling the council’s airport shares. But the budget is more than numbers. Behind them are the aspirations of Aucklanders, the things that hold their communities together, and make the city a special place. The pushback to Brown’s “numbers” has been unprecedented and has fuelled moves among some councillors to find a more palatable and less potentially destructive way to balance the books. One concept is being canvassed by Richard Hills, the left-leaning chair of the Planning and Environment and Parks committee. It would halve the $120m spending cuts, up the rates rise proposed at 4.6% to 7.6%, or alternatively by 2% with the remaining $20m coming through borrowing. Even the added 3% on rates would cost the owner of an average value home $1.62 a week above the mayor’s proposal. Most variations, but not all, include the sale of some or all of the council’s now $2.34 billion pile of shares in Auckland International Airport Limited. The equation is pretty challenging to grasp, and the numbers shift as the market price for the airport shares changes, but in simple terms, selling all the shares would retire more than $2b of debt and significantly cut annual interest costs, even once share dividends start returning to pre-Covid levels. There are valid arguments to keep some or all of the shares, but they're the biggest “lever” the council has, and retaining many could leave the need for higher rates - and more cuts - on a scale that would be very difficult to get a political consensus for. Navigating all that is the challenge that lies ahead over coming weeks. Your Auckland will take a break until June 19, while Todd Niall is away. [user profile pic] Todd Niall Senior Stuff Journalist [See more Auckland news]( [Privacy Info]( [Privacy Info]( [Watch this video now] Government to slap toll charge on new $830m road north of Auckland A new $830 million highway north of Auckland connecting State Highway 1 to the Whangaparāoa Peninsula will be tolled. [Transport Minister Michael Wood]( announced the user pays charges for the O Mahurangi-Penlink road on Monday, after Stuff had revealed the Government was set to make the move. Hibiscus Coast commuters will pay $3 per trip during peak traffic, from 6am to 9am and 4pm to 7pm, and $2 outside rush hours. That’s a dollar cheaper than Waka Kotahi had consulted the public on. Heavy vehicles will pay double those rates, while public transport and cyclists will be able to use it free of charge. [Read More]( [Privacy Info]( More Auckland stories you might have missed [Article Image] Rheumatic heart disease rates in south Auckland 'as high as Africa' [Read more button]( [Article Image] 'Wake-up call': Children sleeping in shelters, cars, 'poor' quality homes - study [Read more button]( [Article Image] 'It's like a vendetta': Neighbours at war over troublesome trees [Read more button]( [Article Image] Pool builders who went bust could owe $3m, customers want to switch liquidator [Read more button]( [Support Stuff]( [Discover more Auckland news at Stuf]( You are receiving this email because you are opted in to receive the Your Auckland newsletter. [Unsubscribe]( [Manage your profile]( [Privacy Policy]( Did a friend forward you this email? [Sign up to get Your Auckland in your inbox]( Stuff, 4 Williamson Ave, Ponsonby, Auckland, 1021, New Zealand