Wellington City Council is in the process of amending our 2024-34 Long-term Plan (LTP). An LTP outlines to our communities how we intend to use rates, borrowing, and other funding to improve and maintain Pōneke for the next 10 years.

On 27 June 2024, Councillors adopted the 2024–34 LTP. This included the plan to sell our minority shares in Wellington Airport and to reinvest all the proceeds into a diversified Perpetual Investment Fund (PIF) to help deal with two significant financial risks:

  • The Council has a significant underinsurance risk – we do not hold sufficient insurance to respond to future financial and natural hazard risks, and
  • almost all of our investments are Wellington-based physical assets – 93% are in the airport and various ground leases.

That PIF was expected to grow over time and would only be used to top up the Council’s insurance in the case of a natural disaster. 

On 10 October 2024, Councillors approved a Notice of Motion that stopped the sale of airport shares.

This means the 2024—34 LTP now needs to be amended because not selling the shares is a significant change to what had previously been adopted. We need to find another way to deal with our underinsurance risk. We also need to address the fact that nearly all of our investments are held in Wellington city.

The amendment process

The process has begun to amend the 2024-34 LTP, which will continue until June 2025, at the same time as the 2025/26 Annual Plan process. The amendment focuses on options to address the two financial risks; it is not a review or change to the entire 2024-34 LTP.

It will follow the usual statutory process used for Long-term Plans and Annual Plans, including community engagement and consultation.

Public consultation will take place in March/April 2025 and Councillors will make final decisions once community feedback has been considered.

After being deliberated by Councillors, the amended Long-term Plan will be audited prior to final adoption in June 2025. It will be in place from July 2025.

Updates

This section will be regularly updated following Long-term Plan, Finance and Performance (LTPFP) Committee meetings and workshops/briefings.

26 November: LTPFP Committee meeting - Capital Programme Review

Committee determined the changes made to the capital work programme. These decisions direct what goes out for consultation.

Click here for more information on the proposed project reductions.

21 November: Long-term Plan Q&A briefing

Councillors were given the opportunity to have their questions answered by Council officers.

18 November: LTPFP Loss Modelling update

Officers provided an update on the Loss Modelling used to assess our insurance needs. No decisions were made.

13 November: LTPFP workshop - Capital Programme Review

Officers provided advice on options for Capital Programme Review. No decisions were made.

12 November: LTPFP workshop - Financial prudence, insurance, and process of the LTP amendment

Officers provided advice on financial prudence and the insurance situation. No decisions were made.

29 October: LTPFP Committee meeting - LTP amendment process established

The Committee noted timeline and process for LTP amendment. Committee decided to reinitiate work on a ‘disaster resilience fund’ as part of amendment.