Finance Notes: Bike NZ Must Explain Reserves To Government
Bike New Zealand "does not have permission to stockpile up to half-a-million dollars in government funding and senior staff must now explain themselves to the Crown." The Sunday Star-Times revealed BikeNZ, one of the government's prime Olympic investments and the second-most funded sport organization in the country, "was building a 'reserve' out of taxpayer money" (FAIRFAX NZ NEWS, 6/2). ... The Australian Turf Club's worrying A$60M ($57.4M) debt, "compounded by a poor Sydney carnival and 18 months without its prime asset, Randwick," has forced the club into an A$8M cost-saving restructure. The human face of the restructure "will be seen on Monday when the ATC will make 10 per cent of its full-time staff redundant," which makes up A$2.5M of the savings (SYDNEY MORNING HERALD, 6/3).