Dunedin Drowns in Debt

The Otago Daily has had two features this week raising concerns about Dunedin City Council debt:
a front-page story, "City debt spiralling to $360 million", and an editorial, "The debt millstone".
But, as Calvin Oaten has pointed out, if Council-owned companies are included then the debt will actually total $730 million.
It is hard to disagree with the ODT here:

The council has long disappointed ratepayers with its history of failing to curb rates increases and rising charges, of heavier drawing down from debt-laden council-owned companies, and of encouraging ballooning liabilities.