City Rail Link – Update

17 April 2019 City Rail Link - Update City Rail Link Limited has advised that the estimated project cost for City Rail Link (CRL) is now $4.4 billion. This represents a $1.0 billion increase to CRL's existing budget of $3.4 billion. As CRL sponsors, Auckland Council and the Crown fund this project in equal shares. Auckland Council has identified a range of potential initiatives which would enable its share of the requested increase in financial commitment to be met within current debt policy limits. These initiatives comprise: - Interest cost savings due to lower market interest rates; - A reduction in cash holdings from improved cash management; - Re-assessment of the valuation of operating commitments which impact on Auckland Council's debt policy limits; - Development and implementation of the off-street parking strategy, including recycling assets to invest in CRL and new or upgraded park and ride facilities; and - Flexibility around the timing of Auckland Council's CRL contributions. On 2 May 2019, Auckland Council's Governing Body will consider budget decisions in response to this funding request. ENDS For further information, please contact: Katherine Forbes, Public Affairs Mobile +64 21 872 680 katherine.forbes@aucklandcouncil.govt.nz End CA:00333496 For:AKC Type:GENERAL Time:2019-04-17 16:26:08