The rating factors in the expectation that the consolidated net debt to operating revenue is likely to be lower than that implied by council's long term plans. The negative outlook reflects the potential for the rating to come under pressure if the council achieves or exceeds those levels.

The council's debt levels in the near term are likely to remain at levels consistent with the current ratings, despite rising.

We think there are no magic puddings ... any new spending and tax cuts will need to be paid for by cuts elsewhere or at the expense of the bottom line.

The negative outlook reflects the potential for the rating to come under pressure if the council achieves or exceeds those levels.

You're spending taxpayer dollars, so a reasonable degree of transparency is required. But if someone has an expectation that you would have the same efficiencies as in a private sector supply chain, that's probably not going to happen, because private sector doesn't have to worry about transparency. When it's taxpayer money, additional steps are required.

If it's the expectation, why punish them?