Glenn is entirely right. Council drawing funds out of the Council-held firms is inconsistent with Council's repeated assertions that the rate of return on Council-held firms is very high.
Council should be in the business of providing decent roading infrastructure, working and reliable sewers and waterworks, and a few consumption amenities. They are not the best owners of things like ports. The temptation to tunnel assets out by deferring maintenance and loading the companies up with debt ... well, some perils are just too perilous.