The latest quarterly financial report for Manukau City Council shows the Council is back on track after an overspend of $4million was forecasted for the year. The City Manager, at the request of the Councillors, undertook a number of initiatives to minimise any overspend.

The initiatives have already borne fruit with the forecast being realigned to reflect the original forecasted budget.

“Changes of this nature in such a short timeframe show the City’s finances are well managed and under control as the Council continues to manage one of the lowest debt levels within New Zealand metropolitan local government”, said Councillor Neil Morrison, Chairman of the Council’s Corporate Business Committee.

“Manukau is the third largest metropolitan area in the country and has assets valued in excess of $2.8 billion contributing to one of the lowest debt to asset ratios in the country, public or private. If one takes the time to read the Annual Plan and Annual Report detailing the level of assets owned by the City and the percentage of rates required to service the debt, it can be seen the City is in a very good position”.

Debt is an essential ingredient in the ongoing management of any council and will remain an integral part of any future funding strategy for Manukau. The Manukau City Council’s Borrowing and Investment Policy is explained on pg.141 of the current Annual Plan. The policy sets out the rationale and limits that determine the level of debt the Council may incur.

“Contrary to the belief of some the Council is in no way incurring unmanageable debt and it is in fact a very long way from the limits contained in the prudent and conservatively framed policy” says Mr Morrison.

ENDS

Media Contact
Gabrielle Hinton
Media Liaison
Corporate Communications
Manukau City Council
Phone: (09) 2628900 x 8650
Fax: (09) 2625759
Email: ghinton@manukau.govt.nz

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