Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


IA's net worth at year end: $819 million


Statement made by John Robertson, Chairman, Infrastructure Auckland

After making grants of $127 million, funding agency Infrastructure Auckland reported an audited net surplus before taxation of $6.1 million for the financial year ending 30 June, 2002.

This surplus is consistent with the forecast built into IA’s 2002 annual plan and long term funding plan as a funding source for grants.

At year end our public equity and net worth was $819.4 million, up $105.2 million on the position 12 months’ previously.

A key factor contributing to the better than planned performance was income, at $137.2 million. The major portion of this came from Ports of Auckland making a capital return to shareholders, with our share of this being $66.4 million.

Through active management by our investment team and by working closely with Ports of Auckland, our investment returns including dividends was $70.4 million.

A strong management focus on total operating expenses saw these held to $4.3 million, 2% below last year’s expenditure.

Infrastructure Auckland entered the 2003 financial year in a strong financial position and with the resources to make a significant, but only partial, contribution to funding the region’s future passenger transport and stormwater infrastructure needs.

While through prudent management and timing our funds are greater than anticipated at this stage, within the context of the region’s need for funds our resources are limited.

IA looks forward to continuing to prudently manage and distribute its limited funds in a transparent, collaborative and enterprising manner.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news