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Auditors give Auckland City a glowing report card

MEDIA RELEASE
25 November 2003

Auditors give Auckland City a glowing report card

Independent auditors have confirmed Auckland City Council’s positive annual financial results for the last financial year and praised its commitment to long term planning.

The annual audit, undertaken by Audit New Zealand, is a statutory requirement and investigates whether the council’s financial statements accurately reflect its performance for the year ended 30 June 2003. It also looks at the council’s non-financial performance against the targets set in its annual plan.

Particularly highlighted by Audit NZ was the council’s significant progress in improving the forecasting, management and completion of capital projects.

Chairperson of the council’s Assessors and Audit sub-committee Deputy Mayor David Hay says:

“This independent report confirms to ratepayers that we are taking a responsible approach to managing the city’s finances,” says Mr Hay. “Last year’s capital spend of $162 million (excluding Britomart) was the highest ever. This report reinforces Auckland City Council’s commitment to ensuring that urgently needed capital projects are carefully planned and responsibly funded.”

Areas covered by the audit include:

- legislative compliance
- quality of financial statements
- management of capital expenditure budget
- long term planning
- annual report
- development of performance measures.

The report also commended the council for its high quality financial statements and proactive attitude.

“Issues and their potential resolution are discussed with us and resolved throughout the year through regular meetings,” according to the report.

Ends

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