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City's finances on track

City's finances on track

29 November 2012

Hamilton’s finances are on track to meet targets set in its 10-Year Plan, with a $1.3 million operating deficit recorded for the first three months of the financial year, $2.2 million ahead of the budgeted deficit of $3.5 million.

The main reasons the Council is ahead of budget is due to having received funding from NZTA for the Ring Road (advance of $1.2m), an increase in water revenue of $200,000 (mainly from Fonterra) plus some projects being under budget or having received unbudgeted contributions from partners eg the Community Development Fund has so far received $223,000 for various projects.

The report was presented by Richard Briggs the Council’s new Chief Financial Officer to Council’s Finance and Monitoring Committee.

Mr Briggs presented the report in a new simpler format to ensure all Council budgeting and expenditure is accessible and understandable.

[Click here to view summary report – Page 10]

Overall the Council is in a sound financial position and is on track to deliver the budgeted results for this first year of the new 10-Year Plan.

A more comprehensive six monthly report will be presented to the Committee early next year.

ENDS


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