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

 


Solid six months for council group

Media release

28 February 2014

Solid six months for council group

Auckland Council Group’s results for the six months to 31 December 2013 were released today, showing its progress towards making Auckland the world’s most liveable city. In addition to financial performance, in the six months to December 2013 Auckland has hosted a multitude of events, built and purchased new assets for the region, and continued to deliver day to day services, providing benefits for all Aucklanders.

Finance and Performance Committee Chair Penny Webster says the result reflects a strong financial foundation from which the group can deliver significant planned capital investments to continue creating the world’s most liveable city.

The group has announced an operating surplus of $161 million in the first six months of the 2013/2014 financial year, and increased the value of its net assets by $330 million.

“This puts us in a good place to continue delivering benefits for all Aucklanders. Over the previous six months, we have invested $649 million in key assets which will help us do this. For example, we invested in the Panmure transport interchange as part of the Auckland Manukau Eastern Transport Initiative, which will provide more transport choices, improve walking and cycling facilities, reduce traffic congestion and unlock the economic potential of the area.”

Key projects over the six month period include:

• Improving Auckland’s roads and footpaths by investing an additional $182 million

• Helping decrease congestion by taking delivery of our first new electric trains; $47 million invested

• Providing increased capacity for the expected growth in Auckland’s population by investing $28 million in the Hunua 4 watermain project.

Other major regional and local projects giving benefits to Aucklanders include:

• Making it easier for Aucklanders to find out important information through a mobile version of the Auckland Council website, which includes rubbish and recycling collection dates, property valuations and rates, as well as lodging a noise complaint

• Delivering on our commitment to Auckland’s communities by delivering on several long-awaited community projects, including the $5.5 million Ranui Library and the $5.2 million Otahuhu Recreation Precinct

• Responding to new housing legislation by establishing a housing project office and announcing 22 Special Housing Areas

• Continuing development on the waterfront including opening the Shed 10 ferry terminal

• The Auckland Art Gallery Toi o Tāmaki was awarded the 2013 World Building of the Year at the prestigious World Architecture Festival

• Seamless implementation of new licensing regulations under the new Sale and Supply of Alcohol Act 2013

• Protecting our built heritage by using the newly set up Auckland Council Heritage Acquisition Fund to purchase the historic Wong Doo Building (1884 – 1885) on Hobson Street and Airedale Cottages (1856) on Airedale Street.

Through these projects and others the group invested $649 million renewing and expanding assets for the benefit of its communities. Operating cash flow funded $395 million of the capital programme, with debt of $254 million funding the balance.

The group also continues to provide value for ratepayers through effective financial management. This includes savings programmes operated throughout the group to improve operational efficiency and prudent management of the group debt portfolio. Borrowings are from diversified funding sources including domestic and offshore borrowing programmes, and the Local Government Funding Agency. This has allowed the group to extend the term of borrowings to provide long term funding stability.

The strength of the balance sheet and effective financial and debt management enabled Standard & Poor’s and Moody’s to reaffirm Auckland Council’s long-term credit ratings of AA and Aa2 respectively. On the back of these the group accessed and raised $297 million on the international financial market in the past six months. Auckland Council is the only local authority in New Zealand permitted to borrow offshore.

The interim report will be available on Auckland Council’s website at the end of March. For the full NZX announcement please click here.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Patience: Drive Safe

Be patient before passing is the AA's message for drivers this Labour weekend.

"People taking crazy risks to get past other vehicles is one of the most dangerous things on the road,” says AA spokesperson Dylan Thomsen.

“The weather is looking good for the long weekend so the roads will be busy. Unfortunately, that also increases the chances of people getting frustrated and trying a risky passing manoeuvre. When they get past, there will probably be more traffic up ahead anyway so it won’t get people there faster.” More>>

 
 

Parliament Today:

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Gordon Campbell: On The Tokenism Of New Zealand's Role Against Islamic State

Our contribution against IS will be to send SAS forces to train the Iraqis? That’s like offering trainers to General Custer just as the 7th cavalry reached the Little Big Horn. More>>

ALSO:

Scoop Business: Shell And Todd Caught Drilling Without Approval

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released by the Green Party. More>>

ALSO:

Gordon Campbell: On Pharmac, Gough Whitlam And Sleater-Kinney

We’re not at the outset of these negotiations. The outset was six years ago, and negotiators were hoping to have some sort of ‘framework’ deal finished in time for the APEC meeting in a few weeks’ time. These ‘extreme’ positions are what we’ve reached near the intended end of the negotiations… More>>

ALSO:

PM Of Many Hats: Questions, No Answers On Whale Oil

Dr RUSSEL NORMAN (Co-Leader – Green) to the Prime Minister: How many times since November 2008 has he spoken with blogger Cameron Slater on the phone and how many times, if any, has he texted him?
Rt Hon JOHN KEY (Prime Minister): None in my capacity as Prime Minister. More>>

ALSO:

Aussie Investigation Dropped: Call On Minister McCully To Pursue The Case Of Balibo Five

West Papua Action is deeply concerned at the lack of any clear outcome from the Australian Federal Police inquiry into the 1975 deaths of the ‘Balibo Five’ including NZ journalist Gary Cunningham. More>>

ALSO:

'Feed The Kids' Bill: Metiria Turei To Lead Fight On Feeding Hungry Children

Green Party Co-leader Metiria Turei is urging all political parties to support the Feed the Kids Bill which she inherited today from Mana leader Hone Harawira. More>>

ALSO:

Parliament Today: State Opening Of Parliament

The House sat at 10.30am on Tuesday before MPs were summoned to hear the Speech from the Throne in the Legislative Council Chamber. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news