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

 


Palmerston North City Council is on track for surplus

Palmerston North City Council is on track for surplus


Palmerston North City Council’s operating budget surplus has continued through the third quarter of the financial year with a recorded improved operating position of $5.2m for the nine months to 31 March 2014.

Chief executive officer Paddy Clifford says the variance has occurred because of a reduced call for some expenditure and delay in requirement for other items.

“It’s a pleasing result. I’m expecting the favourable variance to remain much as it is now or be slightly lower for two main reasons:
· Much of the budgeted expenditure will be completed or requested before the end of this financial year.
· Council has to absorb the reduction in parking revenue following the removal of the $40 ‘failure to activate the meter’ fines.”

Chief financial officer Grant Elliott says from a financial perspective the first three quarters of the 2013 / 14 financial year has been good for Council.

“Council’s debt levels are significantly lower and reduced debt means reduced interest costs. This, alongside the reduced call for some budgeted expenditure, particularly maintenance related with no adverse wet weather events, lower grants and professional service means Council is in a sound financial position.”

“I’m proud of the efforts Council officers have gone to achieve this result.”

Financial accountant Keith Allan told Councillors at today's Finance and Performance Committee meeting that Capital Expenditure programmes valued at $16.3 million have been incurred against a year-to-date budget of $26 million. The overall capital programme budget for the year is $38.6 million.

"Commencement of some capital projects that have been delayed will still be incurred this financial year however some, such as the Papaioea social housing project, the refurbishment of the Civic Administration Building, along with various roading, waste water and storm water projects will be held over for the following financial year."

“While we anticipate the last quarter will be busy we are still expecting a significant surplus that will allow Council to reduce debt even further.”

Copies of the Financial Report can be found in the Finance and Performance Committee Agenda at pncc.govt.nz

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Regional
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news