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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

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