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Council delivers another sound financial performance

Council delivers another sound financial performance

Auckland Council - excluding council controlled organisations - recorded an operating surplus of $97m against a budgeted loss of $40m for the year ending 30 June 2014.

"The council has run a tight ship for ratepayers, notably achieving targeted savings and meeting key budgets such as rates revenues and net operating expenditure with only minor variances,” said Finance and Performance Committee deputy chair, Councillor Ross Clow, today.

Operating revenue was $120 million better than budgeted, mainly due to additional dividends, asset portfolio gains and higher revenues from user charges.

A full year result showed an accounting surplus of $646 million, primarily made up of $596m from property revaluation increases, vested asset revenues, derivative portfolio gains and reduced weathertightness costs.

“All told, while the result is a tribute to sound financial management, we know we can do better in some areas,” Councillor Clow added. “Capital expenditure of $456 million fell short of planned expenditure of $575 million and actions are underway to improve delivery performance in this area.”

Note: The council’s preliminary group financial results – including the performance of council controlled organisations – will be reported on 29 August 2014.

Ends

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