Finances show further investment in Auckland

The Auckland Council Group financial results for the six months to 31 December 2014 have been released today.

It shows an on-going commitment to investing in priority areas across Auckland while providing value for money.

“Aucklanders can have confidence that our focus continues to be on delivering efficient services and in providing the necessary investment to meet the demands of growth whilst balancing this progress with affordability,” says Kevin Ramsay, Acting Chief Finance Officer.

This half-year $751 million has been invested in key assets across priority areas such as transport and in growing Auckland communities.

This includes $107 million on new electric trains providing more frequent and reliable services with an 18 per cent increase in rail patronage for the 12 months to December 2014 and $22 million on new local libraries with openings of the Ranui, Te Atatu and Waiheke libraries.

Overall, this investment has contributed to an increase in the value of the group’s total assets from $40 billion to $41.2 billion.

There has also been increased activity in improving infrastructure such as roading, water and wastewater network, a growth in building consent activity and more events such as Auckland Nines, Cricket World Cup and preparations for the World Masters Games. This is reflected in the staff and other costs shown in the statements.

The Council Group has also worked hard to bring more skills, knowledge and services in-house to reduce the use of external contractors.

During this period the Group's AA Standard and Poor’s and Aa2 Moody’s credit ratings was reaffirmed, which remains one of the strongest ratings in New Zealand.

For the full NZX announcement please see the Auckland Council Website or the NZX website

ENDS

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