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Local Authority Annual Surplus of $258.8 Million

Local Authority Annual Surplus of $258.8 Million

Local authorities reported a provisional annual surplus of $258.8 million for the year ended June 2003, according to Statistics New Zealand. The latest annual result was a fall of $97.7 million, compared with the surplus of $356.5 million recorded a year earlier. Investment income was the main driver of the decline in the operating surplus, falling $119.4 million in the June 2003 year.

Annual revenue increased 2.0 percent for the year ended June 2003, reaching $4,230.0 million, an increase of $82.2 million over the level recorded a year earlier. Increased sales of goods and services (up 5.5 percent), rates, petrol tax, licence fees and fines (up 5.1 percent) and government grants (up 7.1 percent) were partly offset by decreased investment income (down 28.4 percent).

Annual expenditure rose 4.7 percent or $179.9 million in the year ended June 2003, reaching $3,971.2 million. The rise was driven by increases in depreciation (up 8.8 percent), employee costs (up 7.4 percent), interest paid (up 4.7 percent) and purchases of goods and services, grants, donations and all other expenditure (up 2.0 percent).

On a quarterly basis, local authorities reported a seasonally adjusted operating surplus of $78.3 million for the June 2003 quarter. Quarterly revenue rose 3.0 percent to $1,082.1 million as a result of increases in investment income (up 77.9 percent) and sales of goods and services (up 0.8 percent). Revenue from rates, petrol tax, licence fees and fines declined (down 1.8 percent), as did government grants (down 1.3 percent). Quarterly expenditure rose 1.6 percent in the June 2003 quarter, due to increases in employee costs (up 4.4 percent), depreciation (up 4.3 percent), and interest paid (up 14.8 percent). These increases were partly offset by a decrease in purchases of goods and services, grants, donations and all other expenditure (down 1.7 percent).

Brian Pink

Government Statistician

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