Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news