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


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>