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

 

Local authorities show quarterly deficit

Local authorities show quarterly deficit

16 June 2014

Local authorities had an operating deficit in the March 2014 quarter, Statistics New Zealand said today.

After adjusting for seasonal effects, expenditure exceeded income by $79.8 million.

“A drop in income coincided with a rise in spending, which led to the deficit this quarter,” local government statistics manager Michele Lloyd said.

Operating income from core services for the March 2014 quarter was just under $2.0 billion. This was a fall of 3.0 percent from the December 2013 quarter. Operating expenditure on core services was $2.1 billion (up 3.3 percent) in the same period.

A drop in dividends was the main cause of the drop in operating income. Dividend income fell $40.9 million from the December 2013 quarter to the March 2014 quarter. Other contributions to the fall in operating income were current grants, subsidies, and donations (down $16.6 million), rates income (down $12.6 million), and sales income (down $7.1 million).

Operating expenditure rose mainly due to purchases and other operating expenditure (up $63.8 million). There were also increases in depreciation (up $3.2 million) and employee costs (up $1.6 million).

More information on local authorities’ financial statistics (including information on individual councils) will be released in Local Authority Financial Statistics: Year ended June 2013. This will be released on 23 July 2014 alongside Government Finance Statistics (Local Government): Year ended June 2013.

For more information about these statistics:
• Visit Local Authority Statistics: March 2014 quarter – tables
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO: