04 September 2000

$7.8 MILLION ADDITONAL SURPLUS WILL BOOST INFRASTRUCTURAL SPENDING

The financial performance of Auckland City Council for the last financial year has been very pleasing according to Councillor McKelvie, Chairperson of the Finance and Property Committee.

“Rates revenue was right on forecast while revenue from operating activities was $4 17 million better than predicted.

“At the same time cost savings and some delays to the starting of projects meant that expenditure on activities was $3.5 million less than expected.

“This results in an operating surplus that is some $7.8 million better than forecast earlier in the year.

This is extremely good news for Auckland City as we will be able to use the $7.8 million additional surplus to invest in infrastructure with out having to increase our levels of debt.

“We will be able to allocate additional funds for stormwater works, and other community events and facilities”, said Councillor McKelvie.

The annual accounts highlighting the result for the 1999/2000 year will be reported to the Finance and Property Committee at its meeting on Thursday 7 September.

ENDS

For further information, please contact:

Councillor Kay McKelvie, Chairperson Finance and Property Committee.
Telephone: 09) 846 7076 mobile 025) 279 6448

REF: GD

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