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Annual Report Shows RDC in Good Shape

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Annual Report Shows RDC in Good Shape

Rodney District Council has ended the 2004/2005 fiscal year in good financial shape, according to its annual report presented to Council last Thursday

The report shows that the council has assets of $1.4 billion, more than $15,000 worth for every Rodney resident.

Net debt is $108 million or around $1300 per resident.

The district’s growth is highlighted in the report, with a relatively consistent average of around 3% for population, service connections, and infrastructure services.

Operation costs for the year was $95 million and capital expenditure $117 million.

Capital expenditure on infrastructure in particular was up, with expenditure on Transportation at $52 million representing just under a half of the council’s capital expenditure. The second largest expenditure group was Water Services at about a third of the total capital expenditure.

Council’s finance and business director Kevin Ramsay says that that the report is extremely satisfying. “All the borrowing ratios are well within Treasury policy parameters, and this shows that the council has acted prudently and diligently within an often challenging environment.”

Mayor John law agrees. He says the report illustrates the council’s focus on achieving a solid financial foundation while providing the impetus and resources for growth and development in the district.

He congratulated council officers on “a job well done.”

The recommendation that the report be accepted by Council was passed unanimously.

ENDS

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