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Council posts operating surplas

Greater Wellington Regional Council advised today that it had posted an actual operating surplus for the 2006/07 financial year of $123,000.

"While our income statement shows a deficit of $4.5 million, this figure includes unrealised gains and also the effect of accounting treatments associated with the recent purchases of Metlink commuter rail trains and carriages. A more realistic figure is a $123,000 surplus," Greater Wellington's former chairman Ian Buchanan said.

"On a consolidated basis, the Council and its subsidiaries achieved a net surplus after tax of $33.6 million. Operationally the Group made a surplus of $9.3 million. This amount included unrealised gains from revaluation of $18.1 million, and a surplus arising from the accounting treatment of the purchase of Wairarapa rail carriages.

"Greater Wellington is making a significant and long-overdue investment in the region's public transport network. While much of this is funded by way of central government grants and interest-free loans, this still has an impact on regional rates," he said.
Another major investment with rates' impacts is flood protection work on the region's rivers.

"Greater Wellington is responsive to the needs that our communities have identified through our Long-Term Council Community Plan. Communities have placed priority on improvements to public transport and flood control, and that is what our Council is delivering.
"New carriages have been delivered and stations upgraded on the Wairarapa rail line. Sixty new electric trolley buses have been ordered, and negotiations are nearing completion with Rotem Mitsui to supply new electric multiple units.

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"Flood damage work in the Wairarapa was completed, and major capital work progressed on the Otaki and Hutt rivers, and the Kopuaranga River enhancement scheme was finalised," Ian Buchanan said.

"There were numerous other projects completed over the year, from biosecurity to biodiversity, regional economic development, park amenity upgrades, water supply, emergency management, environmental education and community outreach (a list of community outcomes is detailed at www.gw.govt.nz/yearinreview).

"Sustainability is a major theme behind almost everything that Greater Wellington does. It is Council's role to ensure that future generations are able to benefit from all that our region has to offer and that our region's resources are well managed with this outcome in mind," Ian Buchanan said.


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