Scoop has an Ethical Paywall
License needed for work use Register

Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


QLDC reports significant surplus

QLDC reports significant surplus

Queenstown Lakes District Council is reporting a surplus of $68 million for the 2016/17 financial year, according to its 2017 Annual Report.

This is significantly higher than the budgeted surplus of $21.5m and up from last year’s surplus of $39.5m.

QLDC General Manager Finance and Regulatory Stewart Burns explains that while it may seem like a large number, the surplus reported is not a profit of any kind. “The law relating to local government finances requires all councils to aim to cover their operating costs with operating revenue. This operating revenue is made up of various user charges, lease income, infringement fees and rates etc. QLDC achieved this for the 2016/17 year with an operating surplus of $3.1m.”

The reported surplus is largely due to two factors that were unanticipated in last year’s annual plan.

Over the course of the year some QLDC assets increased in value by $35.5m. The bulk of this increase relates to unrealised gains relating to the annual revaluation of Council owned investment property. In particular, the increase in value for the Lakeview site as a result of zoning changes.

QLDC also received $29.3m of capital revenue; this is revenue required to fund QLDC capital expenditure (construction of infrastructure) rather than operating expenditure. It includes development contributions, vested assets and capital grants and subsidies.

Together these two factors contribute $64.7m or 95% of the reported surplus for 2016/17.


Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On How Climate Change Threatens Cricket‘s Future

Well that didn’t last long, did it? Mere days after taking on what he called the “awesome responsibility” of being Prime Minister, Christopher Luxon has started blaming everyone else and complaining that he's inherited “economic vandalism on an unprecedented scale” - which is how most of us would describe his own coalition agreements, 100-Day Plan, and backdated $3 billion handout to landlords... More

Public Housing Futures: Christmas Comes Early For Landlords

New CTU analysis of the National & ACT coalition agreement has shown the cost of returning interest deductibility to landlords is an extra $900M on top of National’s original proposal. This is because it is going to be implemented earlier and faster, including retrospective rebates from April 2023. More

Green Party: Petition To Save Oil & Gas Ban

“The new Government’s plan to expand oil and gas exploration is as dangerous as it is unscientific. Whatever you think about the new government, there is simply no mandate to trash the climate. We need to come together to stop them,” says James Shaw. More

PSA: MFAT Must Reverse Decision To Remove Te Reo

MFAT's decision to remove te reo from correspondence before new Ministers are sworn in risks undermining the important progress the public sector has made in honouring te Tiriti. "We are very disappointed in what is a backward decision - it simply seems to be a Ministry bowing to the racist rhetoric we heard on the election campaign trail," says Marcia Puru. More




InfoPages News Channels


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.