Annual Report confirms NPDC’s strong financial management
Sound financial management has enabled NPDC to step up investment in core infrastructure, according to its independently audited Annual Report adopted by Elected Members.
NPDC managed assets valued at $3.3 billion on an operating budget of $144 million in the 2018/19 financial year.
Revenues were up on the budget forecast with rates accounting for just 55 per cent of NPDC’s funding, and the Perpetual Investment Fund finished the year up $7.8m to $295.4m after payment of releases of $8.6m, which help offset rates.
An accounting deficit of $3.32 million for the 2018-2019 financial year was due to the one-off events of suspending the Central Landfill project and releasing reserves to kick-start the Waitara Lands Act, which came into effect in March.
Last month, international credit rating agency Standard and Poor’s confirmed NPDC’s financial rating of AA/A-1+, the highest possible ranking for local government in New Zealand, said NPDC Chief Executive Craig Stevenson.
“That credit rating shows confidence in NPDC’s overall financial health and its plans for the future,” said Mr Stevenson.
“We’ve been listening to our community with initiatives such as Let’s Korero and they’ve told us they are happy with a step-change investment in core services and infrastructure,” he said.
“We’re making significant investments to bring our infrastructure up to scratch as part of an extra $44 million allocation in the Three Waters network. We’re nearly a year into the major project to replace 7 kilometres of pipes in Inglewood and we’re making progress sorting out water supply issues in Ōākura and Ōkato. We’re preparing the groundwork to fix long-running stormwater issues in Waitara.”
NPDC provides core services such as roads, water and waste, as well as dynamic arts, cultural and recreational opportunities for both locals and visitors. New Plymouth Airport, Brooklands Zoo, Venture Taranaki, commercial property and a crematorium are all part of the varied portfolio.
Other highlights over the past year include:
• NPDC hosted the Just Transition Summit to a low-emissions economy and the announcement that the government will invest $27 million to create a National New Energy Development Centre in the region.
• Zero Waste investments, including new bins to improve our kerbside collection service, and the introduction of electric collection trucks.
• We trialled an innovative plastic roading material on part of Liardet Street.
• The New Plymouth District Council (Waitara Lands) Act was passed in December and took effect in March, paving the way to free up $90 million to invest in Waitara.
• The opening of the Mangapouri Cemetery.
• New skate parks and destination playgrounds in Inglewood and Ōākura.
• Another Green Flag award for our world-class Pukekura Park.
• A top Summer at the Bowl including a great crowd to see Toto and Jefferson Starship.