12 September 2011
Waipa District Council has ended its 2010/11 financial year with an operating surplus of $5.7 million despite ongoing impacts from the global recession.
The operating surplus is predominantly non-cash items including infrastructure vested by developers and first time recognition of assets. Debt remained stable at $31 million. Assets were valued at just over $1 billion.
In announcing the results, Chief Executive Garry Dyet said while the district continued to grow, the levels of growth were well below those experienced prior to the crisis.
Consequently levels of reserve and development contribution income, and income from planning and building consent fees, were at significantly lower levels, he said.
“The council had anticipated these economic conditions continuing and had reviewed its capital works programme accordingly.
“Despite these challenges the council remains committed to the high standards expected by our community and delivering on the levels of service and key initiatives signalled in our 10 year plan.”
Waipa District Council had also performed well in its non-financial reporting with high levels of satisfaction across a number of significant areas being reported in the year’s NRB Survey of residents.
Waipa District Council was the first local authority to be audited by Audit New Zealand for the previous financial year.
Associate Director Clarence Susan said the council was very well prepared so soon after year end and there were very few adjustments needed.
“That shows the finance team worked hard, knew what they were doing and the accounting is good,” he said.
“It was a very good achievement.”
Mayor Alan Livingston said the end of year results were a credit to Mr Dyet and staff.
“We as a council should take confidence in this year’s results and congratulate all involved for a job well done.”
Copies of the 2010/11 Annual Report, and a summary of the Annual Report, are available from the council offices or online at www.waipadc.govt.nz/
For further information contact
Senior Communications Advisor
Ph: 07 872 0062 or 027 532 1760