Annual report adopted for the 2011-12 financial year

17 September 2012

Waipa District Council ended its 2011/12 financial year with a general funds cash surplus of $104,000, close to its goal of reaching a break even position.

This surplus forms part of a $7.7 million operating surplus which includes a number of non-cash items such as pipes and roads gifted as part of development work, first time recognition of assets, gains on revaluation of forestry and cash received for asset-related spending.

Chief financial officer Ken Morris said contributing factors to the $104,000 surplus was a higher than expected rating base and higher than budgeted levels of interest revenue.

We are pleased to have only a relatively minimal cash surplus as our main aim is to only rate our ratepayers for the amount we need to run our business, he said.

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.

Audit New Zealand Associate Director Clarence Susan said it was a very good result for the council.

It had been a very busy year with the 10 Year Plan and Waipa was one of the first local authorities in the country to adopt its annual report, he said.

Mayor Alan Livingston said the adoption of the Annual Report was a significant milestone.

The bottom line is when you see a surplus of $104,000 from the millions of dollars of activity that council is involved in it shows there is very tight financial control, he said.

It is a very pleasing result considering we as a council are often faced with unplanned expenditure throughout the year .

Copies of the Annual Report and the summary document will be available at the council offices and at www.waipadc.govt.nz within the next few weeks.