​District growth reflected in Council accounts

Waipā District Council has ended its financial year with an operating surplus of $28.7 million.

Deputy chief executive Ken Morris said the district continued to grow at an “exponential rate” and that was clearly reflected in the annual accounts.

“This is an ongoing growth story,” he said. “Developers contributed $19.4 million of development and reserve contributions and vested assets last year, which is a sizeable proportion of the surplus. There can be no doubt the Waipā building boom continues. In the last financial year, Council issued 2,027 building consents with a capital value of $596.2 million.”

Growth also meant challenges, Morris said, citing pressures on infrastructure including roads and other services.

“We are very aware of community expectations, noting that 32 per cent of the $70.3 million collected in rates last year was spent on community services and facilities. Our next biggest area of expenditure was roads and footpaths, taking 19 per cent of the rate take.”

“In total, 16 per cent of rates went on wastewater treatment and disposal and 13 per cent on water treatment and supply,” he said. “These are core council services which ensure the district functions while continuing to offer a very good lifestyle for Waipā families and residents.”

Council maintained its AA- Fitch Credit Rating for the fourth year running, which was important.

“The financial climate we are all working in is challenging and there is no doubt at all that will continue into this financial year. But our credit rating means we can secure better interest rates for our debt than we would otherwise be able to achieve and that benefits all ratepayers.”

Council assets were valued at nearly $2.2 billion, the first time they have been valued in excess of $2 billion. Debt was $149.5 million which remains relatively low in comparison to the wider local government sector.

The Annual Report shows Council achieved 60.7 per cent of its planned non-financial targets with a further 11.2 per cent within five per cent of target.

Waipā’s annual report was adopted by Council last week and will be uploaded to the Waipā District Council website here on December 20.