13 September 2016
The Council has posted an end of financial year surplus of $18.3m, three times higher than budgeted.
The two main drivers of this positive result are the strong performance of the Perpetual Investment Fund and higher operational revenue.
Mayor Andrew Judd says the results cap off a great year for the organisation and a successful three years for the Council.
“The organisation continues to perform efficiently with most customer satisfaction levels well above the national average,” he says.
“The success of the sale of Tasman Farms has certainly helped our financial position, while our revenue from the regulatory services and our recycling centre is encouraging and above forecasts.”
The surplus includes a general rates cash surplus of $2m dollars. The Council will consider how this will be used, with a recommendation to reduce borrowing by $1.8m and apply $200k towards Taranaki’s new economic development strategy.
“It’s an impressive result and we’ve done it while being focused on the future and the assets that make us stand out,” says the Mayor.
“Beginning work on the District Blueprint through the Shaping our City Action Plan, the opening the Len Lye Centre and accommodating Jet Star at New Plymouth Airport have all contributed to some strong growth in our tourism sector."