01 November 2017
The strong financial management of New Plymouth District Council (NPDC) has been highlighted by finance credit agency Standard and Poor’s in its latest ratings for the Council.
NPDC’s current rating of ‘AA/A-1’ has just been reconfirmed by the agency and it is the highest rating that can be achieved by a local government body in New Zealand.
In its report, the agency says the ratings reflect NPDC’s experienced financial management and high budgetary flexibility, and expects NPDC’s debt burden to remain moderate due to its strong operating position and exceptional liquidity coverage compared with global peers.
“Standard and Poor’s made particular mention of NPDC’s prudent financial management and our focus on financial discipline,” says Chief Financial Officer Alan Bird.
“The agency also noted the good management of our council-controlled organisations, such as outsourcing the management of the Perpetual Investment Fund and diversifying the fund itself, and buying the Crown’s share of New Plymouth Airport.”
The ‘AA’ is for long-term foreign currency and local currency, and ‘A-1+’ for short-term issuer credit ratings on NPDC. Standard and Poor’s says the Council’s outlook remains stable.
NPDC manages assets worth $2.5 billion, has an operating budget of $130 million and employs 506 full time staff. We reliably provide all the core services you’d expect – water, waste and roads – as well as dynamic parks, libraries, an art gallery, museum, commercial forestry, a zoo, venues such as Yarrow Stadium and TSB Showplace, and events such as the iconic TSB Festival of Lights at Pukekura Park.