WDC end of year debt $4.9 million less

2 Oct 2014, 9:00 AM

STORY / ARTICLE: WAITOMO NEWS – www.waitomonews.co.nz

WAITOMO district’s debt at the end of the 2013/2014 financial year is $4.9 million less than forecasted.

Public debt was predicted in the 2013/2014 Exceptions Annual Plan to be $49.7 million by June 2014.

But at Tuesday’s Waitomo District Council meeting, in the interim unaudited report for the year ended June 30, total public debt was recorded at $44.8 million.

Coupled with WDC cash assets of $955,000, Waitomo district’s net debt comes to $43,910 million compared to $45,182 million the year before.

The reduced debt level was credited mainly due to the capital expenditure for Te Kuiti’s water supply, housing and other property being more than $3 million under budget.

Corporate services group manager Vibhuti Chopra was very pleased with the result.

“We’ve done very well in keeping on track with what we projected the works to be,” she said.

WDC’s total assets have increased from $321m in 2012/2013 to $330m in the past financial year while total liabilities decreased from $51m to $50m during the same period.

Mayor Brian Hanna congratulated WDC chief executive Chris Ryan and his team of group managers with keeping project costs down.

“I don’t think we reiterate clearly enough the prudent financial management Chris and other council staff have delivered this community over the years,” he said.

“We copped a lot of flack when we brought services back inside the organisation such as mowing, gardening and managing the wastewater treatment plant, but the system is delivering huge savings.

“So I want to commend Chris and his team for being able to deliver, because we’ve done a lot of upgrading in recent years, yet our net debt level is around $44 million.

“We predicted that amount to be well into the fifties so I think huge kudos must go to the staff members involved in delivering fantastic value for money.

“You are a credit to our organisation.”

A fully audited financial report is expected to becompleted later this month.