Annual Report - Strong Financial Position
Thursday, October 31, 2013
The South Taranaki District Council delivered a healthy $12 million surplus for the 2012/13 year compared to a budgeted surplus of $1.57 million according to its Annual Report which was adopted at Wednesday’s 30 October Special Council Meeting.
STDC Chief Executive, Craig Stevenson says the result and Audit NZ’s unqualified report shows the Council is in a sound financial position.
“The bulk of the surplus comes from strong earnings from our Long Term Investment Fund. It performed extremely well over the course of the year which has returned almost $8 million more than what we had budgeted. This extra revenue will be returned to the fund to build it up for those years when it doesn’t perform so well,” says Mr Stevenson.
“The really pleasing result is the $1.74 million of operational savings. These savings are largely the result of reduced contractor costs and savings in energy costs,” he says.
“They demonstrate our commitment to running a lean and efficient organisation and being prudent with every dollar spent,” says Mr Stevenson.
You can access the full 2012-2013 Annual Report by clicking here.