Report shows council has operating surplus

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The unaudited draft annual report for the year ended June 2014 is being presented to the Waitaki District Council Finance Audit and Risk Committee today.

The purpose of the report is to inform the committee of the likely financial and non-financial performance of council for the last financial year and indicates a positive result with an operating surplus of $3,694,000.

Chief financial officer Paul Hope, said while it is likely there will still be some movement between capital and operating costs the amount is not expected to be material.

“The balance sheet shows that council is in a sound position financially, key asset values are being maintained, there is minimal external debt and the reported cash position is very strong having increased by $2,016,000 over the position at June 30, 2013.”

WDC chief executive Michael Ros, said the annual report presents council’s progress against the second year of the 2012-22 long term plan.

“We are now already well into the third and final year and are eagerly turning our attention to the next 2015-25 long term plan.”

Mr Ross said that taking aside assets vested to council and disposal of assets, council has achieved an operating surplus of about 1.7 million.