The Waitaki District Council looks to gain a $2 million surplus, with increased revenue and cost savings producing a positive result for the year ending June 30.
The surplus is a result of some projects which have not yet been completed, along with tighter spending and some unbudgeted income.
Chief executive Michael Ross said the surplus highlighted that the Waitaki district’s economy is progressing positively, which could bring significant benefits for the community.
“The district is enjoying an increase in economic prosperity,” he said.
“We are working with a number of organisations to help them realise their full potential.
“Having a surplus leading in to our next Long Term Plan process is a good place to be.”
Waitaki district mayor Gary Kircher said the surplus would enable the council to consider whether or not rates could be held or reduced in some areas next year, as well as giving the council more choice in how to fund some projects.
“We can also look at future projects that will further help drive economic growth,” he said.
“Council is committed to growing strong communities and our ability to deliver a surplus bodes well for a strong economic future.”
Once the final, audited set of financial records are available towards the end of the year, the council will have the ability to plan how any final surpluses can be used.
“At that stage, we will have details of how much is able to be used for other purposes, as opposed to the amount already allocated but not yet spent,” Mr Kircher said.
The increases in revenue have included $250,000 of bequests, water and waste charges, and the Alps 2 Ocean cycle trail.
A portion of the surplus is linked to projects including the upgrade of Harbour St and the work on Horse Range Rd, which have been delayed due to bad weather.