The Auckland Council Group says its had another "solid" financial year, reporting a $246 million after-tax surplus for the year to June.
The Auckland Council Group comprises of Auckland Council and its council controlled organisations.
The group had budgeted for a surplus of $20 million. The surplus included $385 million of assets transferred from the Crown, offset by net asset devaluations of $230 million.
The surplus compared with a loss of $233 million last year, the council group's first year.
“Overall it’s been a solid year in terms of project and service delivery for Auckland and operating revenue and expenditure results,” chief executive Doug McKay said.
“We continue to be financially prudent and are making ongoing operational savings and efficiencies to reduce costs for Aucklanders.”
He said the group achieved its budget that included operational savings of $50 million, taking the cumulative savings to $134 million. Across the 10 years of the Long-term Plan, total savings of $1.7 billion are budgeted. Further savings have been included in the 2013/2014 annual plan.
The group’s net debt of $5.5 billion was "less than in the Long-term Plan".
The council’s prudent financial stewardship has been recognised with both Standard and Poor's and Moody’s reaffirming the group’s AA credit rating.
The group continued to invest strongly in Auckland’s future and to deliver its vision to create the world’s most liveable city.
"A $1.3 billion capital programme ensures we maintain, improve and add to the quality of our assets, such as community facilities, sportsfields, roading and stormwater and water infrastructure," McKay said.
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