Council’s Annual Report for 2011/12 will be received this week (27 September) by Full Council following its audit by Audit NZ and scrutiny at the Audit and Risk Committee on 18 September.
It shows the City received excellent financial results ending the year with a $7.69 million operating surplus and total overall debt of $385.4 million, which is $60 million less than forecast. The Council remains on track to balance the city’s books by 2017.
In signing off the 2011/12 Annual Report, Audit NZ commented on the fast progress made by Council in addressing a number of issues which had been highlighted by them for attention.
Commenting Hamilton Mayor Julie Hardaker said: “I am very pleased with the progress the Council has made in addressing the financial issues identified in the Annual Plan last year. It’s been tough year but the Council has made a number of improvements this past year that have made a difference to the overall management of the city’s finances.”
“This result reflects the commitment the Council and the staff have to keeping on track with the financial plan the Council has put in place and includes the significant changes that had to be made to the Claudelands budget mid way through the financial year.”
The Annual Report also includes an asset revaluation, the first since 2006, which shows the city’s assets have been revalued with a write down of $362.2 million which has no impact on rates and does not affect Council’s operating budget.