Continued Progress in Challenging Times

The last financial year saw New Plymouth District continue its progress of recent years despite a challenging financial environment.

New Plymouth District Council’s latest annual report reflects on many achievements for the Council and district over the 12 months to 30 June.

Highlights of the year included the beginnings of two major capital projects – the Waitara to New Plymouth sewage pipeline and the upgrade of the New Plymouth Wastewater Treatment Plant.

“The year also included the successful hosting of three Rugby World Cup matches, the start or completion of several Let’s Go projects to encourage active transport and reaching $8 million in external fundraising towards construction of the Len Lye Centre,” says Mayor Harry Duynhoven. The full $10m target for building the centre has since been secured.

“We also collected a number of national and international awards for the likes of Te Rewa Rewa Bridge, Puke Ariki, the Govett-Brewster Art Gallery, customer service, engineering design and energy reduction.”

The Council recorded an $11.7m surplus for the year thanks mainly to savings on interest payments, depreciation costs and the Waitara-New Plymouth sewage pipeline coming in under budget.

Credit rating agency Standard and Poor’s maintained the Council’s AA rating, the highest possible for local authorities in New Zealand.

The Perpetual Investment Fund (PIF) released more than $20m to the Council, used as always to minimise rates. The PIF has now contributed $160m to keeping rates down since its inception in autumn 2004.

Mayor Harry adds: “The PIF had a challenging year, which is unsurprising given the continuing effects of the global financial crisis.

“Over the 12 months its total value reduced by about two per cent, not including the $20m in release payments to the Council.

“Clearly we are not immune to the effects of a weakened global economy but I think we should all be proud that our district remains a great place to live, visit and do business.”

The Council is due to formally adopt its 2011/2012 Annual Report at a 1.30pm meeting on Tuesday 23 October.