Buller District Council

Media Release-Council reports sound financial result

1st November, 2017

Buller District Council has ended the 2016/2017 financial year with a sound financial result boosted by the performance of Buller Holdings Ltd.

Mondays Council meeting formally adopted the audited 2016/2017 Annual Report, noting the pleasing performance of its Council-owned company.  Buller Holdings owns Westreef Services, Buller Recreation Ltd and Westport Harbour Ltd.

Manager – Corporate Services Dean Phibbs said Buller Holdings returned $2.1 million in investment income to the Council, exceeding the forecast budget of $910,000. This was primarily due to the performance of Westreef Services which had exceeded profit forecasts for the year, he said.

Council’s income from subsidies and grants was $400,000 higher than anticipated following a grant from Development West Coast (DWC) which was distributed in the community. There was also a subsidy from central government to upgrade the toilets at Springs Junction. As projected, Council received $3.3 million in NZ Transport Agency subsidies during the year to assist with roading in the district.

Major capital projects completed in 2016/17 included $1.6 million on roading upgrades, (including completion of the Derby Street upgrade), the $820,000 Reefton Community Centre and the $220,000 Inangahua drinking water scheme.

The Waimangaroa and Ngakawau-Hector water schemes and the Westport waterfront community project were not completed.  The Waimangaroa scheme will be completed in 2017-18, as will a revised design framework and timeline for the waterfront project.   Council is still working with the Ngakawau-Hector community to look at other options before deciding whether to proceed with this scheme.

Overall, Buller District Council ended the year with total operating revenue of $24.7 million, $1.9 million better than budget.  Total operating expenditure exceeded budget by $800,000 made up largely of DWC grants distributed ($358,000) plus increased water services costs of $228,000.   Overall the Council ended the year with a $1.5 million surplus compared to a predicted surplus of $422,000.

A copy of the Annual Report can be found here- 2016/2017 Annual Report

 

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