Waikato Regional Council yesterday signed off on a successful year with the completion of several high profile projects and ongoing strong financial performance.
At its final meeting of the three-year council term, the council signed off on its 2012/13 Annual Report.
The report highlights the council’s solid performance against its plan for the first year of the 2012-2022 Long Term Plan, including good progress toward the long term goals of sustaining land and water, facilitating regional development and meeting the requirements of co-governance with iwi.
Achieving these is central to the council meeting its legal responsibilities, community expectations and its vision for the Waikato “competing globally, caring locally”.
Positive financial results for the 2012/13 year will allow the council to fund important one-off projects and reduce future rates requirements.
The council achieved 82 per cent of its performance targets and delivered an operating surplus for the year. After transfers to reserves and allowing for carry-over of funds to finish works started but not completed last year, the surplus provides unallocated funds of $3.75 million.
The positive budget results reflect a wide variety of factors including an ongoing focus on controlling and reducing costs, and salary savings due to staff vacancies.
The council’s investment fund returned 11.4 per cent this financial year, 2.5 per cent above benchmark. The council has exceeded its long term investment objective of 4 per cent after inflation and fees, with the investment return over 10 years being 4.4 per cent.
For more information, visit www.waikatoregion.govt.nz