The Otago Regional Council has reported a more than $2 million surplus for the last financial year.
A report to the council’s finance committee, this week, for the 12 months ended June 30 this year said the surplus for the year of $2,286,000 was $1.3m ahead of the budgeted surplus of $985,000 for the year.
The operating surplus of $941,000 was in line with the budgeted surplus. It was realised in spite of an expected $4.5m in revenue, from the forecast sale of council property at the corner of Birch and Kitchener Sts, that was not realised, the report said.
The council took in about $55.8m in rates revenue, part of its $127.8m in overall revenue, the report showed.
Its revenue was $6.8m ahead of budget, the report said.
Subsidies and grant revenue was about $9.9m above the budgeted revenue due to several major variances, including a $6.1m increase in Dunedin public transport grants and $1m in Queenstown public transport grants.
However, the council was also $5.3m above budgeted spending on public transport bus contracts, a result of increased costs from operators, the report said.
The majority of that increased cost was in Dunedin, it said.
The council had no term deposits and had $13.6m in operating cash bank accounts.
The long-term managed fund balance was $27.3m, an increase of about $2m for the year from the year before.
The results presented were draft results, the report said.
Final year-end adjustments would still be made and would include the revaluation of investment property, the revaluation of Port Otago shareholding and any adjustments required as the financial statements were finalised and audited, the report said.
