A surplus of $12.8 million, nearly $4 million greater than budgeted, has been recorded by the Otago Regional Council for the 2012-13 year.
The council's annual report will be presented to the council tomorrow for adoption at its last meeting before the local body elections on October 12.
In a report to the council, the budgeted surplus was $12.8 million, compared with a budgeted surplus of $8.9 million.
The reasons a surplus was expected included a $5 million special dividend from Port Otago to be used towards repayment of Forsyth Barr Stadium borrowings, $1 million from the sale of Kuriwao land and about $1.1 million of revenue from schemes to be used for capital projects.
The difference between the budgeted surplus and the actual surplus included spending on council activities being down by about $2.1 million, mostly in the Clean Heat, Clean Air project, finance costs being lower than budgeted, and a $1 million irrigation grant not being made.
Total equity in the council was $505.7 million, compared with $442.4 million last year, due mostly to a revaluation of the council's shares in Port Otago Ltd.
