At a council meeting on Wednesday, councillors signed off the document and a report about the matter written by corporate performance lead Robyn Laidlaw.
Ms Laidlaw explained the delay in adopting the report was because of auditor availability, which meant the council was finalising the process outside the statutory adoption timeframes.
The auditor-general was appointed, then auditor Deloitte, to carry out the work, because of Audit NZ resourcing challenges, she said.
The report stated total revenue in the 2021-22 financial year was $6.5 million over budget.
Grants were received from the Three Waters stimulus package ($3.9 million) and Predator Free Rakiura ($1 million) and there was greater income from forestry harvest ($3.2 million).
Expenditure was $4.5 million over budget.
That was the result of the higher-than-anticipated infrastructure re-evaluation, increasing the council’s depreciation expenditure of $4.8 million because of roading and Three Waters.
"Overall, the council's total net assets are approximately $317 million more than budget," the annual report said.
"This is primarily due to the increase in the valuation of council’s infrastructure assets being significantly higher than budgeted."
Of 254 projects, 74 — or 29% — were completed, 11 (5%) were deleted, 16 (6%) were not started, 151 (60%) were in progress and 2 (1%) were deferred.
"Despite a difficult year, council completed capital works projects totalling $34 million."
The amount was $11 million less than targeted in the first year of the long-term plan.
However, the council was confident it was well placed to meet challenges head on, the report stated.
