The incoming Queenstown Lakes District Council has a Wanaka nest egg of about $15 million waiting for it.
The money is in the Wanaka asset sale reserve and consists of the proceeds from the council’s sales of Wanaka assets.
The reserve was created in 2003-04, and at June 30, 2004, it contained $4.46 million.
That amount had dwindled to $915,000 by June of this year but was then boosted by the sale of council-owned land at Scurr Heights.
The reserve’s balance has since topped $15 million.
Since the reserve was established, money from it has helped fund infrastructure projects in the Wanaka ward including Project Pure, the Wanaka Recreation Centre, Wanaka Airport and roading and water supply projects.
Council records manager Barbara East, responding to an Otago Daily Times Official Information Act request, said the reserve had been used for work not funded by development contributions or depreciation.
"This funding has reduced borrowings on these projects and benefits all ratepayers in the Wanaka ward through lower interest costs which means lower rates," she said.
At its June meeting the council set "guiding principles" for the money, to be used for "qualifying capital expenditure" approved in the council’s long-term or annual plans "which benefits the residents of the Wanaka ward" and not covered by development funds or depreciation.
Operating expenditure or speculation uses are prohibited.
