The city council delivered $706 million of capital projects to improve water and transport infrastructure, community facilities and services, Mayor Phil Mauger said.
“This shows the organisation is doing a great job managing its finances and continuing to invest in the future for everyone who lives here.
“The stadium especially is a huge project with a complex range of activities having to happen at the same time – the build itself and the work on underground infrastructure and surrounding streets.
"That project is going ahead very smoothly and is running on time and on budget.
"Overall, this is a great result for New Zealand’s happiest city and the wider district."
The surplus of $49 million was generated on revenues of $1.183 billion and expenditure of $1.135 billion, including depreciation of $345 million, which is a non-cash expense.
The council's cash flow from operating activities was $372.5 million.
Its total assets increased by $731.5 million to $20.8 billion, including a revaluation gain in Christchurch City Holdings Limited of $235.4 million.
Overall, the council’s equity increased $421.6 million from $17.6 billion to $18.1 billion.
Investment highlights include the completion of Te Ara Ihutai, the Christchurch Coastal Pathway.
The 6.5km pathway was completed in stages, with the final and most technically difficult stage being the section from Redcliffs to Shag Rock. The project was officially opened on November 30 last year - 10 years after the concept was approved.
Another investment highlight was the completion and opening of the Matatiki Hornby Centre, which opened to the public in April.
In its first 10 weeks, the new pool, library, and customer service hub welcomed more than 70,000 visitors.
In the Performing Arts Precinct, the new Court Theatre building is near completion, and in the Ōtākaro Avon River Corridor, the former residential red zone, implementation of the regeneration plan is well under way.
Financial results
The annual report 2024 (at 30 June 2024) shows:
- Capital expenditure incurred during the year was $706 million, an increase of $90 million from 2023.
- Total revenue received was $1.2 billion, down $220 million. This was mainly due to the government’s contribution to One New Zealand Stadium at Te Kaha being $13 million this year, against $143 million in the previous year.
- Operating expenditure was $1.1 billion, up $148 million on 2023, mainly due to external cost pressures.
- Total equity was $18.1 billion, an increase of $421.5 million.
- Total value of assets was $20.8 billion, $731.5 million more than in 2023.
- The financial statements reflect the move away from historical earthquake-related recovery funding to greater reliance on rates and other external sources of funding.
