Growth underpins strong year for Western Bay
Western Bay of Plenty District Council has approved its 2017 Annual Report which shows a strong balance sheet, reduced debt and positive signs for continuing District-wide growth.
Council's revenue for the year was $102.5 million, its capital and operating expenditure was $80.4 million and it achieved a debt reduction of $10.6 million.
Council is required to prepare and adopt an annual report and financial summary within four months of the end of the last financial year. The Annual Report compares Council's actual performance for the year against what it forecast in its Long Term Plan and Annual Plan.
Mayor Garry Webber says the past year has been one of sustained growth for the District and Council's financial situation is pretty close to what was predicted this time last year.
"We are in a good position financially fuelled by continued growth which has resulted in an increase in growth-related income through financial contributions.
"What is most pleasing is our continued reduction in debt - something our communities have told us they want us to do. We have cut net debt by $10.6 million - reflecting prudent spending, increased income and a careful capital works programme.''
In the past year Council's income has grown by $1.97m (3%) and, based on increased subdivision consents and strong building activity, Council's momentum isn't expected to slow during this year.
Garry says Council continues to benefit financially from its shareholding in the New Zealand Government Funding Agency (LGFA) which enables cost effective ways of financing to local authorities.
"We estimate that our Council has saved up to $500,000 annually in interest costs directly as a result of being part of the LGFA.''
Another significant achievement this past year has been Council's leadership in engaging with local iwi and hapu to seek their mandate to participate in the Partnership Forum.
Garry says Māori expressed their desire for a strong relationship with Council at both governance and operational levels.
"As a result, the Partnership Forum has been reconvened which enables iwi and hapu to share issues of importance and address these together with Council."
Over the coming year Garry says Council will continue with its major projects highlighted in the Annual Plan - namely the Omokoroa Road upgrade, the new Katikati Library and Community Hub, the Ongare Point community wastewater scheme and a continuation of community development contracts with Waihi Beach Events and Promotions, Katch Katikati, Te Puke EDG and Epic Te Puke.
For the full Annual Report 2016-17 visit: http://www.westernbay.govt.nz/our-council/council-publications/annual-reports/Pages/default.aspx
