STDC finances are in good shape

Strong market conditions have helped the South Taranaki District Council finish the 2017/18 financial year with an $8 million surplus.

Council chief executive Waid Crockett said the result, well over the expected $1.6 million, was largely due to the council’s Long Term Investment Fund (LTIF) which performed well over the year.

‘‘Thanks to strong market conditions the LTIF did very well and returned $11.99 million which was $2.6 million more than we budgeted,’’ he said.

‘‘After allowing for the annual drawdown and rates subsidy, at year end the fund balance totalled $143.21 million (including $11.38 million of internal borrowings), up from $137.43 million in 2016/17,’’ he said.

The council adopted its annual report at a special meeting on Monday.

Total debt also increased from $123.75 million to $128.18 million.

Each year the council draws $5.8 million from the LTIF which provided $3.87 million to subsidise general rates and a further $1.93 million to service loans for specific community projects, he said.

‘‘All revenue over and above the annual drawdown of $5.8 million is returned to the fund to build it up for those years when it doesn’t perform so well.’’

The report also highlighted the steady progress made with two of the council’s key priorities; the Ha¯ wera Town Centre Strategy and the District Pathways Programme.

Other notable achievements during the year included resealing 90km of roads and replacing 1.5km of footpaths.

Two million dollars in upgrades were undertaken at the Inaha Water Treatment Plant and the Inaha water supply was connected by pipeline to the Kapuni water supply.

All council cemeteries were digitally mapped and the Ha¯ wera Aquatic Centre had 98,528 visitors, its second busiest year since its upgrade was completed in 2009.

Earthquake structural assessments have been completed for all major council facilities with the rest to be completed over the next three years