A surplus of $12.8 million, nearly $4 million greater than
budgeted, has been recorded by the Otago Regional Council for
the 2012-13 year.
The council's annual report will be presented to the council
tomorrow for adoption at its last meeting before the local
body elections on October 12.
In a report to the council, the budgeted surplus was $12.8
million, compared with a budgeted surplus of $8.9 million.
The reasons a surplus was expected included a $5 million
special dividend from Port Otago to be used towards repayment
of Forsyth Barr Stadium borrowings, $1 million from the sale
of Kuriwao land and about $1.1 million of revenue from
schemes to be used for capital projects.
The difference between the budgeted surplus and the actual
surplus included spending on council activities being down by
about $2.1 million, mostly in the Clean Heat, Clean Air
project, finance costs being lower than budgeted, and a $1
million irrigation grant not being made.
Total equity in the council was $505.7 million, compared with
$442.4 million last year, due mostly to a revaluation of the
council's shares in Port Otago Ltd.