The Queenstown Lakes District Council has reported a ''pretty
pleasing'' result for the financial year ended June 30, which
included operating costs $3.2 million below budget and total
debt of just over $105 million - $23 million less than
budgeted for in the long-term plan.
Chief financial officer Stewart Burns told the Finance and
Corporate committee at its final meeting during this
three-year term the financial results were preliminary, but
strongly indicative of the actual results.
Term liabilities for the end of the 2012-13 financial year
totalled $105.6 million, compared to $102.6 million for
In its long-term plan the council had budgeted $128 million,
largely due to unspent capital expenditure, he said earlier
Total capital expenditure for the year was $46.28 million,
compared with a budgeted $73.99 million.
The underspending was primarily because a variety of projects
did not proceed, Some had either been carried forward or
included in the 2013-14 annual plan, while others ended up
''not being capital expenditure when we tested it against the
Operating costs for the year were $3.2 million below budget -
$80,233,000 compared with a budgeted $83,470,000 - attributed
to continued cost management and borrowings less than
Mr Burns said in terms of capital-related revenue, vested
assets were down from a budgeted $9.1 million to $2.3
million. However, it was ''nothing to be concerned about''.
''Vested assets will recover through the development of
projects ... they are all down on our estimation, but our
estimation is based on historical data.''