But Dunedin ratepayers also have reason to grimace. The $217million is still a huge figure. And when council company debt, including that for the stadium, Delta and Aurora, is added in ''group'' debt jumps to $561 million.
Departing Dunedin city councillor Richard Thomson, the chairman of the council's finance committee, and in response to the fall in council debt, has called for a fresh look at how quickly the city pays off debt.
In saying the new council should look at rethinking its financial strategy and discuss what ''an appropriate level of debt would look like'', he is making sense.
After all, the situation would be examined rather than a predetermined decision made to slow debt reduction. Crucially, Cr Thomson suggests the next council should consider placing a higher priority on asset maintenance and renewal.
This should in no way be a proposal to give the council more freedom to invest in ''nice-to-have'' projects. In effect, deferred maintenance and the failure to ''renew'' as appropriate just creates another form of deficit, a debt by another name.
There are, of course, dangerous temptations in any review. Despite the public at large wanting rates increases to be strictly limited and despite the costs and risks of high debt, councillors are politicians.
They respond to squeaky wheels, to pressure groups seeking this or that project or spending.
Already, Cr Jinty MacTavish, another departing councillor, has said the council should look at the possibility of reinvesting the money from asset sales (one of the reasons debt has reduced) into parks and recreation.
Councillors always have many worthy causes, ventures and programmes on which to spread their largesse. Just look at the horror period from about 2006 to 2011.
It was not just the stadium that led to ballooning debt. To be fair, the demands on water and sewerage infrastructure were acute and account for a substantial proportion of ''group'' debt rising from about $240 million in 2007 to more than $600 million in 2012.
But extravagance, waste and ''nice-to-have'' spending was to be found in several areas. Someone else's money, the ratepayers', is easily frittered away on matters large or small.
This was an era when more money was demanded from council companies than was reasonable for company health and company debt. Peter was robbed to pay Paul.
This was also the era of hefty rates rises, peaking at 10.4% in 2008-09. The council now has a self-imposed limit of 3% - with an out clause for ''exceptional circumstances''. Even that is high when inflation is under 1%.
It is accepted inflation indexes for council work might be higher. But if they are lower, will rates be cut accordingly?
Council austerity cannot be such that it stifles all development and progress. A wise balance is always in order. Nevertheless, strict disciplines remain essential so that debt continues to fall, maintenance is kept up and rates increases are small.
Dunedin has been fortunate in the contributions from electricity lines company Aurora, its half share of Dunedin airport and in recent years from City Forests.
Delta has had its disappointments but Dunedin, with the Waipori Fund and the property investment portfolio, has solid financial underpinning, despite its overall debts.
While the new council could well review the speed of debt repayments, it must focus on prudent policies. The Canterbury earthquakes and the vulnerability of South Dunedin both show the importance of being in a strong fundamental position so the city has resilience.
Careful consideration of the attitudes of prospective councillors is required to ensure progress made in the past few years is not sabotaged.
