Pleasing financial news for council

Three commercial organisations in which Waitaki District Council has a shareholding this week all posted positive financial results.

The annual reports for the financial year ended June 30, 2013, for Waitaki District Health Services Ltd (WDHS), the Waitaki Development Board Ltd (WDB) and Omarama Airfield Ltd were released this week, and all indicated a good year for each company.

WDHS, a wholly owned subsidiary, which operates Oamaru Hospital, announced a ''total comprehensive income'' of $5401.

Although the figure was well below the previous year's overall operating surplus of $268,824, company chairman George Berry said the directors considered the current financial and operational position of the company and the Waitaki Health Services Charitable Trust ''satisfactory''.

The trust supports the hospital and health services, receives donations and bequests and manages investments.

In the previous year, the assets held in the trust totalled less than $5 million.

''Total assets held in the charitable trust have increased to a total of $5,231,382 for the financial year, and income [non-taxable] for the year was $282,712,'' Mr Berry said.

The annual report said that income was affected by staff costs, which were $102,000 over budget, ''due to higher full-time equivalent levels than anticipated''.

After receiving more revenue than originally budgeted for, the WDB, also a wholly owned subsidiary, announced a year-end surplus of $4278 before tax.

Total revenue of $922,228 was $8728 more than budgeted, and total expenditure was $11,809 less than budgeted, which resulted in a surplus $20,537 more than budgeted.

WDB chairwoman Annabel Berry said the company was in a ''sound financial position'' and was more efficient. Omarama Airfield Ltd, jointly owned by the council and Omarama Soaring Centre Inc, also announced a rise in pre-tax operating profit. Its operating profit was $14,448, compared with $4909 in the previous year. Landing fee income rose from $25,356 in the previous year to $32,258.

Add a Comment