Extreme weather events over the last year have been a major factor in the Waitaki District Council's reduced surplus expectations this financial year.
But council accounting manager Ian Wells said the council could expect the resolution of related insurance claims in the coming week. He was expecting anything from nothing to $500,000 ''or better''.
The expected surplus noted in the council's pre-audit draft annual report for the year ended June 30, tabled at yesterday's finance, audit and risk committee meeting, was $381,000 - compared with a budgeted surplus of $3,432,000 and last year's surplus of $1,531,000.
This was despite an unbudgeted increase in depreciation resulting from the roading revaluation ($1,250,000), reduced revenue due to the reset on the $6million redevelopment of the Forrester Gallery ($2,000,000), and the costs incurred from extreme weather events ($1,600,000).
The council had already received $550,000 in NZ Transport Agency subsidies for flood damage, and $85,000 from insurance payouts, the report said.
