The Queenstown Lakes District Council group recorded a planned operating surplus of $25.4 million for the year ended June 30, ahead of last year's surplus of $20.9 million, but below budget, according to the 2007-08 annual report.
The planned surplus would be used to finance the capital works programme and repay debt, the report said.
The group included the council and its subsidiaries the Queenstown Airport Corporation, Lakes Environmental Ltd, Lakes Leisure Ltd and Lakes Engineering Ltd.
QLDC finance general manager Stewart Burns tabled the annual report during the councillors' monthly meeting on Friday.
Grants and subsidies were $2.1 million below budget for the year due to lower-than-expected subsidisable capital expenditure in roading.
Cr Lyall said it would be harder to get roading subsidies if the council was not spending all of the available funds, but Mr Burns said it was partly a matter of timing between annual plan programmes and project approvals from Land Transport New Zealand.
Council salaries and wages increased from $4.2 million in 2007 to $5.3 million in 2008.
Group salaries doubled from $6.2 million in 2007 to $12.4 million in 2008.
Development contribution income was below budget by $5.9 million for the year through reduced consent activity.
However, the variance had been reduced by the receipt of $5.2 million affordable housing contribution from Jacks Pt Ltd.
The independent revaluation of investment property resulted in a value reduction of $6.8 million, or about 7.2%, as opposed to the budgeted gain of $5.3 million.
The council and group's investment property was worth $94.3 million in 2007, but had declined to $88.5 million at June 30.
QLDC completed 77% of its 2007-08 capital works programme, an improvement on 60% in 2006-07 and better than the 63% target.
Crs Cath Gilmour and Vanessa van Uden said they wanted to see greater transparency and accountability in the annual report for ratepayers, such as details of uncompleted projects.
The annual report is a statutory requirement and the process was estimated to have cost $200,000.
