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A report on the Invercargill City Council’s quarterly financial performance was presented at a finance and policy committee meeting yesterday.
In the document, the council’s acting director of finance Dave Foster said at the end of the first financial quarter the council had a $37.8 million surplus — compared with the forecast $36.8 million surplus.
However, he stated the high level of surplus was due to the full year’s rates revenue and it would be reduced through the year as expenditure occurred.