City's finances on track
29 November 2012
Hamilton’s finances are on track to meet targets set in its 10-Year Plan, with a $1.3 million operating deficit recorded
for the first three months of the financial year, $2.2 million ahead of the budgeted deficit of $3.5 million.
The main reasons the Council is ahead of budget is due to having received funding from NZTA for the Ring Road (advance
of $1.2m), an increase in water revenue of $200,000 (mainly from Fonterra) plus some projects being under budget or
having received unbudgeted contributions from partners eg the Community Development Fund has so far received $223,000
for various projects.
The report was presented by Richard Briggs the Council’s new Chief Financial Officer to Council’s Finance and Monitoring
Committee.
Mr Briggs presented the report in a new simpler format to ensure all Council budgeting and expenditure is accessible and
understandable.
[Click here to view summary report – Page 10]
Overall the Council is in a sound financial position and is on track to deliver the budgeted results for this first year
of the new 10-Year Plan.
A more comprehensive six monthly report will be presented to the Committee early next year.
ENDS