Council adopts Annual Report 2013

Christchurch City Council today adopted its Annual Report 2013,
outlining the Council's activities and finances over the past year.

Christchurch Mayor Bob Parker says this year's Annual Report shows that
among the challenges faced over the last 12 months, there are many
positive things happening in the city that bode well for Christchurch's
future.

The cost-sharing deal with the Crown announced in June has given
Christchurch the certainty needed to ramp up major investment within the
four avenues. The $4.8 billion deal means the city can push ahead with
the rebuild of key facilities and infrastructure. The Three Year Plan
agreed in late June sets out the Council's financial strategy and a way
forward for the Christchurch rebuild.

Meanwhile, through the Stronger Canterbury Infrastructure Rebuild Team
(SCIRT), the Council is concentrating on getting underground pipes and
roading infrastructure fixed to make this city a stronger, more
resilient and better place to live. The $2.3 billion rebuild of
Christchurch's earthquake-damaged horizontal infrastructure remains a
massive undertaking, while providing ongoing, temporary services to the
red zone is a costly exercise.

The cost of providing roading, water, wastewater, rubbish collection and
storm water services to residential red zone properties was about $8,950
per property, compared with $630 for homes in other areas.
The future of many of the 1600 buildings the Council owns, including
commercial buildings and community housing, is becoming clearer, says
Mayor Bob Parker.

"We're moving into a positive stage of repairing, rebuilding and
reopening many of the facilities residents value so much."

Central Library Tuam, Coronation Library in Akaroa, Riccarton Community
Centre, four paddling pools and Lyttelton Visitor Information Centre
were among the facilities to open or reopen this year. The opening of
the new Aranui Library, the first IceFEST celebration of Christchurch's
ties with Antarctica and the 10th birthday of Christchurch Art Gallery
were other events of note.

Acting General Manager Corporate Services Diane Brandish says the Annual
Report shows that the full financial impact of the earthquakes is still
being finalised.

"Work is still ongoing to prepare an accurate assessment of the value of
the damage to city infrastructure - much of it underground - and other
assets before a planned revaluation of the Council's assets next year.
This means Audit New Zealand has issued a disclaimer of opinion on this
aspect of our Annual Report, as it did in 2011 and 2012.

"This is simply a reflection of the fact we still have to identify all
of the damage to our assets," says Diane Brandish.

"Ratepayers and residents can take assurance from the Audit New Zealand
finding that, apart from issues concerning the condition and valuation
of assets, the Council continues to comply with generally accepted
accounting practice."

The Council had an accounting surplus of $57 million for the 2012/13
financial year, compared with a planned accounting surplus of $346
million. Without the financial impact of the earthquake and rebuild, the
Council had an accounting surplus of $140 million compared with a
planned deficit of $3 million.

The Christchurch City Council Annual Report 2013 will be published on or
before 3 November 2013. It will be available online and from Council
service centres and libraries.

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