Quarterly Local Authority Statistics

Local Authority Statistics: June 2001 quarter

Quarterly Local Authority Statistics

Local authorities recorded a $112.3 million surplus in current revenue over current expenditure in the June 2001 quarter, according to Statistics New Zealand. The latest Quaterly Local Authority Survey showed a $6.8 million increase, compared with the March 2001 quarter. Despite total expenditure increasing slightly in the latest quarter, revenue increased at a faster rate, driven by the highest level of dividend revenue since the December 1999 quarter. In the year to June 2001, a decline in annual expenditure, accompanied by an increase in annual revenue, resulted in a surplus of $369.6 million. This was up $105.0 million on the surplus recorded in the June 2000 year.

The most significant contribution to the latest quarterly surplus was from increased investment income, which rose for the third successive quarter. Investment income, which combines interest and dividend revenue, rose $20.7 million, reaching $100.4 million in the June 2001 quarter. The rise was a result of an increase in dividend revenue, up $27.1 million, and was partly offset by a decrease of $6.4 million in interest revenue.

Brian Pink Government Statistician END

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