Annual Report shows asset base growing
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Christchurch City Council’s 2018 Annual Report shows it invested more than $500 million on improving city services and facilities.
That money helped pay for roading and transport network improvements, new cycleways, water supply projects, and for the development of new facilities like the central library Tūranga, the Taiora QEII Recreation and Sport Centre, and the Nga Puna Wai sports hub.
Tūranga is among the new facilities Christchurch City Council has funded over the past year.
The Council now has total assets of $13.1 billion – up from $12.8 billion in 2017.
The 2018 Annual Report, which is available online, also shows:
- The Council’s total operating expenditure was $799 million.
- The Council’s total borrowing was $1.9 billion.
- The Council’s total revenue fell slightly in 2018, to $992 million. That revenue included $461 million collected through rates.
- Dividends from Christchurch City Holdings Limited (CCHL) continue to show good growth. In 2018 the Council received $203 million from investments in (CCHL) and other companies.
“The Annual Report shows we are continuing to show prudent financial management while delivering high quality new facilities for our communities,’’ says Council Chief Executive Dr Karleen Edwards.
“We still need to invest heavily in our roads and flood protection infrastructure to bring them up to the standard our residents expect and this will put pressure on our capital spending and borrowing in the years ahead.
“The unexpected loss of the secure status for Christchurch’s drinking water supply has meant we have incurred some unexpected additional costs and have had to adjust our work programme so we can fast-track the upgrading of our well heads.
“Our main focus going forward is on securing our water supply, delivering our capital programme, and ensuring we get the basics right so that residents get the level of service from us that they expect,’’ Dr Edwards says.