Auckland Council Group today released the half-year result. We are pleased to report that the Group returned a positive operating result, in line with budget, as well as an improved overall performance for the six month period to 31 December 2017.
- revenues of $3,003 million, compared to $226 million the previous year;
- an operating surplus before gains and losses of $1,053 million, compared to $966 million in December 2016;
- total assets amounted to $49.2 billion, an increase of $1.8 billion from 30 June 2017.
The figures reflect the ongoing pressure of the region’s increasing population. The increase in population also means that there are more people paying rates, so we have also seen an increase in revenues.
More people using and demanding services drives the need for more infrastructure investment, and the key areas of focus for the council going forward are transport congestion and housing availability.
Infrastructure investment includes $149 million on water and wastewater projects, $72 million on transport and travel demand management, $220 million on roads and footpaths, and $79 million on parks and community facilities. As a result, total net Group assets increased by $980 million.
The half-year financial report continues to reflect Auckland’s effectiveness in balancing our investment with the pressure of sustained population growth and demand for council’s services and resources.
Within this six month period, our credit ratings of AA (stable) from Standard and Poor’s and Aa2 from Moody’s Investor Services were reaffirmed in October 2017, in part due to council’s continued ability to diversify our funding sources.
Auckland Council’s credit ratings continue to be among the strongest in New Zealand.