District value hits $2 billion 

Ken Morris

Waipā district is growing at an “exponential rate” and its assets are valued at over $2 billion for the first time.

The district council ended its financial year with an operating surplus of $28.7 million.

Deputy chief executive Ken Morris said the growth clearly reflected in the annual accounts.

“Developers contributed $19.4 million of development and reserve contributions and vested assets last year, which is a sizeable proportion of the surplus,” he said.

“There can be no doubt the Waipā building boom continues. In the last financial year, council issued 2027 building consents with a capital value of $596.2 million.”

The growth also put pressure on infrastructure.

Just under a third of the $70.3 million collected in rates last year was spent on community services and facilities and the next biggest area of expenditure was roads and footpaths, almost 20 cents in every dollar of rates.

Morris said 16 per cent of rates went on wastewater treatment and disposal and 13 per cent on water treatment and supply.

“These are core council services which ensure the district functions while continuing to offer a very good lifestyle for Waipā families and residents.”

He said the fact council maintained its AA- Fitch Credit Rating for the fourth year running was important.

“The financial climate we are all working in is challenging and there is no doubt at all that will continue into this financial year. But our credit rating means we can secure better interest rates for our debt than we would otherwise be able to achieve and that benefits all ratepayers.”

Council assets were valued at nearly $2.2 billion. Debt was $149.5 million which Morris said was relatively low in comparison to the wider local government sector.

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