Money woes for Waipā

Waipā’s financial situation has been laid bare in an eight monthly report to the council this week.

The $48.2 million surplus budgeted for the end of June is now forecast at $22.9 million with big hits coming from lower development and reserve contributions and a reduction in building and resource consent fees.

Ken Morris

One bright light is the increase of $606,000 from higher deposit interest rates. Waipā has nearly $13 million in the ASB Bank.

Loans stood at $261 million at February 29 – eight months into the financial year – but the council will have to take out a further $35.8 million to bring the year-end debt to $296.8 million.

Subsidies and grants have come in $9 million higher than budgeted and are made up of an increase in Waka Kotahi funding – $5.7 million for Cambridge and Te Ara Rimu Kihikihi pathways – $1.5 million for Better Off Funding for Te Ara Wai and grants of $1 million and $530,000 for playgrounds in Cambridge.

Clean-up work of nearly $1 million for Lake Te Koo Utu has been stopped pending Long Term Plan discussions next year.

In a report to the finance committee, deputy chief executive Ken Morris said the community engagement team began informing the public of the financial headwinds the council faced.

“A huge challenge for all councils has been misinformation. In the age of social media, clear and timely communication and engagement is vital now, more than ever,” the report said.

“Our external communication and engagement strategy is helping us address this challenge. We’ve implemented monthly social media and online channel reporting, begun improving staff reporting processes, and we’re currently conducting an audit of our main website, its site map and content.

“We want to empower our residents to feel confident that they can visit our website, social media channels, front counters or talk to elected members and receive the same, correct, and timely information,” the report said.

 

 

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