Local authority deficit falls as rates, dividends rise
Local authorities recorded their lowest operating deficit in more than two years in the June quarter, as rates income lifted 7.9 percent from a year earlier and dividend income more than doubled.Figures from Statistics New Zealand (SNZ) today show local a
Local authorities recorded their lowest operating deficit in more than two years in the June quarter, as rates income lifted 7.9 percent from a year earlier and dividend income more than doubled.
Figures from Statistics New Zealand (SNZ) today show local authorities had total operating income of $1.83 billion in the June quarter, while operating expenditure was $1.85b.
That left an operating deficit of $25.7 million, the smallest quarterly deficit since the March 2008 quarter, and well down on the deficit of $125.5m from a year earlier.
Income from rates rose to $1.08b in the June quarter from $999m a year earlier, while income from dividends lifted to $99.5m from $43.1m.
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