Local authorities' total operating revenue fell by a seasonally adjusted 2.3 percent in the March quarter compared to the three months to December, Statistics New Zealand says.The decline was mainly due to a 37.5 percent fall in investment income and a 3.
Local authorities' total operating revenue fell by a seasonally adjusted 2.3 percent in the March quarter compared to the three months to December, Statistics New Zealand says.
The decline was mainly due to a 37.5 percent fall in investment income and a 3.3 percent fall in the sales of goods and services.
Seasonally adjusted operating expenditure was unchanged, with a 2.4 percent decline in employee costs largely offset by a 1.8 percent rise in depreciation.
Actual figures show total spending in the March quarter of $1.72 billion, up from $1.66b a year earlier. Employee costs were $389.7m, up from $378.6m the year before.
Actual revenue rose to $1.7b, from $1.64b a year earlier, with investment income down to $60m from $73.2m. The operating deficit was $23.5 million.
