The Invercargill City Council adopted its 2016-2017 Annual Report at a meeting on Tuesday night (31 October 2017).

Council Financial Controller Dale Booth said the report received a clear audit opinion from Audit New Zealand.

It showed the Council was in a strong financial position and operated in a financially prudent manner, he said. The report also showed Council recording a $139.7 million surplus, however that was largely attributed to a $139.2million revaluation of Council assets, meaning it was a non-cash surplus, Mr Booth said.

“In real terms, this means Council operated at a deficit of $32,000 out of total operating expenses of $87 million.”

The asset revaluation sees the total group assets exceed $1billion as at 30 June 2017. Group assets include Council, Holdco, and other subsidiaries. Revaluation of Council assets occurs every three years.

The 2016-2017 Annual Report and earlier reports are available on this ICC website page.