The Invercargill City Council’s 2023/2024 Annual Report showcases a year of solid financial performance, significant investment, and meaningful progress on projects shaping the future of the city.
Adopted at an extraordinary meeting on Friday (22 November 2024) the report outlines Council’s financial performance and position for the 2023-2024 financial year, measured against the goals in the Long-term Plan 2021-2031.
It showed a $89.25 million increase in total assets, bringing the value to $1.4 billion, up from $1.3 billion in 2023.
Group Manager Finance and Assurance Patricia Christie said the result reflected Council’s strong fiscal management.
“This result, along with our AA+ Fitch credit rating, highlights our solid financial position, strong funding profile and sustainable economic outlook,” she said.
Over the year, Council delivered 71 of its 99 performance measures, maintaining the previous year’s result.
A focus on upgrading ageing infrastructure and progressing key projects saw $49 million invested into assets over the past 12 months.
Projects included the Branxholme Pipeline Upgrade, the completion of Te Pātaka Taoka Southern Regional Collections Facility, the opening of Te Moutere – Tuatara Island, the addition of four new energy-efficient housing units, and the installation of double glazing in 194 Council-owned flats across Invercargill and Bluff. Mayor Nobby Clark praised the annual results, highlighting Council’s unwavering commitment to ratepayers and the wider community. “I’m incredibly proud of what we’ve achieved this year and the dedication shown by our staff,” he said.
“We’ve reached significant milestones and made meaningful progress on key projects and initiatives that will help shape a bright and thriving future for our City.”
The financial results showed an operational deficit after tax of $9.5 million, an improvement of $1.2 million compared to the previous year.
“This result really comes as no surprise as many businesses across New Zealand have been facing the same economic conditions over the past 12 months,” Christie said.
“We anticipated that both inflation and interest rates would decrease over the year but as we now know they have remained high and we have also been subjected to increasing insurance premiums, which have been trending upwards internationally.”
The Council Group reported a deficit after tax of $7.7 million, $43.4 million better than in 2023. Group total assets increased by $104.2 million to $1.6 billion, with liabilities at $312.1 million.
These results underlined Council’s ongoing commitment to delivering for its community and investing in the city’s future, Christie said.
