Invercargill City Council’s annual report released

The Invercargill City Council’s Annual Report has reconfirmed its strong financial position.

Council this week adopted its annual report at an extraordinary meeting of the Risk and Assurance Committee.

Council Group Manager Finance and Assurance Michael Day said the report confirms Council’s commitment to maintaining financial prudence.

“Together with our recent AA+ Fitch Rating, we move into 2022 in a strong financial position,” he said.

The Annual Report was adopted despite delays in the auditing process due to Audit New Zealand staff shortages and COVID-19 travel restrictions, which have similarly affected councils throughout the country.

The report also contained a qualification that has arisen around a difference in opinion between Council and Audit NZ regarding fair value of assets.

“There was a differing opinion on our interpretation of the standards,” Mr Day said.

https://icc.govt.nz/public-documents/annual-report/