Pre-election Report 2013

Transcription

1 T A U R A N G A C I T Y C O U N C I L Pre-election Report 2013 > Tauranga Moana Our Place - Tauranga Tangata Our People

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3 Contents A message from the Chief Executive 01 The Past Three Years (2010/ /13) 02 Financial Statements for the past three years (2010/ /13) 03 Current Year (July June 2014) 06 Council Priorities ( ) 06 Rates - where they go ( ) 07 Activity Breakdown of Operating and Capital Expenditure (July June 2014) Financial statements for the current year (July 2013 June 2014) Looking Forward for the next three years (2014/ /17) 11 Financial Statements for the next three years (2014/ /17) 12

4 A message from the Chief Executive We are pleased to present our pre-election report. The purpose of the report is to provide prospective Council candidates and the wider community with information about the issues facing our city and the Council. The preparation and timing of the report is mandatory for all Councils in New Zealand. It brings together information previously published in other Council documents. As required by law the report has been prepared by me, as the Council s Chief Executive, and not the current elected Council members. In recent years the impact of the global financial crisis has had a significant impact on the local and national economy. This has resulted in several years of lower growth for the city and a reduction in development contribution revenue for Council. As an organisation we met this challenge by finding ongoing savings and deferring capital projects while maintaining service levels for the essentials such as water supply, transportation, wastewater, stormwater and parks. This was balanced with maintaining debt levels within policy limits. Over the last 12 months the organisation has undergone a restructure to make it more fit for purpose and relevant to the current economic and strategic objectives for the city. As part of the ongoing drive for improved efficiency, the Council controlled organisations (CCOs) were also reviewed and a new amalgamated CCO, Bay Leisure and Events Limited, established. A prudent financial approach to managing our business and the reduction of debt levels will continue to be a priority for the organisation as we move into the future. Key projects for the next couple of years include an integrated stormwater project which will focus on addressing flooding issues in the city and the continuation of the Southern Pipeline project to future-proof the city s wastewater network. As the economy continues to recover from the recession, we look forward to delivering on new challenges. Council has a vital role to play over the next few years in creating an environment that will encourage and enable development in the city centre. Proposed major projects that the Council is currently working on with a variety of key stakeholders include a new tertiary precinct, a hotel development for the city centre and a marine precinct at Sulphur Point. These projects will help drive and define Tauranga s development as we grow our city and I look forward to seeing us take our place as a vibrant and cosmopolitan centre. The late Sir Paul Callaghan has been quoted as saying that New Zealand needs to be a smart country where talent wants to live. Likewise, Tauranga needs to be a city where talented people want to live, work and do business. Garry Poole Chief Executive 01 TAURANGA CITY COUNCIL

5 The Past Three Years (2010/ /13) This section provides an overview of key achievements and major projects along with a snapshot of the Council s financial position over the past three years. Major Achievements and Projects Completion of the ASB Arena at Baypark. A $75 million retail bond issue was fully subscribed. Completion of the 4.5km Pyes Pa Bypass linking State Highways 29 and 36. Ten Days in Tauranga. This project saw Tauranga host 50 Christchurch families for ten days following the earthquakes. Find out more This report focuses on the Council s financial performance over the past three years (2010/ /13), the current year (2013/14) and the key expenditure planned for the next three years (2014/ /17). Information has been gathered from existing Annual Plans and reports and the Ten Year Plan. These are all available on our website or you can contact our customer service centre to request copies Construction of a new visitor centre at McLaren Falls Park. The Arataki Community Centre was opened. The first stages of the Southern Pipeline project were completed and became operational. Beaumaris Boulevard link road was completed and opened. The Central Parade shopping centre upgrade was completed. The Mount Greens Sports Complex was completed and opened. The Maxwells Road pump station was completed giving flood protection to approximately 30 homes. Flat glass recycling was established at the Te Maunga Resource Recovery Park. Part of the city centre waterfront area was redeveloped and turned into an event and recreation space. This included the construction of a new waterfront playground. The management of Tauranga s historic reserve, Mauao or Mount Maunganui, is to be shared following the approval of a memorandum of understanding (MOU) between Tauranga City Council and the Mauao Trust. The Matapihi Rail Bridge pathway was reconstructed. Tsunami evacuation bridges were built on key evacuation routes in Papamoa. Work on stage three of the Tara Road upgrade commenced. New irrigation and lighting were installed at the high use sports fields to maximise their use. PRE-ELECTION REPORT 02

6 Financial Statements for the past three years (2010/ /13) Statement of Cash Flows Cash Flows from Operating Activities 2010/11 Annual Report 2011/12 Estimated Annual Report 2012/13* Receipts from rates revenue** 96, , ,310 Grants and subsidies 15,622 5,339 11,206 User fees and charges 57,385 60,680 60,418 Interest received 3,464 4,226 5,064 Dividends and subventions received Deposits received Total Operating Cash Provided 173, , ,784 Payments to suppliers and employees 87,840 96,378 98,803 interest paid 23,621 25,560 26,087 Payments to /on behalf of other authorities 11,941 10,742 11,289 Deposits repaid (net) Goods and services tax (net) 446 (1,554) (181) Total Operating Cash Applied 124, , ,998 Net Cash Flows from Operating Activities 49,351 47,134 53,786 Cash Flows from Investing Activities Short-term deposits maturing*** 682, ,200 0 Proceeds from sale of property, plant and equipment 7,928 5,359 45,150 Realisation of investments 8, Total Investing Cash Provided 698, ,559 45,201 Purchase of short-term deposits*** 705, ,100 0 Acquisition of investment 1,104 16,395 42,532 Purchase of property, plant and equipment 96,542 61,640 42,678 Purchase of Intangibles 3, Total Investing Cash Applied 806, ,466 85,851 Net Cash Flows from Investing Activities (108,042) (68,907) (40,650) Cash Flows from Financing Activities Proceeds from borrowings 300, , ,579 Repayment of borrowings (217,827) (250,639) (258,582) Net Cash Flows from Financing Activities 82,286 17,881 (3) Net Increase/(Decrease) in Cash 23,595 (3,892) 13,133 Cash at Beginning of the Year 6,321 29,915 26,022 Cash at End of the Year 29,915 26,023 39,156 * The Annual Report is not scheduled for completion until the end of August This is an estimate and it has not yet been audited. Final audited accounts will be published in September ** Cash flow includes rates collected on behalf of the Bay of Plenty Regional Council and Mainstreet organisations and eliminates internal rates. These are shown as an outflow in payments to/on behalf of other authorities and have no net impact on cash flows from operating activities. The net impact on receipts from rates is: $6.4 million in 2010/11 $8.3 million in 2011/12 $8.8 million in 2012/13 *** This is shown in the cash and cash equivalent figure for TAURANGA CITY COUNCIL

7 Funding Impact Statement Sources of Operating Funding Estimated Annual Report 2012/13* General Rates, uniform annual general charge, rates penalties * 85,153 Targeted rates (other than a targeted rate for water supply) 18,591 Subsidies and grants for operating purposes 3,977 Interest and dividends from investments 4,258 Fees, charges and targeted rates for water supply 52,019 Local authorities fuel tax, fines, infringement fees, and other receipts 1,386 Total Operating Funding (A) 165,384 Applications of Operating Funding Payments to staff and suppliers 103,357 Finance costs 25,785 Other operating funding activities 0 Total Applications of Operating Funding (B) 129,142 Surplus/(Deficit) of Operating Funding (A-B) 36,242 Sources of Capital Funding Subsidies and grants for capital expenditure 4,553 Development and financial contributions 9,162 Increase (decrease) in debt 9,084 Gross proceeds from sale of assets 8,283 Lump sum contributions 288 Total Sources of Capital funding (C) 31,370 Applications of Capital Funding Capital Expenditure - to meet additional demand 6,650 - to improve level of service 17,519 - to replace existing assets 22,938 Increase (decrease) in reserves 20,505 Increase (decrease) of investments 0 Total Applications of Capital Funding (D) 67,612 Surplus/(Deficit) of Capital Funding (C-D) (36,242) Funding balance (A-B)+(C-D) 0 * The Annual Report is not scheduled for completion until the end of August This is an estimate and it has not yet been audited. Final audited accounts will be published in September Note: The Funding Impact Statement is a new requirement introduced in the 2012/22 Long Term Plans. For the purposes of this document it replaces the cash flow to show the sources and applications of both operational and capital expenditure. It was not prepared prior to PRE-ELECTION REPORT 04

8 Statement of Financial Position Assets - Current 2010/11 Annual Report 2011/12 Estimated Annual Report 2012/13* Cash and cash equivalents 29,915 26,023 39,156 Debtors and other receivables 17,403 18,024 15,939 Inventories Derivative financial instruments Non-current assets held for sale 1,117 52,309 19,409 Other investments 2,000 2,000 0 Total Current Assets 50,822 98,914 75,577 Assets - Non-Current Derivative financial instruments 4,063 8,876 4,739 Other financial investments 10,832 5,862 5,811 Investments in associate Other investments 34,048 39,935 79,829 Investment properties 34,162 29,656 27,157 Intangible assets 9,089 8,640 6,906 Forestry 5,153 5,780 6,282 Property, plant and equipment 3,444,823 3,189,681 3,202,595 Total Non-Current Assets 3,542,170 3,288,430 3,333,319 Total Assets 3,592,992 3,387,344 3,408,896 Liabilities - Current Creditors and other payables 35,599 31,629 32,755 Provisions 10,014 6,744 5,174 Employee entitlements 2,926 3,384 3,253 Deposits held 3,655 3,443 3,942 Derivative financial instruments Borrowings 111, , ,652 Other current liabilities 8,255 8,544 9,778 Total Current Liabilities 173, , ,641 Liabilities - Non Current Deferred tax liability Provisions 4,094 2,134 1,124 Employee entitlements Derivative financial instruments 21,626 38,265 27,316 Borrowings 287, , ,000 Total Non-Current Liabilities 312, , ,671 Total Liabilities 485, , ,312 Net Assets 3,107,044 2,875,739 2,908,584 Equity Retained earnings 730, , ,256 Restricted reserves (44,146) (58,561) (59,990) Council-created reserves 36,260 40,865 46,404 Asset revaluation reserves 2,383,964 2,153,466 2,159,914 Total Equity 3,107,044 2,875,739 2,908,584 * The Annual Report is not scheduled for completion until the end of August This is an estimate and it has not yet been audited. Final audited accounts will be published in September TAURANGA CITY COUNCIL

9 Current Year (July June 2014) Investment in infrastructure remains a firm priority and this has been signalled through this year s Annual Plan process. This will be achieved while remaining within the Council s self imposed rate cap of 3% (based on inflation being 1%). Tauranga City s growth and development continues to be affected by external factors. However, the city is now seeing signs of increasing growth through indicators such as an increase in the number of new-dwelling consents being lodged and processed. A new organisational structure has been implemented across the Council, designed to increase operational efficiency. Its aim was to allow the organisation to respond to the challenges of the current economic climate and the strategic objectives for the city. The organisational review also included a rationalisation of Council controlled organisations. As a result, an amalgamated Council controlled organisation (CCO) came into being on 1 July Bay Leisure & Events Limited (BLEL) now incorporates the public swimming pool network and Baypark assets, including ASB Arena, that were formerly managed by Tauranga City Venues Ltd (TCVL) and Tauranga City Aquatics Limited (TCAL). It also incorporates technical event support and management of the Council owned community halls and indoor venues. Council Priorities for 2013/14 Rates The rates requirement for the 2013/14 year is a gross increase of 2.6%. This includes a growth assumption of 0.6%. The average general rates increase per property will therefore be 2%, within Council s rate cap of 3%. Rates have been assessed using values from a city-wide property revaluation that took place in The chart on page 7 shows how rates are allocated (per $1,000). Major Projects Council has responded to flooding issues in the city with an additional $43.5 million of stormwater investment planned over the next five years. The Council intends to enter into a conditional agreement with a company interested in building a four star hotel in Durham Street (opposite Baycourt). As part of the Council s organisational review a decision was made to transfer the technical side of the Venues & Events business to the new CCO but for the Baycourt theatre to remain within Council. The possibility of Baycourt also being moved to the CCO will be decided as part of the 2014/15 Annual Plan process. The sale of non-strategic Council properties continues with anticipated proceeds of approximately $6 million in the 2013/14 financial year. The Pilot Bay boardwalk project will be completed in the 2013/14 year. Investigations continue into the use of an alternative route and new technology for the Southern Pipeline project. Improvements will be made to Cameron Road between 17th and 20th Avenues. This includes four-laning Cameron Road and installing traffic signals at the intersection with 18th Avenue. The project will be jointly funded by the Bay of Plenty District Health Board, the New Zealand Transport Agency and Tauranga City Council. PRE-ELECTION REPORT 06

10 Rates - where they go ( ) per $ 1000 of rates Water Supply Water processing plants Pipes and pump stations Monitoring of the City s water catchment Transportation Stormwater & Wastewater Southern Pipeline Flood protection Pollution prevention Wastewater treatment plants Underground pipes, open drains, drainage reserves, outlets Upgrades and odour control Rubbish & Waste Bins and litter collection Footpath cleaning Closed landfill management 14% $140 Roads, chip sealing, paving, traffic lights, curbs, roundabouts, cleaning Cycleways Footpaths, streetlights, mowing, signs, street furniture Bus shelters Planning for the future Road safety 13% $130 27% $ % $15 Arts & Culture Art Gallery Baycourt Community events Museum collection Planning Public Health Tauranga Tomorrow SmartGrowth Smart Living Places Urban Design City Plan Ten Year Plan Unregistered dogs Liquor licensing Monitoring Graffiti Public toilets CCTV (security cameras) Noise control 2.5% $25 1% $10 5.5% $55 Land hazards e.g. slippage, erosion, contaminated sites Resource consents LIMs, PIMs Civil defence and emergency management Debt Reduction This is a charge to manage debt levels 2.5% $25 Democracy / Information Submission processes, community engagement, consultation Elections Elected Representatives Customer services Committee, meetings, policies and decisions Our City News Website Sister Cities Indoor Facilities 5% $50 Baywave, Greerton, Otumoetai, Memorial Pools QEYC Mount Action Centre ASB Arena at Baypark Merivale, Bethlehem Halls Sport BOP Libraries Books DVDs, Videos, CDs Newspapers / magazines NZ Room Internet access Mobile library Databases Reference Community space Outdoor Facilities Beaches - grooming, coast care, boardwalks, signage Walkways Reserves - Mauao, Kopurererua Valley, Wairakei, Papamoa Stream, Huharua, Carmichael Parks - Yatton, Fergusson, Memorial, Coronation, McLaren Falls Matua Saltmarsh Gardens (eg Robbins Park, roundabouts, roadsides, hanging baskets) Trees and weed control Tennis courts, bowling greens, croquet, petanque, golf courses Skateboard parks Sports fields - rugby, soccer, hockey etc 8% $80 6% $60 14% $ TAURANGA CITY COUNCIL

11 Activity Breakdown of Operating and Capital Expenditure (July 2013 June 2014) TOTAL OPERATING EXPENDITURE 2013/14 TRANSPORTATION (12.7%) OTHER (39.4%) WASTEWATER (DRAINAGE SERVICES) (12.1%) WATER SUPPLY (9.6%) INFORMATION TECHNOLOGY (2.5%) ROUTE K (2.5%) LIBRARIES (4.4%) OPEN SPACE - PARKS & COASTAL (8.8%) STORMWATER (DRAINAGE SERVICES) (8.0%) * This shows the percentage breakdown by activity of operating expenditure based on the Funding Impact Statement on page 9. CAPITAL EXPENDITURE 2013/14 MARINE FACILITIES (1.6%) LIBRARIES (2.5%) WATER SUPPLY (5.7%) OPEN SPACE - PARKS & COASTAL (6.1%) AIRPORT (1.1%) OTHER (4.1%) WASTEWATER (34.0%) TRANSPORTATION (22.1%) STORMWATER (22.8%) * This shows the percentage breakdown by activity of capital expenditure based on the Funding Impact Statement on page 9. PRE-ELECTION REPORT 08

12 Financial statements for the current year (July 2013 June 2014) Funding Impact Statement Election Year Annual Plan 2013/14 Election Year Long Term Plan 2013/14 Sources of Operating Funding General Rates, uniform annual general charge, rates penalties 84,701 88,914 Targeted rates (other than a targeted rate for water supply) 20,783 *19,988 Subsidies and grants for operating purposes 3,789 3,792 Interest and dividends from investments 3,121 1,438 Fees, charges and targeted rates for water supply 50,286 55,164 Local authorities fuel tax, fines, infringement fees, and other receipts 1,630 2,093 Total Operating Funding (A) 164, ,390 Applications of Operating Funding Payments to staff and suppliers 100,821 99,326 Finance costs 25,824 26,618 Other operating funding activities 0 0 Total Applications of Operating Funding (B) 126, ,943 Surplus/(Deficit) of Operating Funding (A-B) 37,666 45,446 Sources of Capital Funding Subsidies and grants for capital expenditure 3,447 3,901 Development and financial contributions 13,873 13,873 Increase (decrease) in debt 22,382 20,072 Gross proceeds from sale of assets 6,513 7,371 Lump sum contributions Total Sources of Capital funding (C) 46,256 45,257 Applications of Capital Funding Capital Expenditure - to meet additional demand 26,878 27,104 - to improve level of service 21,795 20,774 - to replace existing assets 19,982 21,046 Increase (decrease) in reserves 15,266 21,780 Increase (decrease) of investments 0 0 Total Applications of Capital Funding (D) 83,921 90,704 Surplus/(Deficit) of Capital Funding (C-D) (37,666) (45,446) Funding balance (A-B)+(C-D) 0 0 *This was not separated in the Long Term Plan however it has now been classified consistent with the Annual Plan, with no net impact. Note: The Funding Impact Statement is a new requirement introduced in the 2012/22 Long Term Plans. For the purposes of this document it replaces the cash flow to show the sources and applications of both operational and capital expenditure. It was not prepared prior to TAURANGA CITY COUNCIL

13 Statement of Financial Position Assets - Current Election Year Annual Plan 2013/14 Election Year Long Term Plan 2013/14 Cash and cash equivalents Debtors and other receivables 21,951 21,723 Inventories Derivative financial instruments Non-current assets held for sale 6,478 7,371 Other investments 0 0 Total Current Assets 29,292 29,972 Assets - Non-Current Derivative financial instruments 2,804 2,804 Other financial investments 10,827 10,599 Investments in associate 0 0 Other investments 39,634 38,622 Investment properties 34,162 35,487 Intangible assets 11,175 11,175 Forestry 5,153 5,353 Property, plant and equipment 3,754,116 3,747,476 Total Non-Current Assets 3,857,871 3,851,516 Total Assets 3,887,163 3,881,488 Liabilities - Current Creditors and other payables 38,585 39,793 Provisions 4,000 4,000 Employee entitlements 2,893 2,893 Deposits held 4,164 4,294 Derivative financial instruments 1,052 1,052 Borrowings 82,000 89,728 Other current liabilities 5,687 5,687 Total Current Liabilities 138, ,447 Liabilities - Non Current Deferred tax liability 0 0 Provisions Employee entitlements Derivative financial instruments 11,135 11,135 Borrowings 327, ,546 Total Non-Current Liabilities 338, ,920 Total Liabilities 477, ,367 Net Assets 3,409,891 3,410,121 Equity Retained earnings 847, ,451 Restricted reserves (68,907) (54,602) Council-created reserves 60,698 62,379 Asset revaluation reserves 2,570,968 2,560,893 Total Equity 3,409,891 3,410,121 PRE-ELECTION REPORT 10

14 Looking Forward the next three years (2014/ /17) This section provides an overview of the major projects and financial position for the next three financial years. This information has been taken from the Ten Year Plan which was adopted on 26 June Every three years the Council puts together a Ten Year Plan which outlines its plans and the associated financial implications for that period. Each year Council is also required to prepare an Annual Plan which lays out the specific priorities and budgets for that particular year. The following major projects provide an indication of the work that Council expects to undertake over the next three years but it is worth noting that this will be reviewed annually as part of each Annual Plan process and may change as a result. If you would like more information on any of the projects mentioned below please visit or call our customer service centre on Major Projects Council has agreed to make land available to the Tertiary Education Partnership (a trust set up to establish a full university campus in Tauranga). The land in question is currently used as a car park. It will remain in Council s ownership until sufficient funding is secured by the Tertiary Education Partnership and other stakeholders for the development of the tertiary campus. Revitalisation and economic development of the city centre through the continued redevelopment of the Waterfront, the proposed hotel and tertiary campus developments and streetscape improvements. Council has agreed to sell a number of properties over the next five years. The sale of the land is anticipated to raise a net sum of up to $26 million, with the majority planned to be sold by 2016/17. The redevelopment of Tauranga s Waterfront will continue to be a focus over the next few years to create a space for events, commercial activity and an area where people can relax, play and picnic. Stormwater modelling work is planned city-wide as part of the integrated stormwater project. Specific areas where urgent problems are identified will be addressed within 18 months and significant projects within three years. There are three major roading projects planned for the next three financial years. These include a new interchange at Sandhurst Drive, the completion of the Tara Road upgrade project and the upgrade of Domain Road. All of these projects are part of the enabling work required for the completion of the new Tauranga Eastern Link. Council has agreed to reconsider the proposed extension of the Greerton Library as part of the 2014/15 Annual Plan process. Planned wastewater projects include the completion of the Southern Pipeline project, designed to future proof the city s wastewater network, and projects to increase the capacity of the ocean outfall pipe and the capacity of the Te Maunga Treatment Plant. 11 TAURANGA CITY COUNCIL

15 Financial Statements for the next three years (2014/ /17) Funding Impact Statement 2014/ Long Term Plan 2015/ /17 Sources of Operating Funding General Rates, uniform annual general charge, rates penalties* 93,212 97, ,211 Targeted rates (other than a targeted rate for water supply) 21,457 23,043 24,743 Subsidies and grants for operating purposes 3,984 4,061 4,212 Interest and dividends from investments 1,397 1,425 1,494 Fees, charges and targeted rates for water supply 56,768 59,499 63,028 Local authorities fuel tax, fines, infringement fees, and other receipts 2,225 2,313 2,388 Total Operating Funding (A) 179, , ,076 Applications of Operating Funding Payments to staff and suppliers 102, , ,702 Finance costs 27,202 26,779 26,171 Other operating funding activities Total Applications of Operating Funding (B) 130, , ,873 Surplus/(Deficit) of Operating Funding (A-B) 49,025 57,378 63,203 Sources of Capital Funding Subsidies and grants for capital expenditure 6,666 3,653 3,308 Development and financial contributions 17,981 18,928 23,662 Increase (decrease) in debt 21,362 20,795 26,729 Gross proceeds from sale of assets 7,679 4,634 1,656 Lump sum contributions Total Sources of Capital funding (C) 53,731 48,055 55,400 Applications of Capital Funding Capital Expenditure - to meet additional demand 36,610 43,117 32,255 - to improve level of service 30,736 20,223 28,401 - to replace existing assets 21,988 23,051 29,010 Increase (decrease) in reserves 13,422 19,042 28,937 Increase (decrease) of investments Total Applications of Capital Funding (D) 102, , ,603 Surplus/(Deficit) of Capital Funding (C-D) (49,026) (57,378) (63,203) Funding balance (A-B)+(C-D) *This was not separated in the Long Term Plan however it has now been classified consistent with the Annual Plan, with no net impact. PRE-ELECTION REPORT 12

16 Statement of Financial Position Assets - Current 2014/ Long Term Plan 2015/ /17 Cash and cash equivalents Debtors and other receivables 22,951 24,226 25,578 Inventories Derivative financial instruments Non-current assets held for sale 7,679 3,413 1,656 Other investments Total Current Assets 31,534 28,574 28,200 Assets - Non-Current Derivative financial instruments 2,804 2,804 2,804 Other financial investments 11,585 12,624 13,723 Other investments 41,135 43,896 46,919 Investment properties 36,673 37,923 39,300 Intangible assets 11,175 11,175 11,175 Forestry 5,532 5,720 5,928 Property, plant and equipment 3,920,852 4,116,781 4,326,635 Total Non-Current Assets 4,029,756 4,230,923 4,446,484 Total Assets 4,061,290 4,259,497 4,474,684 Liabilities - Current Creditors and other payables 41,003 42,302 43,677 Provisions 4,000 4,000 4,000 Employee entitlements 2,893 2,893 2,893 Deposits held 4,425 4,565 4,714 Derivative financial instruments 1,052 1,052 1,052 Borrowings 125, ,610 90,225 Other current liabilities 5,687 5,687 5,687 Total Current Liabilities 184, , ,248 Liabilities - Non Current Deferred tax liability Provisions Employee entitlements Derivative financial instruments 11,135 11,135 11,135 Borrowings 286, , ,874 Total Non-Current Liabilities 298, , ,335 Total Liabilities 482, , ,584 Net Assets 3,578,713 3,771,602 3,985,099 Equity Retained earnings 885, , ,998 Restricted reserves (74,640) (92,365) (99,678) Council-created reserves 78,554 95, ,109 Asset revaluation reserves 2,689,487 2,828,613 2,984,671 Total Equity 3,578,713 3,771,602 3,985,099 Note: The Long Term Plan figures prepared above are as per the 2012/22 published Long Term Plan. This was published in July 2012 and is updated through each year s Annual Plan process. Hence the actual budget, including the rates requirement, for the year may differ to these figures. 13 TAURANGA CITY COUNCIL

17 More Information The information in this report has been gathered from the following Council reports and plans: Ten Year Plan 2010/11 Annual Report 2011/12 Annual Report 2012/13 Annual Report 2013/14 Annual Plan These are all available on Council s website or in hard copy from the Customer Service Centre. 91 Willow Street, Tauranga Ph Fax info@tauranga.govt.nz PRE-ELECTION REPORT 14

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