Financial results

Financial performance

Total Income for the year was $525,000 above budget due to contributions being $283,000 higher than budgeted as a result of the revaluation at June 2010 and unbudgeted forestry sales of $223,000.

Total Expenses were $802,000 less than budget largely due $744,000 less interest being incurred. This was as a result of the payments for large projects being lower than expected and being made later than originally planned.

Full financial results can be found in the Annual Report 2010/11.

Capital expenditure

Renewal Plan ($,000) Budget Actual Comments
Capital expenditure: Renewal plan
Miscellaneous 20 0 Scada implementation delayed
Pump Stations and Rising Mains 157 17 Replacement of VSD at Beach Road. Condition assessment of Dezurik valves showed that their life can be extended.
Solids Handling 142 0 Considering the uncertainty with the improvements of the sludge treatment the condition of the A-train blowers were assessed and it was decided to defer the renewal to a date after the changes to the solid waste processing has been considered.
Total = 319 17  
Upgrade Plan ($,000) Budget Actual Comments
Capital expenditure: Upgrade plan
New R/M and P/S Richmond to Bell Island
19,500 4,616 The contract was let in November 2011. the budget allowed for the possibility of using trenchless technology. Total cost of project estimated at less than $13mil.
Primary Clarifier
345 142 Small components of the project still in process.
Outfall Capacity Upgrade
500 419 Delay in cut due to high pond levels. Expected completion date August 2011
Forest Bell Island
20 10 Remainder of work in July 2011
Resource consent
15 0

 

Total = 8,028 5,269