Council updates  |  31 Oct 2023

Share this story

Christchurch City Council’s 2023 Annual Report shows an accounting surplus after tax of $415 million and capital investment of $616 million.

The surplus includes non-cash items and revenues funding capital expenditure and debt repayment. The non-cash items include vested assets – assets gifted to Council mainly through developed sub-divisions. Total cash reserves decreased by $6.6m to $161m from the prior year.

The Council invested $616.3 million improving the city’s water and transport infrastructure, facilities and services.

Highlights in this area include progress in the Ōtākaro Avon River with three new bridges in place along the river, work continuing on the Waitaki Street stopbank and wetland, Avon Park redevelopment approved, and more than 50,000 native plants planted.

Work has also continued on Te Kaha, Te Nukutai o Tapoa – Naval Point and the new Court Theatre building, while the Citizens’ War Memorial restoration and relocation back to Whitireia Cathedral Square was completed.  

Financial results

The Annual Report 2023 (at 30 June 2023) shows:

  • Capital expenditure incurred during the year was $616.3 million (up $180.5 million on 2022)
  • Total revenue received was $1.4 billion (up $0.3 billion on 2022, including $636.9 million collected through rates (up $41.1 million on 2022)
  • Operating expenditure was $987.6 million (no change)
  • Total liabilities were $2.4 billion (up $0.1 billion on 2022)
  • Total value of assets $20.1 billion (up $1.9 billion on 2022).

The proportion of rates income, in relation to other revenue streams, has increased over the past six years as historical earthquake-related recovery funding has subsided.

Council Group

At group level, the reported after-tax surplus was $0.5 billion (up $0.1 billion on 2022).

The Council Group, which includes Christchurch International Airport and Enable Networks, reports total assets worth $22.1 billion and liabilities of $4.8 billion. The combined revenue received by the Group was $2.7 billion and incurred operating expenditure of $2.2 billion.

 Ratepayer dollar ‘managed well’

Christchurch Mayor Phil Mauger says given the challenges of the three I’s – inflation, insurance and interest rates – the ratepayer dollar has been managed well.

“Christchurch will continue to be the best place to live, work, play and invest for generations to come. And Council continues to do our bit to help make this a reality – this Annual Report shows this.”

Mayor Mauger says one of his highlights of the last financial year has been following the progress with Te Kaha.

“It has been fantastic since we agreed to a fixed price contract last term with Besix Watpac – seeing progress on site is really fantastic,” he says.

“However, the Council isn’t out of the woods yet. The next year and upcoming Long Term Plan will involve some tough decisions.”

Read the full Annual Report here.