Significant rise in dividend revenue for December quarter

17 Mar '08

1 min read

Local authorities' seasonally adjusted operating revenue increased 6.9 percent in the December 2007 quarter, Statistics New Zealand said. Total investment income, including interest and dividend revenue, contributed more than a third of the $104.3 million increase in total operating revenue.

A significant increase in dividend revenue is typical for a December quarter. Revenue from rates increased by $17 million or 1.9 percent. There were also rises for sales of goods and services and all other income (up $22.3 million or 9.1 percent), government grants and subsidies (up $16.9 million or 7.4 percent) and regulatory income (up $8.4 million or 9.6 percent).

Total seasonally adjusted operating expenditure increased 4.2 percent in the December 2007 quarter, following an increase of 2.9 percent in the September 2007 quarter. Expenditure on purchases of goods and services, grants and donations, and all other expenditure contributed most of the total increase of $63.3 million. Increases in interest paid, depreciation and employee costs also contributed to the rise in total expenditure.

Overall, local authorities recorded a surplus of $70.6 million in the December 2007 quarter, against a $23.7 million surplus in the September 2007 quarter.

Statistics New Zealand

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