Stormwater accounted for the biggest proportion of debt followed by growth infrastructure, transportation, waste water, parks and recreation and water supply.
Yesterday at the finance and risk committee meeting Cr Gail Mcintosh said council was "ticking along nicely and doing better than budget".
However, Matapihi Residents and Ratepayers Association chairman Greg Milne told the Bay of Plenty Times it "was a little bit of a false picture we are painting due to the sale of K Road [Route K]".
"It doesn't really reflect any budgeting or good management by the council."
Matua Residents Association chairman Richard Kluit agreed and said the figures could "be played with".
"Because you are looking at a long-term projection just to take it off one year really gives false hope. There is a lot of money that needs to be spent on issues such as storm water that will not show in the current financial year but needs to be shown as future debt."
Papamoa Progressive vice chairman Ron Melville said it was a chance for the council to reduce its debt liability for the ratepayer.
"One day the current economic cycle will eventually change and I think prudent fiscal management is something the council should aspire to... we really need to make hay while the sun shines."
Meanwhile Tauriko commercial manager Rachel Emerson welcomed the announcement.
It recognised the ongoing consultation between the Tauriko Business Estate aimed at ensuring expensive infrastructure was funded just in time and in the most efficient sequence, she said.
"These efforts have seen development levies collected stay ahead of council funding from the inception of the Tauriko Business Estate - meaning it has been delivered without any cost to the ratepayer."
Net external debt
2010/11 $369m
2011/12 $391m
2012/13 $377m
2013/14 $365m
2014/15 $304m (includes the GST portion from NZTA for the sale of Route K which was $9.3m)
- Source: Tauranga City Council
Rates revenue
2010/11 $90m
2011/12 $100m
2012/13 $104m
2013/14 $106m
2014/15 $114m
- Source: Tauranga City Council