Taranaki Regional Council reduces deficit to $0.74m by tapping into reserve funds

The Taranaki Regional Council has adopted its annual report for the 2023/2024 financial year.

Taranaki Regional Council spent more than it took in across the 2023/2024 financial year, but the operating deficit of $740,000 was less than the budgeted deficit of $2.9 million.

The council’s recently adopted annual report for 2023/2024 shows that the council tapped into funds from the Dividend Equalisation Reserve, grown by the council’s ownership of Port Taranaki Ltd, to substantially reduce the budgeted deficit.

According to the report, Taranaki Regional Council chief executive Steve Ruru received a base salary increase of $19,239, taking his salary to $331,910. Ruru also received superannuation contributions, medical fees and private use of a council vehicle, making his total remuneration $373,103, up from $352,621 from the previous year.

Ruru is one of just seven staff at Taranaki Regional Council earning over $160,000. Of the council’s 211 staff and 22 full time equivalent positions, 34 earn below $60,000 and 53 earn more than $100,000.

Council chair Charlotte Littlewood said the past year has been a key period for the council getting its plans and strategies into place.

“We think this mahi puts the council in a better place to care for our place and support livelihoods. At the same time that we’ve been delivering top-notch services to the community, we’ve had to operate in tough economic conditions, respond to a shifting policy landscape and factor in adapting to climate change.”

Key policies and strategies to be developed or adopted included the Regional Coastal Plan, a new Regional Land Transport Plan and the Long Term Plan.

She said the council also worked hard to engage with the community ahead of creating a new Land and Freshwater Plan.

“It was fantastic to receive so many responses to our community conversations and see so many people attend the freshwater drop-in events, showing that people are engaged and aware of our mahi and what we’re working to achieve.”

Public transport numbers have risen by 11.2%, with more people using the council’s buses.

The report also states the Yarrow Stadium development is on track, remaining within budget and time frame, with the venue hosting a sell-out crowd to enjoy the Taranaki Bulls win the Bunnings NPC championship in September 2023.

Littlewood said the report showed how the council had responded to change, faced challenges and still continued to take the region forward in the past year.

“We’ve accomplished so much while responding to many challenges demonstrates that putting the resources in place to deliver results is working, especially in key work programmes like freshwater management, public transport and protecting the environment.”

“More than ever before, we’ve been listening to our community and what their aspirations and hopes for our amazing region are and that is directly shaping what we’re doing.”