This is now downloadable from the KCDC website here.

As usual with council publications, it contains a sizeable amount of self-congratulatory puffery which reminds of the grandiose ‘Mission Statements’ that became an institutional fad in the 1990s and which all manner of government and private corporations would hang in fancy gold frames in their reception areas. They died a natural death during the 2000’s.

The important stuff begins on page 101 in the pdf.

Immediate ‘highlights’ —

  • The rates take went up 7%
  • The take from fees and charges went up 5%
  • Operating expenses went up 7%
  • Interest expense went up 4%
  • The amount spent on non-employee contractors went up 40%
  • Interest income went up 45%, meaning that the net was actually a 4% drop (this may be where the idea to borrow to speculate in the financial markets came from)
  • ‘Derivative financial instruments’ (shown as a non-current liability) went up 12%
  • An intriguing one is ‘non operating revenue’ which went up 630%.
  • On the other hand, ‘other financial assets’ listed in the ‘current assets’ section fell 43% (over $26 million); while ‘other financial assets’ in the non-current assets section increased over $15 million.
  • The amount listed as ‘borrowing’, both current and non current, actually fell $5 million from $210 to $205 million, but without knowing exactly what the things mentioned above are, it’s hard to work out what the overall picture is.
  • One page 132 you can see what was spent on employees: we are very interested in a little note to that: “For the year ended 30 June 2018 there were severance payments made to one employee (2017: one) totalling $15,919 (2017: $7,500)” — who?
  • And on page 133 you can see what was paid to the elected representatives.