Auckland Council widens FY loss as expenses outpace growth in income

Wed, 29 Aug 2012

By Hannah Lynch Aug. 30 (BusinessDesk) - Auckland Council, New Zealand’s biggest local body after its amalgamation of eight of the region's councils into one in November 2010, widened its full-year loss as growth in expanses outpaced income. The loss widened to $233 million in the 12 months ended June 30, from a loss of $110 million in the eight months of the previous year that the amalgamated was in existence, the council said in a statement. Income rose 37 percent to $2.9 billion, with rates jumping 50 percent to $1.39 billion, and income f...

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