NZ local authorities post biggest quarterly deficit in September

Thu, 11 Dec 2014

By Paul McBeth Dec. 12 (BusinessDesk) - New Zealand's local authorities posted their biggest quarterly deficit as record spending and falling income pushed councils deeper into the red. The country's 79 local authorities reported a seasonally adjusted operating deficit of $214.1 million in the three months ended Sept. 30 from the June quarter, and have collectively been in the red since September 2010. On an unadjusted basis, the deficit was $222.6 million, the biggest since Statistics New Zealand started compiling the figures in 1993....

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