Check independent for prudent financial management of NPDC
NPDC’s finances, including plans to pay for 10-year plan investments such as $ 248 million to fix our plumbing, have gained independent approval from international rating agency S&P Global.
The agency reconfirmed NPDC’s AA + Stable credit rating, the highest possible rating for the municipalities of Aotearoa.
S&P Global expects the NPDC to “continue to prudently manage” its budgets and debt as it invests more in infrastructure, the agency said in its report.
The NPDC’s exceptional financial situation was also supported by the District Perpetual Investment Fund (PIF), which reached a record $ 346 million in the previous fiscal year and reduced total required rates by 9 millions of dollars.
“New Plymouth’s liquidity, which is bolstered by its $ 346 million PIF, remains excellent,” the report said.
The stable AA + rating reflects the right financial approach to solving long-term infrastructure issues while managing the debt of future residents, said Joy Buckingham, NPDC chief financial officer.
“It shows that we pay close attention to our financial position as we manage assets valued at $ 3.5 billion on an operating budget of approximately $ 177 million. It also allows us to be flexible to continue building a sustainable lifestyle capital while moving towards a post-Covid world, so that our neighborhood remains a great place where our children want to live and work, ”Ms. Buckingham said. .
Read the full S&P Global report here S&P Global NPDC Report
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