Summary of financial statements

Financial results for 2024/25

We are pleased to report that we performed well against year one of the Long-term Plan 2024-34. The operating surplus of $12.4M exceeded expectations of the budgeted operating deficit of $13.1M.

Comprehensive revenue and expenses: Total comprehensive revenue and expenses for the 2024/25 financial year resulted in a surplus of $38.6M, falling short of the budgeted surplus of $116.9M. The primary reason for this variance was that the anticipated asset revaluations outlined in the Long-Term Plan did not materialise as expected, with asset values increasing less than projected.

Revenue performance: Total operating revenue exceeded the budget by $1.1M, primarily driven by higher-than-expected growth in rating units across the Waitaha Canterbury region, which resulted in increased rates revenue.

Expenditure: Total operating expenditure was $24.4M below budget, largely due to recent legislative changes that prompted a rescoping of planning activities, a lower-than-expected indexation rate in public transport, and Council-wide underspending, which included the deferral of digital transformation initiatives.

Summary: In 2024/25, we received $324.9M operating revenue and spent $312.6M of operating expenditure, for an operating surplus of $12.4M.

Statement of comprehensive revenue and expense

	Actual 2024/25 (in $000)	Long-Term Plan 2024/25 (in $000)	Actual 2023/24 (in $000)
Revenue
General rates	114,006	115,805	101,233
Targeted rates	83,106	78,962	67,092
Subsidies and grants	82,536	83,021	87,996
Fees and charges	40,979	41,262	34,065
Other revenue/gains	4,314	4,817	4,798
Total operating revenue	324,941	323,868	295,184
Expenditure
Personnel costs	87,866	93,306	78,175
Finance costs	5,300	6,244	4,758
Other expenses	219,391	237,450	210,673
Total operating expenditure	312,557	337,001	293,606
Surplus/(deficit) before tax	12,384	(13,133)	1,578
Other comprehensive revenue and expense	26,219	130,047	2,047
Total comprehensive revenue and expense	38,604	116,914	3,625

Statement of financial position

	Actual 2024/25 (in $000)	Long-Term Plan 2024/25 ( in $000)	Actual 2023/24 (in $000)
Current assets	84,359	45,418	69,376
Total non-current assets	1,461,884	1,580,094	1,442,698
Total assets	1,546,244	1,625,513	1,512,074
Total current liabilities	46,059	28,051	46,538
Non-current liabilities	81,044	104,706	85,000
Total liabilities	127,102	132,757	131,538
Net assets	1,419,141	1,492,756	1,380,536
Equity	1,419,141	1,492,756	1,380,536

Statement of changes in net assets/equity

	Actual 2024-25 (in $000)	Long-Term Plan 2024-25 (in $000)	Actual 2023-24 (in $000)
Balance as at 1 July	1,380,537	1,375,842	1,376,911
Total comprehensive revenue and expense	38,604	116,914	3,625
Balance as at 30 June	1,419,141	1,492,756	1,380,536

Cash flow statement

	Actual 2024/25 (in $000)	Long-Term Plan 2024/25 (in $000)	Actual 2023/24 (in $000)
Net cash flow from operating activities	13,127	427	7,679
Net cash flow from investing activities	(12,600)	(13,300)	(27,356)
Net cash flow from financing activities	(1,146)	7,883	21,487
Movement in cash - Net increase / (decrease) in cash held	(620)	(4,990)	1,810
Add cash brought forward	30,934	25,836	29,124
Cash carried forward	30,314	20,846	30,934

Explanation of major variances against budget

Personnel costs were $5.4M lower than budgeted due to a higher labour vacancy rate in the organisation that was over and above expectations, leading to a decrease in personnel costs.

Other expenses were $17.5M lower than budget as a result of rescoping of planning works following recent legislative changes, a lower than anticipated indexation rate in public transport, and Council-wide underspends due to deferrals in digital transformation projects.

Disclaimer

The summary financial statements have been extracted from the full audited Annual Report dated 19 November 2025. The summary financial statements cannot be expected to provide as complete an understanding as provided by the full financial report.
The full financial statements have been prepared in accordance with NZ GAAP and the requirements of the Local Government Act 2002, and comply with Public Benefit Entity International Public Sector Accounting Standards (PBE IPSAS) and have been prepared in accordance with Tier 1 Public Benefit Entity accounting standards. The summary financial statements comply with PBE FRS-43. All amounts are expressed in New Zealand Dollars and have been rounded to $000s.
The full Annual Report financial statements have been audited and a qualified audit opinion on the statement of service performance (refer to Te Pūrongo ā-Tau | Annual Report 2024/25 page 59) and an unmodified audit opinion on the other audited information was issued on 19 November 2025. The summary financial statements were authorised for issue on 19 November 2025 by the Council.
Local Government elections were held in October 2025. Deon Swiggs was appointed as Chair in the first meeting of the newly elected Council on 29 October 2025. In October 2025, 214 Tuam Street in central Christchurch met the criteria to be classified as a non-current asset held for sale. The property is offered for sale by Deadline Private Treaty closing 4 December 2025 (unless sold prior).

Independent Auditor’s report

Prepared by: Chantelle Gernetzky, Audit New Zealand - On behalf of the Auditor General, Christchurch, New Zealand, 19 November 2025.

Read the audit report

To the readers of Canterbury Regional Council’s summary of the annual report (PDF file, 1.67MB) 2025.

The summary of the annual report was derived from the annual report of the Canterbury Regional Council (the Regional Council) for the year ended 30 June 2025.

The summary of the annual report comprises the following information on pages 9 to 21:

the summary statement of financial position as at 30 June 2025;
the summaries of the statement of comprehensive revenue and expense, statement of changes in net assets/equity and cash flow statement for the year ended 30 June 2025;
the notes to the summary financial statements that include accounting policies and other explanatory information; and
the summary statement of service performance, referred to as – “Our performance in 2024/25 – how did we do?”.

Opinion

In our opinion:

the summary of the annual report represents, fairly and consistently, the information regarding the major matters dealt with in the annual report; and
the summary statements comply with PBE FRS 43, Summary Financial Statements.

However, the summary statement of service performance includes a limitation in scope to the equivalent extent as the full audited statement of service performance. This limitation is explained below in 'The full annual report and our audit report thereon' section.

Summary of the annual report

The summary of the annual report does not contain all the disclosures required by generally accepted accounting practice in New Zealand. Reading the summary of the annual report and the auditor’s report thereon, therefore, is not a substitute for reading the full annual report and the auditor’s report thereon.

The full annual report and our audit report thereon

We expressed a qualified audit opinion on the statement of service performance and an unmodified audit opinion on the other audited information in the full annual report for the year ended 30 June 2025 in our auditor’s report dated 19 November 2025. The basis for our qualified opinion on the statement of service performance is explained below.

Statement of service performance: Our work was limited in relation to the performance measure: Percentage of stopbanks, river berms and fairways on our six major flood protection and control schemes that are inspected annually

An important part of the Council’s performance information relates to the inspection of its significant flood protection assets because of the impact that flooding can have on the community. As disclosed on page 59 of the full annual report, the GIS system did not systematically record the details of when inspections for river berms and fairways took place. As a result, our work was limited and there were no practicable audit procedures we could apply to determine whether the Council’s reported performance for this performance measure of 92% fairly presents actual performance for the reporting year.

Information about this matter is also disclosed on pages 9 and 21 of the summary of the annual report.

The Council’s responsibility for the summary of the annual report

The Council is responsible for preparing the summary of the annual report which includes preparing summary statements, in accordance with PBE FRS 43.

Auditor’s responsibility

Our responsibility is to express an opinion on whether the summary of the annual report represents, fairly and consistently, the information regarding the major matters dealt with in the full annual report and whether the summary statements comply with PBE FRS 43.

Our opinion on the summary of the annual report is based on our procedures, which were carried out in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board.

In addition to our audit and report on the disclosure requirements, we have performed a limited assurance engagement related to the Council’s Debenture Trust Deed, which is compatible with these independence requirements.

Other than in our capacity as auditor, we have no relationship with, or interests in, the Council.

Summary of financial statements

Financial results for 2024/25

Statement of comprehensive revenue and expense

Revenue

Expenditure

Total comprehensive revenue and expense

38,604

116,914

3,625