The Kāpiti Coast Council says that despite the prediction of a financial and economic shock’ because of COVID-19, the Council’s credit rating has been maintained as AA by the independent financial agency Standard and Poor.
It says: “The Council’s experienced management, funding strategy and prudent financial practices sees it in a strong position to withstand the effects of the COVID-19 pandemic.
‘Moderate deficits’ ahead
The report notes that the Council’s financial outcomes will remain a key strength even though it will incur moderate deficits during and after the COVID-19 period.
The Council is expected to successfully execute its 2018-2038 long-term plan and manage its financial position within forecast.
Council Chief Executive Wayne Maxwell. says: “Maintaining our AA rating is good news and a tribute to our hard-working team.
“We’ve worked hard over the past five years to ensure our council is on a strong and resilient financial footing, and this has enabled us to withstand the impacts of recent months.
“As well as being good for our overall reputation it means we are in a strong position to access additional funding should we need it,” he says.