November 04, 2015
Cost savings net Ngapuhi $1m surplus
Te Runanga o Ngapuhi has declared a $1 million net surplus for the year, despite the political turmoil engulfing it.
Carol Dodd, who became acting chair last month when Sonny Tau stepped aside, says total group assets now stand at $51 million.
Operating expenses were reduced by $840,000, and there was a group operating profit of $725,000 compared with a $113,000 loss in the 2014 financial year.
The group includes the runanga, Ngapuhi Iwi Social Services and Ngapuhi Asset Holding Company and its subsidiaries.
This year’s results will also include healthcare provider Te Hau Ora O Kaikohe, which has been rebranded as Te Hau Ora O Ngapuhi.
At the annual meeting at Hiruharama Hou Marae on Saturday, chair Sonny Tau defended a $500,000 loan from the runanga to Tuhoronuku.
Treaty negotiations Minister Christopher Finlayson criticised the loan, because he says the Ngapuhi claims negotiation body is supposed to be independent of the runanga.
Mr Tau said the loan was to bridge a shortfall in crown funding 90 percent has already been paid back to the runanga.
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