September 06, 2016
More say for owners in Maori Trustee activities
Te Tumu Paeroa is celebrating what it’s calling a great year.
Chief executive and Maori Trustee Jamie Tuuta says it included the completion of a papakainga housing development in Wellington and significant investments in kiwifruit and manuka honey.
Te Tumu Paeroa manages land and assets for almost 2000 trusts and entities.
Mr Tuuta says it trialed new ways to connect with customers, including holding electronic meetings so more owners can be involved in decisions about their land.
As at March 31 there was $104 million in the Common Fund, which holds money on behalf of clients.
Equity in the General Purposes Fund, which represents the trustee’s accumulated profits and return on investments, rose $7 million to $125 million.
The accounts show the crown paid $10.3 million to cover the cost of statutory functions including administration of trusts, lease administration and distributions to owners.
But total expenditure on those things was just over $14 million, leaving a $3.8 million shortfall covered with fees charged to trusts and a subsidy from the General Fund.
Budget 2016 gave the Maori trustee an almost $1 million a year increase for the next four years.
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