...The ratings reflect Tasman District Council's very strong budgetary performance, strong financial management, budgetary flexibility and liquidity, and low contingent liabilities. It also reflects New Zealand's extremely predictable and supportive institutional framework. Moderating these strengths are the council's high, but declining, debt burden, and its average economy. Tasman's budgetary performance is stronger than we previously expected, largely reflecting management decisions that have allowed both lower operating and capital spending. The council's focus on operational savings has contributed to stronger cash operating surpluses. We forecast the council's cash operating surpluses will average about 28% of operating revenues, (after S&P Global Ratings' adjustments) from 2015-2019. In addition, the council's decision in 2013 to bring its asset management in-house has not only yielded lower operating costs, but also allowed the council to better assess the need for infrastructure renewals...
