Resilience, reinvestment
and resolution
2023 marked a change of tack for Property Council New Zealand.
With the three previous years strategically focused on building reserves and ensuring the organisation was financially and operationally secure post-COVID, this year saw the National Board approve a budget and business plan that focused on investment into key workstreams and future revenue generation.
Once again, the National Board chose to minimise membership fee increases for 2023/24 to between 2-5%. For most organisations, this means a fee increase of less than $100 per annum, well below inflation. Anticipating this would result in a smaller projected surplus and increased investment in member services. Unlike many organisations who trimmed the sails during COVID, spent large (or larger) post-pandemic, and are now swiftly cutting spending again as economic uncertainty looms in 2024, Property Council has continued to operate frugally for much of the past four years.
The surpluses of previous years have helped bolster the Financial Resilience Fund, which totals $2.17m as of 31 March 2024.
We wrap up the 2024 financial year with great momentum. Despite the economic downturn, we have maintained the support of members and have faith that our organisation and our membership will weather these tighter times and be ready for the inevitable cyclic boost in activity that defines the nature of our industry.
What makes the Property Council truly valuable is its members. We cannot understate the contribution of our volunteers and the continued support of our 570 member companies.
As always, the Property Council team is here to support you as we continue to champion New Zealand’s largest industry.
Nga mihi.
Scott & Leonie
