The New Plymouth District Council has recorded an $11 million surplus for the year, despite a drop in the return from its investments.
Mayor Harry Duynhoven says savings were made on interest payments, depreciation costs and several projects coming in under budget, including the Waitara-New Plymouth sewage pipeline.
However, the council's perpetual investment fund dropped 2% in value.
The council still received $20 million from the fund, which it has done every year since it was set up in 2004 from the sale of the council power company.
The fund now stands at $227 million, $33 million below where it started.