Hawke's Bay Rugby Football Union Financial Dir Dan Druzianic told the organization's 132nd annual meeting Monday night in Napier, New Zealand, it had reached NZ$1M ($721,000) in equity for the first time -- NZ$1,154,158 ($832,206) "to be precise," according to Shane Hurndell of the NEW ZEALAND HERALD. Druzianic said, "We've been slowly creeping up there for a while now and it's an excellent milestone to achieve." In addition to the "history-making equity figure," the other "major highlight" in the financial report was the announcement of a NZ$202,248 ($145,831) surplus, NZ$178,185 ($128,480) "more than the previous financial year's." Druzianic said that a "key factor in the surplus" was the NZ$282,500 ($203,697) valuation of union land at Latham St., "which will be swapped for land at the proposed Northern Sports Hub at Park Island." Revenue dropped NZ$98,313 ($70,889) to NZ$4,417,211 ($3,185,030). An NZ$85,000 ($61,289) drop in National Provincial Championship match income to $114,189 ($82,336) "contributed and this was a result of no Ranfurly Shield fixtures or semifinal and final like the previous year" (NZ HERALD, 2/28).
