DEBIT REDUCED.

Auckland Star, Volume LXIX, Issue 99, 29 April 1938, Page 9

DEBIT REDUCED.

IMPROVED FINANCE.

BALANCED BUDGET NEAR

RATE ACCOUNTS SURPLUS

A balanced budget for the City of Au.-klsi.iul in now in si^ht. n '<' «;l«*iiitf dt-l.lt \ m \ nnce u "■"<•>• than the opening figure

I'lhvmi facts were lai<l 1,,.t0re the Citv ;;;;;:;■;', .. y 1)lc Mayo,, c & i » a e o j en,,,,,,! O f thc '. |iri;m( ..; f ( 'nu .J/-'- W1,1, "" t •'•"t'-impnt to ii« polio, ~t progressive development -I ho outcome line exceeded the most which waterworks eontrihuted £27243° r; , " 1 "- " f 'fro-" ;>f i 4.-,,02.'{. made up ~f .ci(i.v;n in ~.l t ing accounts and £28.202 in In <> .'" ' rato waterworks account '

Some Works Under-estimated "'lie year ended with a net credit '":'«"«« "1 *7«> in the rating accounts

It was shown In the review that the collection of rates in each of the accounts was greater than the estimate' 7- 'J , *.* 01 * 1 collection. .£.-,18.188 was J-T.OBB K , excess. The collection of .•rreare of rates, £51.580, was £37:30 in excess of the estimate. Estimated expenditure wns exceeded y t in rark * :,nd reserves ( 14740), free public library maintenance charges (£1513), purchase of land »<>r testing station (£1258), office (£882), interest on overdraft and temporary loans (£78.1), collection and burning of refuse ( £090), and parks Racial works (£030). The principal items where expenditure wus over-esti-mated were: Streets (£4215). interest on loans and table repayments ( £1927) public lighting (£1717), purchase of office mechanical equipment ( £1700) Town Hall (£910). aTK I .traffic control' find collection of licenses ( £807). Loans Repaid. Two overseas loans domiciled in London totalling £220,900 had been repaid during the year from eccnmulated *inking funds ajjd funds available from the consolidated renewal loan of £34,500. The. raieing of this loan was made necessary largely to meet the exchange costs of approximately £.->o ; 000, which had to bo paid to remit the moneys to London, said the Mayor, otherwise" the sinking funds available would have been more than sufficient to liquidate these London loans. However, the repayment of the loans in question would relieve the interest account and largely offset the_ interest and sinking fund payments which the council would now meet with the issue of the £377.000 works loan. In making complimentary reference to the Mayor's statement, the Hon. T5. Martin, M.L.C.. said the eoiintrv was in the happy position of knowing that of the people were recovering from the economic stress of the depression period. It was gratifying to find from the -Mayor's report that the council had done as much as possible to relieve unemployment.