PROSPEROUS 1940.

Auckland Star, Volume LXX, Issue 127, 1 June 1939, Page 20

PROSPEROUS 1940.

NEWMARKET OPTIMISM.

ESTIMATES FOR BOROL'fiH. Newmarket Borough Council looks forward to a credit balance of £142."> .■)/7 for the year ending Maivh 31. l!»40. according to the otiniatcs submitted at last nijrht's meeting of the council by the treasurer, Mr. H. Wilson. The Mayor, Mr. S. Donaldson, presided. The report pointed out that arrears of rates were expected to return the sum of £l0.">0, anil to provide the balance necessary, it was recommended that a rate of 2/11 in the £1. similar to last year, be struck on the animal value of the property in the borough, £H>2..-><i.->. On :i collection basis of !»('» per cent, this rate should return, after allowing for the 24 per cent rebate for early payment, £14.148 14/(i. leaving an estimated surplus of £14 10/0. This would be added to the credit of £1410 lii/ 1 carried forward nt the conimencemeut of tlie year to produce the estimated surplus. The report added that in 1037-38 and in 1<13839 the council had reduced the rates 3d and Id in the £1 respectively, and it would have been an achievement to have had a further reduction this year. However, in view of the possible reaction on the finances of the council, because of the major projects under way, it was considered advisable to retain the level at 2/11. Referring to the payment of interest and sinking fund on loans, the report stated that the figures represented fixed charges and could not be controlled by the council. The sum required for the year l!»:S8-.S0 was £10,430 13/8, almost £400 higher than the estimate, while the amount for the year ending March 31, l!»40, was £12.101 4/, representing an increase of £1070 10/4. The increase was due to the payments, which would be necessary in connection with the loan charges which did not require to be met in full last year, and to the charges on loans to be raised during the current period.