COUNTY FINANCE

Bay of Plenty Times, Volume LX, Issue 11087, 10 April 1933, Page 2

COUNTY FINANCE

Treasurer’s Monthly Report

SUBSTANTIAL HATH PAYMENTS

xwvi r# r.ii.uriino. The following: financial report was presented by the Treasurer, Mr H. Lewis to Friday's meeting of the Tauranga County Council: The County’s accounts at the Bank at March .11. the end of the financial year, were as follows: £ s d Fund Account, Cr 270 6 7 Bridge Fund Account Cr. 37 5 1 Loan Account. Cr 202 9 4 On Fixed Deposit Katikati Loan 750 0 0 War Bond 500 0 0

Conditions did not allow of the position reaching last year’s standard; however on the face of an overdraft of over £5,000 and accounts amounting to £1,700 to meet on the date of the last meeting on March 10, the response by the ratepayers; of the County during the remaining three weeks of the year must be considered very satisfactory.

The average of the payment by Ridings, of rates, works out as follows: —

Katikati Riding:— General rates 77.70 per cent., on the total of 73.69 per cent, and arrears £5Ol. Te Puna Riding:—General rates 56.18 per cent., on the total 63.75 per cent, and arrears £235. Waimapu Riding:—General rales 72.85 per cent., on the total 72.12 per cent., and arrears £206. Mt. Maunganui;—General rates 76.31 per cent., on the total 76.62 per cent., and arrears £4l. Te Puke Riding:—General rates 65.74 per cent., on the total 68.34 per cent., and arrears £505. Maketu Riding:—General rates 70.19 per cent., on the total 7 2.93 per cent., and arrears £385. The meeting has had before it the Treasury circular memorandum in the matter of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33. Section 5 of the Act provides that the interest payable on local body debentures shall -be reduced to a rate that is 20 per cent., lower than the rate prescribed by the securities or to the rate of 4J

cent, per annum whichever rate Is the higher. Last year, the reduction was 10 per cent., but a larger proportion of this County’s loans were exempted from the operation of the Act. The new Act applies to all existing securities bearing interest at a rate in excess of 4i per cent. Claims made last year under the 10 per cent, stamp duty amounted to £l7B 2s Sd; under the new Act the reduction in interest will amount to, approximately, £455 14s lid. Statements of the various loans in respect of Ridings, showing their original rate of interest and that now obtaining under the above Act, have been prepared for presentation to members.

Cr Morton moved —That the report be adopted.—Seconded by Cr Sinclair and carried.