Power Board's Finances

Bay of Plenty Times, Volume LXXVII, Issue 14930, 18 March 1949, Page 3

Power Board's Finances

Review Of Position In

Tauranga

Consideration Of Loan Requirements

A recommendation that the Tauranga Electric Power Board give the earliest possible consideration to the Question of its loan requirements for the immediate future in view of the length of time necessary to obtain authority in order to raise new loans from time to time, was adopted at the monthly meeting of the board. The board also decided that the question of loan requirements bs referred back to the committee for 'a recommendation and notice of motion. ! The committee, comprising the chairman (Mr S. C. Baron) and Messrs H. J. Clarke and C. J. West, was appointed for the purpose of giving consideration to the question of any financial adjustments necessary for the year ending March 31, 1949.

When the committee met, the secretary (Mr J. R. Chambers) made suggestions regarding the estimated surplus for the year, and the advisability of drawing from the board’s depreciation commissioners an |amount of £1,400 toward the cost rf acertain renewals. The revenue account would thereby benefit to the extent of £1.245 and capital expenditure hv £155. It was agreed bv the [committee that a recommendation [to the board be made accordingly. It was, further agreed to recommend to the board that a sum of £SOO be transferred from the General Reserve Fund which as at March 31, 1949 would stand at approximately £IB,BOO, and that a sum of £SOO be transferred from the Insurance Reserve Fund as part repavment of the original capital of £4,000 provided by the board for the purpose of assisting in the building-up of the insurance re c erve.

It was also agreed to recommend ;to the board that a sum net exceeding £4,000 if available, be transferred as a contribution towards capital expenditure during the year ending March 31. 1949. The committee’s recommendations 'were adopted by the board.