COUNTY FINANCES

Bay of Plenty Beacon, Volume 2, Issue 154, 1 May 1940, Page 5

COUNTY FINANCES

RECEIPTS DOWN ON LAST YEAR PAYMENTS ALSO REDUCED In the balance sheet of the Whakatane County Council for the year ended March 31st,. and presented by the Treasurer at the last , meeting, it is disclosed that although receipts were down on those return cd in by £3408 6s 8d payments also had decreased. Items which contributed to the decrease werec reduction in Ragwort Grant receipt, £1392 6s 3d; reduction in No. 13 Scheme Wage Receipt £1639 15s 3d; reduction in Government Grant receipt,. £1801 9s sd. Liquid assets (which include unpaid rates and outstanding accounts) and cash, stand at £16,476 17s Id. The improvement of £2964 16s 7d—this is a liquid asset figure which is partly cash and partly outstanding accounts —is represented by an increase in cash account balances £1202 Is sd, an increase in amount owing to the Council. Receipts and payments for the year w T ere respectively, £59,549 3s 4d and £58,363 7s sd. Wages paid to the outside stall for 1939-40 were £11,630 4s lOd. This included holiday and wet weather pay amounting to £741 10s lOd. The total rates struck, inclusive of Native rates and 10 per cent penalty rates, was lis 2d. The percentages of European and Native 1939-40 rate payments were respectively 92.31 and 26,12. The European rate collection percentage has remained stable but the Native percentage has increased as follows: 1937-38, 8.2; 1938-39, 14.0; 1939-40, 26.12. The total European rate struck last year amounted to £13,978 78s

General Account. The closing General Account credit of £7297 13s 9d gives an improve ment of £1284 16s 6d. Excluding contra entries such as No. 13 Scheme Wages, Ragwort Eradication, the principal receipts in excess of the 1938-39 figures were: General and 10 per cent penalty rat'e and Government subsidy £1064 7s. Li» censes—Principally heavy traffic licenses' £283 7s 10.< Court costs recovered £82. Driving and pound fees £64 9s 4d. Timber V 2 d rate and royalty £76 18s 9d. Petrol tax covered £155 19s. Plant hire £752 19s. As estimated, decreased expenditure shows in respect of Main Roads and Bridges £955 7s 3d, County Riding Roads and Bridges £1317 2s 3d. On the other hand increased expenditure was shown in respect of Main Highways (Council's share); £409 10s and plant items, which include capital and maintenance ex-, penditure £3389 8s lid.

Interest Accounts. Interest and Sinking Fund paid amount to £5405 18s, a credit increase of £341 17s 2d, bringing the gross credit to £2449 7s sd. This amount is barely sufficient to meet the half-yearly interest and sinking fund September payment. £16 5s 6d of the £30,400 loan was expended. This was the only loan expenditure. The credit balances of the respective loans are: £49,600 loan, £2841 3s 6d; £30,400 loan, £2910 14s 4d; £5000 railway metalling loan £264 9s lid. Public Debt. Public debt stands at £81 y 485 Is 4d. This figure takes into account repayment since the 1934 Conversion of £9121 19s 6d, but not the accumulated Sinking Funds which amount to £738 19s Id. The Manawahe Hall Loan debenture for £500, although due in February, was not presented for payment. This debenture will be repaid during the current year. "As is apparent from my remarks herein," said the Treasurer, Mr C. G. Lucas, "there is an improvement in the Council's finances and the Council and its ratepayers are to be congratulated on the final result, and I feel special mention is due to the Native ratepayers whose payment of 26.12 per cent iof the current year's rate is a vast improvement. "I would like to make this the opportunity of recording my appreciation of the indications of confidence and goodwill the Chairman | and Councillors have expressed and I desire to thank the Engineer and his staff for their co-operation in all matters affecting the operations of the Council. I thank the Inspectors and the clerical staff for the assistance and support they have given me."