TRANSPORT RATE

Press, Issue 29236, 21 June 1960, Page 8

TRANSPORT RATE

Slight Decrease On Last Year

Total rate levies of ,2078474 d In the £ capital value—a slight reduction on last year—were approved by the Christchurch Transport Board at its meeting yesterday afternoon. This is based on £195,595,145 capital valuation in the board’s district, against £176,838,070 capital valuation last year. Total levies are made up of ,0137179 d in the £ general rate and .1941295 d in the £ special rate. Total general levy is £165,879 —the same as last year. The levies cover the period to March 31 next year. During that time the board expects to spend £753,427.

According to the board’s finance committee the general rate should raise £10.948 after collection expenses have been deducted.

The special rate, to meet annual charges on board loans, should yield £154,931. Wage Bill The retiring board chairman (Mr N. R. Forbes) said the board’s wages bill for the current year would be increased by approximately £21,000. "This large, increased financial burden is being absorbed without having to call upon the ratepayers for further assistance,” he said. “The increased number of properties this year will have the effect of giving a small reduction in the amount of the transport rate. “This, of course, will be adjusted by the Valuation Equalisation Act, but before the application of the act a comparison of last year’s levy and this year’s proposals is worthy of note,” Mr Forbes said. He said last year’s rate levy was equivalent to 19s 2d in the £lOOO capital valuation; this year’s figure would be 17s 4d in the £lOOO capital valuation. Mr W. S. Mac Gibbon said the financial results were very pleasing. “It is worth remembering that by 1962 we shall be completely free from the antecedent debt.”