Tunnel Finances Improving

Press, Volume CV, Issue 31023, 31 March 1966, Page 1

Tunnel Finances Improving

The original estimates for the Christchurch-Lyttelton road tunnel were for deficits for 10 years—now it was expected that the position would be reached in 1971. seven years instead of 10, the chairman (Mr R. A. Witbrock) told the tunnel authority’s meeting yesterday.

The reduction of goods tolls last year had meant an increase of 100 per cent in goods toll revenue and a 22 per cent increase in vehicle toll revenue, he said.

"It has been proved that it was a good move to reduce the goods tolls,” Mr Witbrock said. With a 39.6 per cent increase in toll revenue last month ,the authority had received £151,396 for the 11 months of the financial year, which was an increase of £33,779 on the previous year, Mr L. H. Wilson, the general manager, reported. : The budget estimate of receipts was £137,500 for the 11 months. The figures for March up to yesterday morning showed a continued upward trend, Mr Witbrock said. They indicated that there would be a small surplus over operating costs and half a year's interest the authority was required to meet. Next year the authority i would have to meet an addiItional £75,000 towards a full year's interest and £20,000 I repayment of loans, but

£50,000 had been accumulated in reserves. It was also possible that loan repayment could be met by loans. There would probably be a surplus of £17,397 over the budget figures, which had been prepared before the decision to reduce goods tolls. I There would be savings in expenditure and the authority should be £25,000 better off than it had expected to be on April 1 last year. Suggested Subsidy Reporting on the suggested subsidy by the National Roads Board to the cost of the road tunnel, the chairman (Mr R A. Witbrock) told the Christchurch-Lyttelton Road Tunnel Authority yesterday that it was still under consideration by the board, so discussion would not be in order. “If anything further transpires 1 will call a special meeting, and the finance committee will be able to report on any implications.” Mr Witbrock said. “Meanwhile, it it just a case of wait and see.”