Authority Sought To Transfer Money

Press, Volume CVIII, Issue 31857, 9 December 1968, Page 12

Authority Sought To Transfer Money

The board was in the quaint position of having money which it could use for an office reserve fund and to develop reserves for industry and recreation but was legally debarred from doing so, said Dr W. R. Holmes, at a meeting of the North Canterbury Catchment Board. A recommendation from the finance committee was adopted that the board's solicitor be asked to prepare a draft local bill to give the board authority to transfer $60,000 from its plant renewal and depreciation account to an office reserve account, and to spend money on developing reserves.

“If this is not approved, we could have to borrow money,” said Dr Holmes. The board had more than $120,000 in its plant account, more than it needed except in the unlikely event of changing its policy of doing work by contract. The board was unable to spend the money for any other purpose than plant. It was the same with its money

from leased reserves. The! board had found, in trying to' develop industrial sites at Sawyers Arms Road, thatj though a significant amount of money was available,' it! could not be spent for this | ptu-pose.

“it would be desirable to use this money in the longterm interests of the ratepayers, and would make more money available from rates,” he said.