CITY FINANCES.

Dominion, Volume 2, Issue 477, 8 April 1909, Page 8

CITY FINANCES.

■BALANCE-SHEET; FOR PAST YEAR. ' CREDIT'BALANCE OF £1474. ;: A. preliminary balance-sheet for the year ended "March' : 3lj'-1909j- was presented by tho Finance and Property Committee at last City Council. Tho figures were as under:— RECEIPTS. .--."■-' V £ s. d. Balance from.last yea-r ... 4,342 18 5 Rates- ... ,;.,„,-..,•„., 139,689 15 8 Additional 10 percent. ... 210 911 Rents (including"' 'reclaimed land, £19,628 9s.'/7d.) ... 25,465 15 3 Licenses ... .A.'". , .. ... 6,441 9 9 Building fees ...":''!..- ... 1,349 5 0 -Waterworks ../'. ,';.. ... 12,568 4 1 Baths ... :... '■' , 693 19 5 Tojvn-Hall'■"."■':-■■ H , 3,380 18 6 Repayments , '""l'.'.."' '.'... ' ... 7,322 15 1 LibrarjS-; •.:;'. ,i '.;.;' l .:. i . ";... '... 708 0,5 Government subsidy. '' 450 0 0 Interest on deposits ' 2,979 5 4 Cemetery . " '..'.' " 2,003 14 6 piibliq" health, accomiS _. 83 7 0 Cost of summons^'". 78 7 0 Miscellaneous '•-„. 715 14 5 ''■'■- ,1 ,"T''Z "";",!,' £208,48919 9 "•"-'-'■ ' -.': -EXPENDITURE. '-.-. '■■.--■: £ B. d. Street works (amount repaid ~£6284,135,,,9d.j l. see",,reeeipts) 50,134 8 7 Scavenging and street watering 6,338 6 2 Collection and destruction of refuse ... -..«,-.-,.. ... 6,790 9 3 Drainage "".""": 5,303 18 6 Pire i ;B,rig'4'de inter- • eat £360) 8,150 17 7 Waterworks-'-'...'•• ... 32,113 9 9 Street lighting ' ' ' „. , ... 6,478 B*7 City Reserves , .I;""; 6,243 1 3 Cemetery'- .:.' ■••: 1,653 9 0 Barfchs :•■•...•■■■■;..■:■'... ...'2,487 14 0 Hospital- and o charrta'ble aid 9,622 18 8 Library l " .v."""■:.!■"■""•.. ... 3,510 11 4 Town-Hall"" > •.-:. ""■.;. ... 4,918 16 0 Salaries ■...'■ •"*.'.. '-'-... ... 6,649 4 4 Printing, advertising, and stationery v ... '• ; 1,450 5 5 Sanitary services •• - * 1,683 12 '9 Public, health -.; .„ ... 281 5 4 Dog!collars and .food;;.. ... ' 114 12 8 Zoological '^Gardens "j r ... ■ ... 708 19 4 Paid 'on' acoounWofV" land at , Maranui 1,225 0 0 Technical. School 250 0 0 Snbsidy to city bands;;.. ... 250 0> 0 N.Z. Academy of Tine Arts ... 50 0 0 Scenery Preservation' Society 50 0 0 Cost of summonses" ... ... '90 0 0 Interest on overdraft ■ 965 5 9 Sinking-Fund■■■;;.■-■••-.- 7,507 5 10 Interest on loans..-.;»-..■..; ... 36,307 18 7 Miscellaneous (including insur-. fuel,, lighting, polling expenses, and all ' sundries)' , ":'.;:" '- ... ... 5,685 16 5 . ..'..- •'.■„', . .... ■■'' £207,015 15 1 ...Balance; (Cγ.) ~.. ... 1,474 4 8 ..- ~._. ,-. . _~,-• . ; - ■ £208,489 19 9 i •--"■ "SPEECH'BY THE MAYOR.

.The.Maj'o'r remarked that the actualities had come out pretty , ; well as had been antici-pated,-except in regard to a few items of expenditure. Members would remember that when.the estimates framed it was quite possible on accoitnt.of the.large number of .capital works that wore being undertaken it ''might'be necessary 'to' expend some part-of the'strfpltl§ ! 'for-the year on the works. Aβ a;matter of fact, some of the works bad Been-held over from last year, and ought to have been-done last year. At his instance, the City Treasurer had prepared a schedule of'special works that had been paid for out of revenue. The total cost of those works ,was £25,379..

i Councillpr Shirtcliffe: Are these permanent W«ks? .;•<; .;,■.;;; ;,;,..; . . ~. I ;TJie. Mayor) answered , oin the affirmative.' Oh the-other hand, he said the item reconstruction '. of TeAro. Baths, £1879, ought to be struck'outj'as.it appeared on both statements of , account. ' He then gave instances of the works m question which had been undertaken during the year. Out of a total amount of £50,000 spent by the City Engineer's department, half the amount represented . works of a permanent nature. In addition to that, a total of £4230 had been spent on -buildings, etc., for fire brigade purposes. .Twenty years ago tho items in question '.would have been charged on loan moneys. In-connection with all these works it had been necessary l only to trench on the surplus from last year to the . extent of £2000. . '.'.. . Recent iCriticlsm. He would" not , refer at length to certain criticism which was at the present time being levelled at the council. All he need say was that those who took the trouble to look into the 'matter would be least likely to find fault. One gentleman who had had no experience of• municipal'affairs had referred to certain, matters , which- he stated the council should :have done. ~h e had known where to look he would havo found that the matter in. question had , ' been carried out by the council in pursuance , of a recommendation of the committee. There was no mystery or secrecy about committee work. It was creditable to the officers of the council that they had been able to present the balancesheet within 'only a.few days of the end of the year. • The'city-'was backward in many respects: iit .had, for-instance, no municipal art'gallery'"ahd*no"public library worthy of the name,'" and 'the matter of "narrow streets was a great'problem: ■■ If anyone could show how the) corporation could carry out the necessities: , "to 'say" nothing of the conveniences of'the'eity,--without reference to the, money-lender;- he ■'•must be a master of finance. " " ',".' " v The Tramways. With regard to the tramways, a summary of the financial-position following on the refusal'of' the ratepayers to sanction a fresh loan had been prepared. The corporation was committed to the expenditure of certain moneys, and .'those moneys would have to bo spent,if,the tramways were to be kept going. During the period in which the tramways had been in existence, viz., 4} years, the loan moneys had been supplemented by £16,891, out, of .profits, and £43,495 out of the depreciation for the purpose of carrying on tho concern. At ,the end of the year the total..,amount -raised for tramways was £493.423. ,Twe]ve per cent, of the cost of tho tramways had been paid out of the makings. That was -a sufficient answer to those who said that the concern had not been conducted prudently, and with propeT regard to its building up. In addition to the sum of £60,000 which he had mentioned, there was in. hand in sinking funds, irrespective of the interest due on them, another £17,000. Therefore-tho total savings had been £77,000,' or one-eighth'.that of the total cost of the tramways and accumulations and sinking funds. Hβ hoped the new council would take into consideration the question of reducing , fares for places at a distance. "The Proper Evolution of Society." ■ .He would like to say, as it was his last appearance but one, that they should not be guided too, much by the professional mind. The services should be used not only for fovenuo' purposes, but for the proper evolution of society. The next council would have to consider the right of borrowing in anticipation of revenue. The debit balance on March 31, 1909, was £2671; the estimated net profit for the' quarter ending June 30 was £1000; the debit balance on June 30 would -be £10,864; . estimated net profit, £1000; and debit balance on September 30, £7541. This would disappear, of course, in the first four months of the following year, because profits and depreciation would in the ordinary course amount to £7000. Tho estimated net profit and depreciation from October 1, 1909, to March 31, 1910, would be £10,750, loaving a credit, after paying for works amounting to £38,476, of £3209. The. increase.in .tramway revenue was about £36.0.. ...There had been more expenditure in various ways. Where the lines had had to bo ground-down, it had been done out of income,, and the depreciation fund had so far been kept intact. Ho hoped future councils would do the same. Then as the loans matured the council would bo in tho happy position of being able to pay off the work in fuILV. .-V. :.,. -. -■ .

As to lighting, thoy were not so near a haven of rest. There had been groat extensions. Tlio debit at tho prosent tLnio was £15,116, on Juno 30 it would bo £22,000, and on September 30 it would bo £24,000. I'ho next council would havo to find this sum, probably by the aid of tho district fund, and if tho ratepayers were properly awakened thoy would give tho necossary authority for carrying out tho works. After September thoro should be a gradual diminishing of tho amount of tho loan money. Tho council was hound to commence tho Lyell Day extension in October noxt, and this would' just about tako up tho revenue, about £'1000. The management of tho lighting, under all circumstances, had been extremely successful, and thoy were to be congratulated on its acquisition. After discussion the report was adopted.