CITY FINANCES.

Dominion, Volume 2, Issue 488, 22 April 1909, Page 5

CITY FINANCES.

:".'.. ..V.;;OVERDKAFT:i3O,99O. .:. .:'■ .The City 'Council's overdraft at the present time stands at .£30,990, ; It is made up .as follows.—The overdraft:on the electric lighting servico is .£14,573, and that on general r.ccount is: j;iß,lil,.a total of X 32.716. Against this, there are credits .on loan accounts amounting;to X 1726, which/would bring the overdraft down to ,£30,990. /-.-'■. : ; ' •■_ For purposes cf. comparison.: the following table, showing the amount of the overdraft on general account, for: the past five years, is given:— , '.<::''■■.. ;"."■'."-. ~::.,;■ ; ;,' - '.■■■£■■ '.Overdraft. '■: Tear. ,"' •■ ---- ■';'".,£..■ ■■■■■'' '■ ■ 1905 ... :... ... ... 44,421 ■ -. . 1907 -/... ..•..;... .... '2,m '"■■'- -■'•' -J222 -■--'""" •••- : - 13T97 -;■■■• 1909 .... ... .... ... 18,143 c V ,■ Regarding the electric light debit, it is explained that last year there wiis a oredit Balance of .£2039, and the overdraft is due to now constructions, work that might have been onargetl to loan money, but was done out: of revenuor . ■ :, ,„ .■: " iA s } 0 } hB ißct T e , ", l % m since last vear. it is largely accounted for by the fact that when th« recreation grounds loan money was expended, the general fund'was drawn upon to the extent.of and, similarly,- Su' was taken _for the Newtown Library and Museum. ; T)us means.; that the- council' has pulled up a-certain, amount. .. • It will seen that there was a sudden rlmn fro.nm42li„l9osto^ll9oinl9oB d was raised to, pay off this debit. ' -iT-he, increase.' after ; 1907 is duo to street, widening operations, for which purpose ,£lB 500 was taken from general account