LOWER HUTT FINANCES

Dominion, Volume 28, Issue 118, 12 February 1935, Page 4

LOWER HUTT FINANCES

Improvement of £9505 in .... .. Last -Two Years Showing a total improvement of £0505 in the-last two years, a comprehensive statement of the borough finances was .laid Before the Lower Hutt Borough Council, by the Mayor, Mr. .J. W. Andrews,. last night. , Mr. Andrews said that • the overdraft had been reduced from £36,184 to approximately £23,604, which; less loan increases of £3075, was an improvement of £12,580. This had been achieved in spite of the loste of revenue. from houses reverting to the State, from which no revenue was obtainable. The Mayor’s statement of the estimated financial position as at May 1 from February 3 was as follows: — Expenditure. General account: To 31/3/35, £5333 ; to 30/4/35, £1562; total, £6805. Interest accounts: To 31/3/35, £7239; to 30/4/3u £2055; less,-hospital levy, £1361; less revenue, £2761; net amount required, £14,780:'' '.. . Revenue. General account: To 31/3/35, £1061; to 30/4/35,. £250; total, £l3ll. Rates: To 31/3/35, £1000; to 30/4/3u. £4uo; total, £14'50 • grand total, £2761. ■ Bank Balances. Comparative debit bank balances at January 31 and February 4 were shown as follow, the figures for the latterjlate being in parentheses:—l933, £2i,441 (£24,036) ; 1934? £27,352 (£16,980) ; 1935, £16.155 (£8815). Bank balances at April 30: 1932, £26,918; 1933, £36,184; 1934, £30,168; 1935, £23.604 (estimated). Capital Expenditure.

Added indebtedness to eastern water loan (raised and paid to bank in reduction'of overdraft). £5OOO ; .paid off Harbour Board, debentures, £1000; Lumsden’s mortgage, £425 ; eastern water loan, £500; total, £1925; increased indebtedness, £3075, plus the grandstand loan, which is self-supporting. . “It reflects great credit on you for the work you have put in and the way you have looked after the borough finances,” said Or. F. Campbell, when the Mayor had read his statement. Or. 1 Campbell was warmly, .supported by other councillors. . .