RIVER BOARD RATES

Dominion, Volume 31, Issue 271, 12 August 1938, Page 6

RIVER BOARD RATES

1938-39 Recommendation

SLIGHT DECREASE FOR ONE AREA “Last year the board gave a substantial reduction in rates; this year and from now on until 19-1-2, a more conservative attitude must be adopted, and all the committee can recommend i.s a reduction in clas.-> one (the highest rated area close to the river) from eight two-hundredths of a penny to six two-huudredths of a penny in the pound,” stated, the report of .the finance committee of the Hutt River Board, presented to yesterday’s meeting by the acting-chairman, Mr. F. J. Jones, and Mr. J. Mitchell. ■ The report stated that the finances of the board were still in a very buoyant state. In the past year the receipts exceeded the estimate by £1355, made up as follows: —-Rates, £184; royalties, £991; rents and sundries, £lBO. Expenditure was lower than the estimate by nearly £347, so that the gain on the estimates was £l7OO. The committee had, however, budgeted for a deficit which amounted to £3SO from the general account and £570 from the interest account, a total of £950. The net improvement in assets for the year was, therefore, £750. At the moment it was not. alear what the capital value of the rateable property in the board’s district was, bur it was assumed to be £6,000,000. Interest on special loans was £1320, and the credits in interest accounts amounted to £1026. The amount of rates on special loans which it was proposed to strike was £630. leaving £690 to be drawn from the credit in interest accounts. Experience had shown that with the recovery of outstanding amounts from previous years, the balance left was greater than the figures would imply. . The rates proposed were estimated to bring in these amounts: General rate, £2500- class one, £380; class two. £-30; class three. £2B; classes A, B and C. £l2. Total £3150. The committee proposed to budget for a deficit of £llOO, amounts being drawn from the surpluses as follows; General account. £4Qo; interest account, £690 —total, £lo9o. The present reserve balances were: G™'™ l . account, £5830; interest account, £1026. The Year’s Estimates. The estimated receipts and expenditure for 1938-39 were, those for 1937-38 being in parentheses: — Receipts: Rates, £3loo (£3433) ; royalties, £lBOO (£2391) ; rents, £9oo (£JBo)>, sales, £5O (£44); sundries, £do (£188) ■ works refunds, nil (£6l) ; total, £booo Works, £l7OO (£1647); maintenance. £l7OO (£1511) ; administration, £9OO (£873) ; general expenses, £ t o (£2l) ; legal and professional, £4.jO (£315) ; rents, rates and insurance, £360 (£322) ; royalty rebate, £2OO (£238 , plant, sundries and etc., £3<>o (£144) , election £9O (£110) ; doiiations, nil (£3u)j loan interest, £1320 (£1326) ; total, £<o9s (£6547). The rate recommendations were : A uniform general rate of 20-200ths of a penny in the pound on the capital value ot all classes and the following special rates: Class one, a reduction of 2-200tli s ot a nenny in the pound to 6-200ths; classes two three, and A. B and C f to remain at 4-200ths, 4-200ths, 3-200ths, 2-200ths and l-200th of a penny in tlie pound respectively. , Of these rates 60 per eent. was to be allocated to the inscribed loan account and 40 per cent, to the conversion loan ’(’he board will hold a special meeting later to confirm the recommendations.