CITY FINANCES.

Evening Post, Volume XLII, Issue 129, 27 November 1891, Page 2

CITY FINANCES.

The Finanoo Committee of tho City Council submitted a report to tho Conncil last evening to tho effect that tho Controller and Anifitor-Genoral. hp.vincf takon tho, opinion Of Mf. Martm Cbu'pm'arfupon tho question of the oity iifiprctfemeMm loar/ sinking fund had now definitely declined id allow any reduction in the amount of tho special rate for intorest on the city improvements loan. Tho Controller and AuditorGenoral further referred to the question of the funking fund in his report on the balancesheot of tho Borough for the half year onded 30th September last. On full consideration of all the circumstances tho Committco recommended that in futures tho wholo amount produced by tho special rato, after payment of interest and expenses, should bo handod errer to the Sinking Fund Commissioners, and invested by them with tho usual .£7OO per annum until the amount of the defloioncy in tho banking fund account has been cleared off. Tho report was adopted. The balanco-Bheot for tho half-year ending 30th Septoinber was presented. It showed tbo yoceipts oh general account to havev amottnttftl to £14,413.- tbo' liwgutst iteftna beiiiE — Genoral rates, £7119 ; rents', £1857 ; anal licensofy £4147. The payments wore £14,720, of which salaries accottntod for £1200 ; streets, £4770 ; Btreot watering And scavenging,. £1013 ; street lighting, £862 ; colloction ofi refuse and working Dentruotor, £547 ; officer expensed, £687 ; and interest on banic overdraft, £420. Atlaohed to tho balance-sheet was tit* following statement from tho AuditoiGeneral :— " Thoro is no mim carried to the sinking fund account of the city improvements loan ; but as the whofo £700 has been so transferred in former years in the year's balance-Bbdet, no objection will he raised on. this account. But attention is called to thefact that the sinking fund on that lowi isshort by tho sum of £6705 8s 52d, owing to a, cossatiort in the transfer of tho £700 per annum for several years, in contravention of the contract entered into with the bondholders when tho loan wtiß rained. That annuity, *ith accretions at 5 per cent., would on 3"ofch September have amounted te* £11,442, whilst thffsum in tho hands of tho Sinking Fund Cornmiesioners was only £4328 7s 8d on the 31st March last, which, with six months' interest, £108>4s 2d, would bring tho amount which shottld bo in tho Commissioners' hands up to £4436 lie lOd,"