WAYS AND MEANS

Evening Post, Volume XCI, Issue 92, 18 April 1916, Page 8

WAYS AND MEANS

HOW THE CITY STANDS

CORPORATION DEBT REDUCED,

. A statement oE the City Council's finances for the year ended 31st March last has been furnished by the City Treasurer (Mr. Charles Collins) to the Finance Committee of the council.

It shows that ordinary receipts amounted to £248,856 11s Bd, and ordinary expenditure £244,691 13s 7d, leaving a credit balance of £4154 18s Id. Special receipts were £42,536 Os 3d, and special expenditure £41,555 5a 6d, leaving a balance of £980 0s 3d—there was a balance last year on this account of £4164 18s Id. Against the debit of £980 14s lid on ordinary and special expenditure, a sum of £3000 is due as payment by the\Government, as-arranged for Day's Bay (Williams Park), also £1364 local bodies' portion of Hutt-road. Allowing for £4364 due from Government and local bodies as stated, the transactions for the year show a credit of £3384 14s lid. SYNOPSIS OF FINANCE. £ s. d. Ordinary receipts ... 248,856 11 8 Ordinary expenditure ... 244,691 13 7 Receipts rates . ... 175,276 0 0 Receipts rent 38,055 3 4 Receipts water account ... 17,357 2 2 ITEMS OF EXPENDITURE, CITY SERVICES. . £ s. a. Streets, drainage, lighting 72,234 3 5 ■Waterworks (including ' interest and sinking fund) 43,625 14 7 Interest and sinking fund 40,746 810 Rates levied for the year amounted to £174,092, and with arrears from previous year £12,856, or a total of £186,957. Collectable amount received £175,276, leaving a balance of £11,681 to be dealt with. Although £2000 more rates were levied last year than the previous year the amount actually collected was £7000 in excess of the previous year. Sinking fund investments yielded £12,684. The new investment in debenture loans and freehold security amounted to £42,500, at the rate of 4£ per cent., 5 per cent., and 54 per cent. The added amount to sinking fund account is at the rate of £35,000 per annum.

The sinking fund amounts to £327,204, thus reducing the public debt to £1,953,046.

There is a credit balance at the bank of £15,069, as against a debit of £23,612 at the end of last financial year. At the beginning of the year the loan debt stood at £2,264,050. During tne year debentnres were issued for purchase of land corner of Vivian and Cuba-streets for £16,200 at 5 ' per cent. Loan debt now stands at £2,280,250.