QUITE SATISFACTORY

Evening Post, Volume CV, Issue 58, 9 March 1923, Page 8

QUITE SATISFACTORY

CITY'S FINANCIAL POSITION MAYOR FEELS OPTIMISTIC. The city's financial year will end on 31st March, and in the opinion of the Mayor (Mr. R. A. Wright, M.P.), when the figures regarding revenue and expenditure are available they will disclose a position that will be quite satisfactory. The Local Bodies' Finance Act contains a very stringent clause in regard to overdrafts, which, at the end of the financial year, must not exceed the amount of revenue outstanding. Mr. Wright stated to-day that he considered the amount of the city's overdraft at the end of the financial year would not exceed £10,000, and that the amount of revenue outstanding would be much in excess of that sum.

"We shall comply with the Act all right," remarked the Mayor. "In my opinion, the financial position of the city is very sound indeed. I am quite satisfied about Jlhat, and there is no need for uneasiness on the part of the ratepayers. The year' has been a very hard one indeed. At the beginning of the year, after catting, down our estimates as far as possible, the estimated expenditure was £6000 more than the revenue was estimated to produce. The council did not'"want to interfere with the general rates in any way, and it'was decided to exert every effort to conserve the expenditure in order to try to save the £6000. When the presert month ends I fully believe it will be found that the council has accomplished what it set itself out to do. and that a good deal of this money .will have been saved."

Mr. Wright was unahle to quote figures at the moment dealing precisely with the finances of the city because there is still a good, deal of money to come in from" rates, rents, etc., and it is impossible to prognosticate what this will produce. So far as the trading departments were concerned he was satisfied that the final figures would also be satisfactory.