PERMANENT PAVING

Evening Post, Volume CVIII, Issue 81, 2 October 1924, Page 16

PERMANENT PAVING

IN CITY AND ENVIRONS

THE FINANCES OF THE SCHFME

ESTIMATES TO 1930,

The permanent paving programme for the city and surrounding districts, as approved by the board concerned, and bearing the signature of Mr. A. J. Paterson, City Engineer, was tabled at last week's meeting of the City Council. It eets out in full detail the scheme of work, expenditure, and finance to be employed in the big project. The programme is as follows:—

(a.) Wellington City.—Length in miles, 4i; local body cpntribution per mile £200, total £900; total cost, £25,000. (*>) ketone Borough.—Length in- miles, lj; local body contribution per mile £200 total £250; total cost, £7000. - . (c) Lowor Hutt Borough.—Length in miles, 2^; local body contribution per mile £200, total £425; total cost, £12,000 (d) Wellington City—Length in miles, 3; local body contribution per mile £200 total £600; total cost, £12,000. (c) Lower Hutt Borough.—Length, in miles, 1; local body contribution per mile £200, total £200; total'cost, £5500. (f) Lower Hutt Borough—Length: in :miles, 1; local body contribution per milo £200,' total £200, total oost, £4000. (g) Petone Borough.—Length in miles, 2£; local body contribution per milo £200 total £500; total cost,- £14,000. . . (h) Hutt County.—Length in miles, 3; local body contribution per mile £200 total £600; total cost, £12,000; less Highl ways Board .contribution, £6000. (i) Hutt County.—Length in miles, 4; local body contribution per mile £100 total £400; total cost, £16,000. ■- ' (j) Eastbourno Borough.—Length in miles, li; local body contribution per mile £100, total £150; total cost, £6000. (k) Hutt County (including Upper Hutt).—Length in miles 4; local body contribution -per mile £150, £300, £300, total £600; total cost, £16,000; less. Highways Board contribution, £6000. (1) Makara County.—Length in miles, i; local body contribution per mile £200 total £100; total cost, £2000. (m) Makara County (including Johnsonville).—Length in miles, si; local body contribution por mile £150, £750, £75 total £825; total cost, £24,500; less Highways Board contribution, £11,000. , Total.—Length in miles, 33|; local body contribution per mile, £5750; total cost, £156,000; less Highways' Board contribution, £23,000. ' • , . This £156,000, less £23,000 -Highways contribution, gives £133,000 for a new programme, less £47,000 already expended. ■ ' Tho proposed loan expenditure is £180,----000, of which £20,000 lias not been raised, and the total amount authorised under the Bill is £200,000. : - Local body contributions are assessed on tho following basis:—£2oo per mile on urban roads, £150 per mile on county roads, £100 per mile \on East waterfront, roads. ' The order of- work is to be decided by the now board. ' The financial' statoment based on a, b, and o being paved in the first year; d, c, f, g, and h in tho second year; and the balanco _of work being douo in tho third year, is as''follows:—. I YEAR 1925. ' Expenditure Supervision and patrol , 675 Interest and sinking fund 4,875 Maintenance 2,300 Credit balanco „, 2,225 V - ■ ' ' . 10,075 Sevenuo. £ Motor tax 7,500 Hutt road levy -.....;....". 1,000 Local body contribution, a, b, and 0 , 1,575 10,075 YEAH, 1926. Expondituro. . • . C i Supervision and patrol 675 Interest and sinking i'und ,7,575 Maintenance 1,900 Credit balanco 5,250 . ■" ■ 15.400 Revcnut £ Brought forward 2,225 Motor tax 8,500 Hutf road levy 1,000 I/ocal body contributions, a, b, c, d, c, f, g, and h 3,675 15,400 YEAR 1927. Expenditure. £ Supervision and patrol 675 Interest and sinking fund 12,650 Maintenance 2,850 Credit balance 5,325 iuoo Revenue. £ Brought forward 5,250 Motor tax 9,500 Hutt road levy 1,000 Local body contributions, a to m ... 5,750 21,500 YEAR 1928. Expenditure.. £ Supervision and patrol 650 Intorost and jinking fund 14,400 Maintenance 3,400 Credit balance 4,100 52,575 Revenue. £■ Brought forward 5,325 Motor tax 10,500 Hutt road levy 1,000 Local body contributions, a to m ...• 5,750 22,575 YEAR 1929. , Expenditure. £ Supervision and piatrol 675 Interost and sinking fund '..' ; 14,400 Maintenance 3,400 Credit balanco : 3^875 ' 22,350' Revenue. Brought forward 4,100 Motor tax .' 11,500 Hutt road levy I^oo Local body contributions, a to m ... 5,750 22,350 YEAR 1930. Expenditure. £ Supervision and patrol 675 Interest and sinking fund 14,400 Maintenance 3J400 Credit balance 4J650 « '' ' 23,125 Revenue. £ Brought forward ; > 3.857 Motor tax 12J500 Hutt road levy -. -... ■ 1,000 Local body contributions, a to m ... 5,750 23,125 Then follows a period in which expenditure is stabilised at £18,475 and royonuto increases to redeem loans as set out below: — • » I v SCHEDULE. Wellington City—Existing Hutt road levy, £442 10s; annual local authority con- 1 tribution for proposed extensions, £1500 • total contribution, £1942 10s. • '■■ Petone ' Borough—Existing Hutt road levy, £180; animal local authority contribution for proposed extensions, £750; total contribution, £930. Lower Hutt Borough—Existing Hutt road lev.y, £140; annual local authority contribution for proposed extensions, £825; total contribution, £965. r.o? utt County—Existing Hutt road levy, *q9j. annual lwaj minority gonttibijUou

for proposed extensions, £1300; total contribution, £1380. ' Upper Hutt Town Board—Existing Hutt road levy £12 10s; annual local authority „co,ltr' Dution for proposed extensions, £300; total contribution, £312 10s. liastbourne Borough—Existing Hutt road levy, £5; annual local authority contribution for proposed extensions, £150; total contribution, £155. Makara. County—Existing Hutt road | e>7> .£120; annual local authority contribution for proposed extensions, £850; total contribution, £970. Johnsonville Town Board — Existing ttutt road levy, £20; annual local authority contribution for proposed extensions, t-'o; total contribution, £95. Total—Existing Hutt road levy, £1000; annual local authority contribution for proposed extensions, £5750; total contribution, £6750.

METHOD OF FINANCE. f li March, 1924,-Authorised loan, .~ou,uuu, at D£ per cent.; amount expended, principal £47,000. „ .i?,ar 1924-1925.—Interest on loan, noKoi? ?' 5^ PBr cent -i annual charges ;*i sinking fund on authorised loan, £50,000 at 2i per cent,, £1250; interest on daily advances from City Council district- fund during progress of work ou expenditure of £40,000, £1040; first yearis charge, £4875. (By drawing on the city's district, fund during the currency of the year, a saving is effected by all local bodies; the interest on a loan of £40,000 a\?i per cent., would be £22,00.) March, 1925.—Raise balance of £50,000 loan, £3000; hypothecate loan of £100,000 to bank.

m Year 1925-1926.—Interest on loan £50,----.?JU 5* "Per cent -> £2750; sinking fund on £50,000 at 24 per cent.. £1250; interest on £40,000 hypothecated' to bank at o* per cent., £2600; interest. on advance troni Uty Council's district, fund on expenditure of £40,000, £975. Second year's chargo, £7575. - March, 1926—Raise loan of £100,000. nrI eB? i? 26-^.—lnterest on loans £150,UOO at 5 2 por cent., '£8250;' sinking fund on loans £150,000 at 2i per cent., £3750; interest,on advances from City CounCoir?r,rS. lstr r I9L fund on expenditure of £30,000, £650. ' Third year's charge,

March, 1927.—Issue loan of £30,000, totalling £180,000.' -Year 1927-1928.—Interest loans £180,000 at 5 2 per cent., £9900; sinking fund on loans £180,000 at 21, per cent., £4500. Annual charge, £14,400. • A certificate given by the City Treasurer provides for loans to the extent of £180,000 (£50,000 being ■' repayable in March, 1934). It sets out the following figures:— 7 £ ' Accrued sinking fund on £50,000. loan to 31st March, 1934 '. 13,228Accumulated credits with interest . to 31st March, 1934 6,452 Credits to working account from 31st March, 1931, to 31st March, 1934, accumulating at 4 per •cent. ". 7,315 Amount available, at 31st March, 1934. . towards repayment !of £50,000 loan.(say £27,000) 26.995 Eoans as above 180.000. Loss repaid 31st March, 1934 ... 27,000 Loan balance at 31st March, 1934 153,000 The annual funds provided for the repament of - the loan of £153,000 are as follow :—

. £ Year 1927 2500 ' / - Years 1928 to 1934 ... 3250 per annum Year 1935. and on 7760 These funds will have accumulated to £148.648 by. the year 1946, thus almost providing Jor the repayment pf tho loan.