PETONE FINANCES

Evening Post, Volume CIX, Issue 93, 22 April 1925, Page 9

PETONE FINANCES

THE YEAR REVIEWED.

The Petone Borough Council had before it on Monday the balance-sheet lor the year ended 31st March, 1924. Commenting on the financial situation of the borough, the Mayor, Mr. J. W. M'Ewan, said that though the year ended with a debit balance in the general account of £2247, the position was really as satisfactory as in the previous year. The estimates contemplated the sale of debentures to the extent of £1(V 000, and this had, not been done; yet new work to the value of £3630 had been carried out, £1370 had been expended on plant, such as tractor, trailers, etc., and £1303 had been used as part payment for a matured loan. He considered, therefore, despite the debit balance, that the council had kept well within the estimates. It was, of course, obvious that the debentures would have to be sold in the coming year. It should also be said that rates to the amount o£ £628 were outstanding for the year. Mr. M'Ewan stated that the borough made provision for an annual payment to its sinking fund of £2610, equal to one-eighth of the rates struck. T,"hs> area of the borough was 1116 acres, and the council owned land to the value of £40,000, in addition to an area outside the borough of the value of £3728. The repayments made on the waterworks loan of £31,204 amounted to £16,000. The borough water supply had been augmented to double the previous supply without recourse to borrowing. During the year 211£ chains of new lterbing had been laid; 124 i chains of footpaths had been tar-sealed; 110J chains of streets tar-sealed. The gross public debt was £191,206, against which should be credited the sum of £58,904, leaving a net debt of £132,301. At the close of his statement the Mayor moved a vote of appreciation of the services of the officers of the coun- [ cil, and it was carried unanimously.