PETONE'S FINANCES
MAYOR SATISFIED
The financial position o£ Petone was re- . viewed by the Mayor (Mr. D.. McKenzie) at the meeting of the .Petone Borough Council last night. ■. ■ "The balance-sheet for the. year just ended, submitted ■' to this meeting, must be considered satisfactory in view of the prevailing conditions," said Mr. McKenzie."l "Included in the debit balance of £7138 4s 161 in the ■ district fund is. an amount of £6892 Os-ld advanced for the redemption, of matured loans and expenditure- on Jackson Street 'widening, pending the raising of the money for which negotiations are in hand, and as there vis *an amount of £11,091 .19s of collectable rates outstanding, the borough's financial position is very sound." ...... ."Notwithstanding the fact. . that the heavy traffic' fees, estimated to yield £2000, only £1204.16s M, mainly due to -the 2 per cent, reductionl in'the council s j share, brought about by. the new Governr; merit -regulations in spite of this councils ". strenuous.protests, and the fact that shop rents decreased £206 '9s, there was an increase of only £109 7s 5d in the district fund debit balance at the bank. "The-amount from the special debenture interest tax amounted to £516 lla lid; this amount for the coming year will be approximately £2000, which should effect a reduction in the,rates. ''■ "The cost of supervision and bringing tradesmen's wages to the award rates of pay, in connection with the relief of unemployment,_was £1119 10s lOd; the splendid work on the Recreation Ground being completed during the year. The reserve fund now stands at £2579 12s (id-after 1 being called upon to advance £1350, which can be restored when the large amouiit'for outstanding rates is collected. The Koroknro water reticulation has been completed at a cost of £3822 as 3d, the district fund bearing £322 us 3d of this amount. ■'The severest economy has been exercised, and must continue. It was not possible to meet the heavy expense involved in earthquake insurance, and grants to various organisations, with the exception' of the Free Ambulance, had to be halved.
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https://paperspast.natlib.govt.nz/newspapers/EP19330411.2.81
Bibliographic details
Evening Post, Volume CXV, Issue 85, 11 April 1933, Page 11
Word Count
340
PETONE'S FINANCES
Evening Post, Volume CXV, Issue 85, 11 April 1933, Page 11
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