CORPORATION FINANCE

Evening Star, Issue 19841, 14 April 1928, Page 11

CORPORATION FINANCE

YEARLY ESTIMATES INCREASE IN GENERAL RATE The Finance Committee of the City Council has considered the estimated receipts and expenditure of the general account for the year ending March 31, 1929, and will submit a report on the matter to the council on Wednesday night. Tim report deals in detail with the position, and indicates that it will be necessary to advance the general rate by one penny —i.e., from 2s in the £ to 2s Id in the £—to provide the money last year on unemployment relief works. The Hospital Board has indicated that its demands will he approximately the same as last year, so that the hospital rate, which was advanced last year from 4icl to 6d, will need to stand at 6d. The Drainage Board’s rate and the water rate will also rginain at the same figure as last year The rates to he levied this year will therefore bo as follow, and last year’s rates are shown for the purpose of comparison :

It will he necessary also to impose a sanitary fee of 30s (id per pan on the remaining premises that are still served by moans of this service. This represents an advance of 3s on the charge for last year. BANK BALANCES. The following statement showing the balances in the several bank accounts as at April 11, 1928, will also he submitted

DRAINAGE BOARD EXPENDITURE. The Finance Committee of the Drainage Board will submit estimates of the proposed expenditure for tho year 192829. The total expenditure is estimated at £79,541, as against an estimated income of £77,541. This will permit of the board’s rate in the £ to remain at the same figure as last year—namely, Is 2d. The increased revenue from rates on account of increase in tho valuations is £3.84(1, hut tho increase in the interest and sinkiijg fund calls for an additional expenditure of £5,915 for the coming year. \ ■ The committee will recommend that the estimates he approved, and that the statutory resolution fixing the hoard’s rate at Is 2d in the £ in the sewered area, 7d in the £ in tho uiisewered area, and 2d in the £ in the outer drainage area, and directing that such rates he made, levied, and collected by the several local authorities in the district—viz., the Dunedin City Council and the St. Tvilcla Borough Council—be passed. In accordance with instructions tho committee has further considered its previous recommendation as to the limitation of the amount of the board’s loan expenditure for the incoming financial year to the sum of £45,000. It is desired to explain Hint the figure mentioned was fixed by the board with the object of enabling the annual increase in the hoard's outgo for interest to be provided for by the increase in the rate revenue due to Hie increase in Hie rateable valuations, li. therefore, the yearly loan expenditure is advanced beyond Hie limit of £45.000, the hoard’s finance will he affected, and there will ho no alternative hut to find the additional amount required for interest, by increasing the board’s rate. The estimates for the incoming year have been based on maintaining the rate at last year’s figure of Is 2d. as indicated in clause I of this report. The committee is of the opinion that the rate should not bo advanced, and therefore again will recommend’that the loan expenditure for the 1110011110" year be limited to £45.000 as hitherto.

Last year. This ; year. Onrral rale *:n 2 n /.'0 2 1 Wafer rate o (i n 0 ft 0 Drainage rate Hospital rale n i 2 nor. n 0 ] 2 0 (i £0 4 5 £« 4 6

Dr. Cr. Municipal, No. 1 account ... £83,231 a G Wat.-r, No. 2 a.vount G.754 16 a Gas, No. 3 account ... ... ... ... ... io 7 Tramwavs, No. 4 account 3 7 K.P. and I.., No. 5 account ... 3.224 4 It) Insurance fund. No. G account 3,800. 12 4 Hall organ. No. 7 .account y 15 0 Trading departments ren. fund account ... ... 200 7 3 Antecedent liahilitv account 42.2u0 ft 0 Net credit balance ... ... ... ... ... ... ... ... 10.561 12 2 Totals ... ; ... £0-1, m * 0 2 £34.003 0 2 Amount of outside temporary loans £X2 50 0 0