CREDIT BALANCE

Evening Star, Issue 25782, 3 May 1946, Page 7

CREDIT BALANCE

AUCKLAND RATING ACCOUNTS ESTIMATES PROVIDED FOR DEFICIT (P.A;) , AUCKLAND. May 2. A report that the city’s financial position at March _3l last was much better than was anticipated when the estimates were prepared about 12 months ago was made to the City Council tonight by the mayor, Mr J. A. C. Allum. He said the estimates had provided dor a debit balance on all rating accounts of £13,571, blit the year’s working showed that after taking all recoverable credits into consideration there was a credit balance in the rating accounts of £2,888. “Apart from a balanced budget, a pleasing feature is that the council has not yet drawn on the post-war works reserve, which stands at £67.330.’’ said Mr Allum. "In the near' future, proposals for using this fund will be placed before the council.” The City Council decided to apply to the Local Government Loans Board for sanction to increase the loan for extensions to the municipal abattoir from £55.000 to £95,000. The original sanction for the raising of £55.000 was given in 1944, ; but it was explained that costs had risen greatly since then, and tin* new amount would be for the same work. It was stated in July last year, when it was found that increased costs of labour and materials had increased the estimate to £70,409, that the extensions were intended to meet the city’s requirements for at least 20 vears. The project, if proceeded with, will result in increased abattoir fees to recoup the loan.