BOROUGH FINANCES

King Country Chronicle, Volume XXVIII, Issue 4607, 9 October 1934, Page 5

BOROUGH FINANCES

FAVOURABLE COMPARISON.

EVERY HOPE OF BALANCING BUDGET.

"The condition of the Borough finances compare very favourably with those of last year taken at this period," stated Mr. M. J. Strange, town clerk, in his treasurer's report on accounts for the half year ended 30th September, 1934. "The debit balance at the beginning of the financial in the District Fund Account was £372 10s 9d. Expenditure to the end of the half year amounted to £6837 13s 9d, making a total of £7210 4s 6d. Receipts amounted to £4362 17s 3d, leaving a debit balance of £2847 7s 3d.

"The debit balance at the corresponding date last year was £3579 16s 3d, which amount, however, included a debit of £IOOO advanced to the £10,675 Antecedent Liability Redemption Loan Account. Extraordinary expenditure this year has been the payment of £538 13s 9d in premiums due on conversion of loans. Taking this fact into consideration, the condition of the finances compare very favourably with last year at this period. Details of receipts and payments follow with the amount allowed in the estimates shown first."

A statement of receipts and payments was appended to the statement. The following are the larger items figuring in the statement, the amount budgeted for over the full year being shown in parentheses. On the revenue side current rates amounted to £SOB (£6650), arrears to £4BB (£900), and penalty to £3O (£6O) ; Government subsidy to the £lsl budgeted for, licenses to £212 17s 6d (£260), fees and permits to £76 (£275), royalties on the Te Kumi quarry to £99 (£150) ; waterworks extra supply to £246 (£450), abattoir to £475 (£980), and refund of loan to £IOOO. £3574 6s lOd of the £11,645 budgeted for had so far been received, while further receipts, including the Rolleston donation £SO, cemetery receipts £4l, scheme 5 refunds £631 (£642 had been paid out on wages under this scheme) —and R.S.A. wages refunds of £4B—(£64 had been paid out in this regard) were received, in all making a total of £4362. On the payments side administration was shown as £323 (£660), streets £824 (£1495), reserves and noxious weeds £93 (£200), street lighting £lB9 (345)), fire prevention £75 (£170), impounding and dog registration £sl (110), insurance £53 (£80), unauthorised £ll (£SO), Mangaokewa Reserve £25 (£SO), Hospital Board levy £203 (£400), loan charges £2916 (£4083), waterworks, including £l6O extension, £193 (£500), library £Bl (£150), sanitation £267 (£500), abattoir £413 (£900), Queen Street house £49 (£880), cemetery £32, Domain £49. Payments totalling £10,475 were budgeted for, and in respect of those items £5985 had so far been collected. The gross payments amounted to £6837. "The amount of £SOB 13s 2d collected for the current year's rates is £l5B 12s 7d short of the amount collected at this date last year," the report continued, "but the fact that the demands w'ere issued a month later this year accounts .for the drop in receipts. The arrears of £4BB 6s 4d are £ll6 16s 8d less than last year but there is also £IOO less budgeted for this year, and if the present rate of payments is maintained there should be no difficulty in reaching the estimate of £9OO. "The small amount received for fees is accounted for by the fact that a large percentage of dog tax receipts came in between January and March and the heavy traffic fees in March.

"There has been very little expenditure on main highways maintenance this year and consequently the receipts by way of subsidy is small compared with the estimates. The returns for the quarter ended 30th September, 1934, have yet to come in. The item of £SO for Carroll Street, drainage will probably not be required this year and it is recommended that this amount be held as a reserve in the meantime.

On the expenditure side the item for streets is considerably overspent, the expenditure usually being greater over winter months. "Genei'ally speaking, the finances of the Borough are comparatively sound, and with a check on expenditure for the next six months there is every hope of balancing the budget at the end of March. The Council holds the sum of £356 on deposit account. The value of building permits issued during the past six months was £2536 as compared with £2223 for the corresponding period last year. The Mayor commented that this year the Borough was running a little behind time owing to the change of town clerks. The streets expenditure was well up—it was a little bit heavy, but the Council was over the worst part of the year. Cr. Hitchcock pointed out that much regrading had been done. Otherwise, the Mayor continued, the expenditure was within bounds. The Borough had paid the premium on loans conversion and was only £3OO beLw last year, and it was keeping within the amount.