DEPRECIATION LUND
POWER BOARD’S POSITION
AUDIT DEPARTMENT’S REQUEST
Duly audited and correct, with the exception that the depreciation fund had not been invested in accordance with the requirements of the Power Board Act, the balance-sheet for the year ending March 31, 1934, was yesterday received by the ManawatuOroua Power Board. The department inquired what action the board proposed to take concerning funding the depreciation. The managing-secretary (Mr K. W. Eglinton) reported that included in last year's revenue estimates had been the separate rate levied on Palmerston North. This had been lost under a recent legal decision, and consequently there were no funds available as anticipated. The balance-sheet was received and signed, Mr O. McElroy congratulating the managing-secretary upon the efficiency of his work.
The managing-secretary said the Government was acquainted with the reasons why the depreciation had not been funded. All the board could do was to notify the department that it was hoped to rectify the matter during the coming year. This course of action was decided upon. j
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https://paperspast.natlib.govt.nz/newspapers/MS19350115.2.138
Bibliographic details
Manawatu Standard, Volume LV, Issue 40, 15 January 1935, Page 8
Word Count
170DEPRECIATION LUND Manawatu Standard, Volume LV, Issue 40, 15 January 1935, Page 8
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